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Refinance

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Anonymous
Not applicable

Re: Refinance


@CostantinoA wrote:

I understand that. I did put 20% down on both cars.  I understand they lose value. I do not know why I trade so often. I just like having a new car but I know I am paying thousands for stupid reason.  I know once I get the car I want, Escalade, I will stop and hold onto it for awhile.


If you put 20% down, how did you end up financing 30K on a malibu LT? Did you have negative equity already? 

Message 11 of 19
CostantinoA
Established Contributor

Re: Refinance

Yeah!  I had a 2009 car that I obtained with 28% interest.  I had it 10 months and I drove the **bleep** out of it so when I traded it in, I owed way more than it was worth.  I went to the dealer at first because it needed repairs.  The dealer said it would be 1200.  I was planning on trading it in soon and didn't want to drop 1200 into it so I walked across the building and bought a new car.

Experian - 695 (4Y1M AA, 33 INQ)
Transunion - 686 (1Y5M AA, 30 INQ)
Equifax - 726 (3Y1M AA, 4 INQ)
Total Credit Lines: $99,387
Message 12 of 19
Anonymous
Not applicable

Re: Refinance

I am in shock right now as I read this. Why in the world did you buy two cars less than two weeks apart? 

 

How much are you financing on each? How old are the vehicles?

You are the dream that keeps on giving. And with the # of inquiries you got post-purchases, your scores are lower than they are listed. 

Are those Fico or Fako scores? 

 

Honestly I think that you have very little hope to get refi for either of those cars with your scores and record setting inquiries. 

 

The bet approach for you is to get on a budget, set some rational priorities, rethink what is important carwise, and aggressively pay those vehicles off. 

 

Do you really NEED two vehicles? How much do you make monthly? I'm still in shock. 

Message 13 of 19
CostantinoA
Established Contributor

Re: Refinance

I bough two 2015 cars.  One had 4 miles and one had 5.  I was making 60k a year take home.  My wife was offered a job but needed a car to get there so our salary is now over 100k a year combinded.  They are FICO scores.  I just got the cars Aug 5, 2015 and Aug 12, 2015.  If I can get approved for 60k in auto loans, I am sure I can get a refi in 6 months.  I am on a budget.  We take home over 8k a month and our expenses are 3k.  We are saving the rest. I could pay off both cars very quicky but the point is to buld the credit.  People are saving need it 24-36 months on one loan.  I do not know why such a shock.  There was a clear logical reason behind getting the two cars.  We added 3,333 a month to our income and the car cost us about 550 a month with insurance, payment and fuel.  Sounds like a win for us.

Experian - 695 (4Y1M AA, 33 INQ)
Transunion - 686 (1Y5M AA, 30 INQ)
Equifax - 726 (3Y1M AA, 4 INQ)
Total Credit Lines: $99,387
Message 14 of 19
EddieK
Established Contributor

Re: Refinance


@CostantinoA wrote:

I bough two 2015 cars.  One had 4 miles and one had 5.  I was making 60k a year take home.  My wife was offered a job but needed a car to get there so our salary is now over 100k a year combinded.  They are FICO scores.  I just got the cars Aug 5, 2015 and Aug 12, 2015.  If I can get approved for 60k in auto loans, I am sure I can get a refi in 6 months.  I am on a budget.  We take home over 8k a month and our expenses are 3k.  We are saving the rest. I could pay off both cars very quicky but the point is to buld the credit.  People are saving need it 24-36 months on one loan.  I do not know why such a shock.  There was a clear logical reason behind getting the two cars.  We added 3,333 a month to our income and the car cost us about 550 a month with insurance, payment and fuel.  Sounds like a win for us.


There are a couple of issues with your reasoning above.  #1, being approved for 60K in auto loans on 60K income, although feasible by your situation, is a choice almost no one should make.  Secondly, unless you pay almost zero taxes, you are not taking home 8K each month on 100K income.  So ultimately the problem here is you're making a mockery of what this site is about, which is to hopefully provide useful information for others while expecting simple truths about your situation in return.  One cannot go without the other.  I wish you the best of luck in getting that Escalade, somehow I think you already own it in your mind.

Starting Scores:
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Current Scores:
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Message 15 of 19
CostantinoA
Established Contributor

Re: Refinance

100k is my net after takes.  I never pay federal taxes.  I have 3 kids, interest on student loan debt and married.  I was approved on my income alone for the two auto loans no problems and no documents needed.  The only reason why my scores are so low is because I neglected my credit for so long and paid cash for everything.  As I am getting older, I am realizing that I need to build my credit.  If it wasn't for that, I would have paid cash for the cars.  I speak the truth on my situation.  Why would I not?  I don't even know anyone on here. I am not trying to impress anyone.  What would be the point of asking questions and trying to better my situation if I do not provide all the facts.  That is stupid and a waste of tine.  You seem mad. Maybe you need a hug.  Stop being so angry.

Experian - 695 (4Y1M AA, 33 INQ)
Transunion - 686 (1Y5M AA, 30 INQ)
Equifax - 726 (3Y1M AA, 4 INQ)
Total Credit Lines: $99,387
Message 16 of 19
CostantinoA
Established Contributor

Re: Refinance

plus this does not include the 482 a month I receive in court ordered child support PER kid that is direct deposited in my checking every two weeks by the district attorney.

Experian - 695 (4Y1M AA, 33 INQ)
Transunion - 686 (1Y5M AA, 30 INQ)
Equifax - 726 (3Y1M AA, 4 INQ)
Total Credit Lines: $99,387
Message 17 of 19
CH-7-Mission-Accomplished
Valued Contributor

Re: Refinance

If you have the cash to pay off one or both of these loans, you should pay off that loan at 16.99%.  You can't get that kind of return on investments or savings, especially in this overheated market.  The one loan at 9.9% s not a good rate (it is five times the going rate of 2%), but it's not 26%.

 

In terms of having installment loans to rebuild credit, you could open a credit builder loan with a credit union for $500 for up to 84 months and end up paying $5 a month on average in interest at 3%.  You get the exact same benefit as you would paying off a car loan of 30K.

 

No one is angry with you.  You just present an odd scenario and people here are used to sniffing out Internet trolls (not saying you are one).  Sometimes threads go on for 50 pages and it was a poster just pulling everyone's chain.

 

I would encourage you to hang out here and read a lot.  You are not a very sophisticated borrower, but most of us started that way.  In time, looking back at this post, you will understand why people thought it didn't add up.

 

But welcome and don't feel beat up.  This get rambunctious around here sometimes, but it's a loving sort of sibling rivalry.

Message 18 of 19
EddieK
Established Contributor

Re: Refinance


@CostantinoA wrote:

100k is my net after takes.  I never pay federal taxes.  I have 3 kids, interest on student loan debt and married.  I was approved on my income alone for the two auto loans no problems and no documents needed.  The only reason why my scores are so low is because I neglected my credit for so long and paid cash for everything.  As I am getting older, I am realizing that I need to build my credit.  If it wasn't for that, I would have paid cash for the cars.  I speak the truth on my situation.  Why would I not?  I don't even know anyone on here. I am not trying to impress anyone.  What would be the point of asking questions and trying to better my situation if I do not provide all the facts.  That is stupid and a waste of tine.  You seem mad. Maybe you need a hug.  Stop being so angry.


I'm not sure how you came to the conclusion where I was upset.  I have a lot of fun with trollish behavior.

Starting Scores:
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Current Scores:
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Message 19 of 19
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