Some of you may recall that in March of 2014 I purchased a new vehicle and since I still had a baddie on the report, I was only able to get a 9.99% loan. Today, I went to my Credit Union and refinanced it at 2.25%. Plus, they had a promotion going where they gave me $200 in cash after closing.
This alone will save me $2500 or the term of the loan, despite adding 9 months to the loan, even after adding an additional 9 months to the length of the loan (had 63 payments left, refinanced for 72 months).
This forum has really changed the way I approach my finances. I can't say enough... Merry Christmas to everyone and best wishes on the new year.
@cartwrna wrote:
@Whoo congrats! I have a 30k loan on a 14' Charger RT @ 18.65% financed in May 14 and a 19.5k loan on a 13' Avenger RT @ 18% I financed September of 2013. Interest eats me up! When I financed the Avenger I had tons of collections (14 or so) and a score of 407 when I financed Charger I had 5 collections and a score of 504. Currently just hit 600 on Equifax and am down to 2 collections (hoping to have gone soon) so plan on refinancing here in next few months. Hoping for a 4.5% minimum but of better hoorah. Do you have clean reports now?
Yeah at those rates, definitely interest eats you up. It is unfortunate, but at times, we do what we have to do. Stay the course, and before you know it, you will get to where you need to be.
@guydiver wrote:Congrats on your new loan. Very nice accomplishment! And a very Merry Christmas to you.
Thanks, and Merry Christmas to you too...