So, bad news. I am forced to sell/refinance my car by the end of the month due to financial hardship (Hours cut at work from 55 to 45, and now 40 due to new budget)
Refinancing will save me a paltry $100 a month. Its not really enough but I can scrape by...
If I sell the car outright i'm going to have to take a personal loan for ~$11k and get reemed on interest (12% or more). Carmax and My dealership have both told me 33k. I owe 43,800 ish.
Has anyone ever refinanced a car? How long did it take to get it all said and done?
I'm not even sure i can get a personal loan and for sure i have no co-signer.
Seeing as all the changes I'm making in my life, it might be a better idea to sell the car and finance a used car for $10,000 or less, as i have $50 in my bank account at the moment.
I was thinking about a 01-05 MR2 Spyder or something of that price range and age.
You can refinance any kind of loan if you have good enough credit. How's your credit? How was your credit when you bought the car? If it's better than before you can refinance it and save a good amount on your monthly payments. I refinanced the mortgage on my condo at 25 since the interest rates were stupid high and my credit/income was god tier compared to when I got into it 3 1/2 years earlier (gotta love the market crash of 2008). My method might not work for you since you say your hours are getting cut, but I ended up changing my goal to a shorter term, low interest, higher monthly payments loan since I could afford to. Dumped all the money i was earning into school and mortgage payments and paid those fuckers off. Now all that's left is paying off the house which
should be done in about 5-8 years (if i don't get divorced or have children by then loooool).
I forgot how old you were but this is why I have always been an advocate of buying a house first before getting into long car payments (like over 35K). I got into a $5000 loan for my 1st car (used) when I was 18 to get a kickstart on my credit and ever since then I've bought my cars with cash/cashier's check. I already told my wife a while back that I wouldn't get into car payments until my house was paid off and I'd be comfortable renting out my condo or house to someone we don't know. The rate at which cars depreciate is ridiculous and 99% of the time you won't make the value of a new car back (unless you bought a Supra TT, NSX, or Porsche GT2 in the 90s loool).
If i was in your situation I'd wait to be financially stable before trying to go ahead and do whatever it is you want to do to your body. Try to get that 11k loan,
sell your car ASAP since the more you wait the less you'll get back, pay off that loan, and get out of the car game for a couple of years. Once you have your life in order you can get back into the car game if you're still interested in it or do whatever the hell you want.
Not sure what my first project car would be, inevitably it'll end up looking like a drug dealer's car anyway.
I'm guessing you're in the U.K? Time for a Nissan Pulsar VZ-R N1 + Turbo goodies, or an SR20VE swap + Turbo goodies. looool. Easily the top car in my "Want to import when it becomes legal" list. Those little hot hatches are so nice and the SR16VE N1 motor revs to the moon, though I'd much rather have the SR20VE in it (used to own a 98 Nissan 200SX SE-R with an SR20VE swap and a GT28RS turbo back in 2006-08, was my little highway monster).