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Is taking a loan to cover part a loan worth it?

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  1. feedthemfish feedthemfish is offline

    United States

    Posts: 1,778
    Joined: Apr 08

    Jan 26th, 2012 (1/26/2012 7:24am)

    If i owe around 9 K on my car w/ a crazy interest rate would taking a loan for around 6K and a lower interest rate benefit me? Obv it seems like the answer is yes but w/ no expeirence in this field and being shitty at statistics i can't figure out if this is worth it.

    i had crappy credit and needed a ride asap so i took on a horrible interest rate but it says no penalty for paying off early. I just wonder now that my credit looks much better should i look into finding a loan to cover the bill or even part of it.
  2. Sandman_Good Sandman_Good is offline

    Salt Lake City, UT
    United States

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    Jan 26th, 2012 (1/26/2012 7:32am) in reply to feedthemfish

    yes..look to refinance your current loan into a lower interest rate BUT with the same amount of months left on loan. Don't stretch it out again. Then its possible to not be worth it.

    make sense?
  3. iamthedeck ftw iamthedeck ftw is offline

    Windsor
    Canada

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    Jan 26th, 2012 (1/26/2012 7:32am) in reply to feedthemfish

     
  4. feedthemfish feedthemfish is offline

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    Jan 26th, 2012 (1/26/2012 7:49am) in reply to Sandman_Good

     
    Originally Posted by Sandman_Good View Post

    yes..look to refinance your current loan into a lower interest rate BUT with the same amount of months left on loan. Don't stretch it out again. Then its possible to not be worth it.

    make sense?

    actually yeah that does make sense but never dealt w/ refinancing a loan. basically that means i need to go through a different lender and keep the amount and length of the contract the same? correct?
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  5. Sandman_Good Sandman_Good is offline

    Salt Lake City, UT
    United States

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    Jan 26th, 2012 (1/26/2012 7:53am) in reply to feedthemfish

     
    Originally Posted by feedthemfish View Post

    actually yeah that does make sense but never dealt w/ refinancing a loan. basically that means i need to go through a different lender and keep the amount and length of the contract the same? correct?

    well..this is what I did for ten plus years...

    You don't necessarily have to go with another lender. If your current lender will refi you at a lower rate, you can stick with them.

    But if you are wanting to save money on the loan, all you are looking for is lowering the rate. Not extending the term and not increasing the loan amount.
  6. feedthemfish feedthemfish is offline

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    Jan 26th, 2012 (1/26/2012 9:28am) in reply to Sandman_Good

    thanks cause my rate is insane and my credit wouldn't of been that bad but i made bad moves like skipping payments thinking i'll just pay it all off come income tax. apparantly loan being current doesn't help but late payments kill. i learned the hard way. i just know i should be able to get a better rate. i pay on two giant loans (one w/ bad rates) and they have been up to date for a year or so. other than that everything else is paid on time and clear.
    Thread Starter
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