|
|
| Mortgage Information |
|
|
|
|
16.4% APR $5,000 Auto Loan…HELP!Tom Levine Are you the victim of a high interest rate auto loan If so, the following email discussion may help you. Read on: DEAR LoanResources.Net: I was very impressed with your article entitled "8 Point Checklist, Evaluating Online Lenders." I have tried several sources to refinance my auto. I only have 2 more years to pay $245.04 a month. I owe 4,414.00 on the car loan. This may not seem like a lot of money but I would like a lower interest rate on my car loan which is now $16.4% APR. I want to still pay it off in 24 months but at a lower rate so that I can use the money saved to help pay off other bills. In my internet searches, the auto refinance loans required that you borrow more money than I need. I tried to search for unsecured personal loans on your website and they also required that I borrow more money. I have a very good credit record and I am working to get some of my bills paid off. Is there anything you can suggest so that I can get a lower rate auto loan for under $5,000 Any assistance will be appreciated. Thanks. Geraldine W. *** DEAR Geraldine: Sorry I have not gotten back to you sooner. I took a couple weeks off to be with family...Thanks for the compliment on the article! Anyway, I read your email and I do indeed have a suggestion or two that Im happy to share. A COUPLE THINGS INITIALLY: 1. First, you’re paying a very high interest rate at 16.4% APR for an auto loan! Im going to assume that your statement as to your good credit is accurate. If thats true, then you do indeed need to fix this. 2. Since you only need $5000, with the intention of paying it off in 2 years or less, I dont think you should look for a refinance auto loan or a refinance on your home. Indeed, the bank is going to want to loan you much more money, usually at least $25,000. While a refinance or equity loan on your home does offer tax benefits, we’re only talking about interest on $5,000 over the course of 2 years. I have another idea you may not have considered. HAVE YOU CONSIDERED Have you considered just putting the balance of your car loan on a credit card that has a lower interest rate 1. Credit Cards are, indeed, unsecured lines of credit with financial institutions. 2. They are the perfect financial vehicle for a $5,000 transfer of debt, with added flexibility, and you should be able to find an interest rate between 9 to 11%, and better, on average. 3. IN ADDITION! Once approved, the bank will usually give you blank checks for balance transfers sometimes theyll just do it for you right over the phone…, 4. AND GUESS WHAT The majority of the time, the incentive interest rates on the balance transfers are EXTREMELY low; sometimes zero percent for up to 6 months to a year. 5. IN ADDITION! you can apply for incentive cards that provide rewards for your spending....free airline miles, cash back programs, etc. I use the American Express Blue, and I get cash back of up to 3% on everything I spend. So, for $5,000, 3% cash back, AMEX™ pays me $150. How do you like them apples The bank pays YOU to borrow money. RECOMMENDED PLAN OF ACTION: So, Geraldine, heres what I recommend you do: 1. Go back to our website, and explore the credit card offers we’ve recommended. We’ve picked out what we think are the best offers, and there are a LOT of them, so think of it as a much needed shopping trip! Pay particular attention to our links for "incentive cards". We have two pages of them. 2. Apply for whatever card or cards suit your tastes and needs. There are so many great reward cards. Limit yourself to only your imagination. 3. Get approved, receive card, and receive balance transfer checks. 4. Pay off loan to 16.4% bank! 5. Pay off credit card loan with extremely low rate and incentives, at your leisure! …And enjoy the fact that you just made an excellent financial move, saved money, made money, and gave yourself the flexibility to manage your debt on your own schedule... Hope this helps...Let me know how it all works out. Sincerely, Tom Levine
We’ve enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense. Publisher’s Directions: This article may be freely distributed so long as the copyright, author’s information, disclaimer, and an active link where possible are included. For more information about mortgages, debt consolidation, credit repair, and all other forms of consumer loan, credit, and debt products, please visit our website at http://loanresources.net . Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
| | | | RELATED ARTICLES "Women and Divorce: How Women Should Protect Themselves Financially Regarding Divorce" Women who believe a divorce is a possibility or who think that their husband will be asking about getting a divorce at some point should put their emotions aside and plan "just in case" their intuition is correct that a divorce may be coming in the near future. If women who believe that the "divorce discussion" may be lurking, they should make it a point to look for solid signs that their husband will indeed ask for a divorce...then they should plan accordingly. Bahamas Real Estate Guide to Permits, Residency and More White sand beaches, clear blue waters, tax breaks, real estate and property; the Bahamas never looked so good. And yes, I said real estate. Bahamian real estate is hotter than ever. Should you choose to refinance Refinancing has become a valid option for many individuals with high interest rates on their mortgage. Refinancing is essentially a replacement loan, with a different lender and hopefully a lower interest rate. Understanding the Importance of Mortgage Protection Life Insurance Your house is a big investment – probably one of the biggest you’re every likely to make. It is also the place that you and your loved ones call home; a shelter and haven from the outside world. That’s why it is so important to ensure that your home and family are protected in the event of your death. It’s not a topic that any of us like to dwell on, but the sad fact is that should you die and the family are no longer able to afford repayments on the house, they will lose the property and the roof from over their heads. The Top 20 Web Mistakes Small Businesses Make My parents made a monster. Little did they know 30 years ago that they would get exactly what they wished for. Like W.W. Jacobs tale of "The Monkeys Paw", they got what they wanted, for better and maybe even for worse. Understanding Real Estate Terminology Purchasing a home can be a complicated and confusing process, especially for first-time buyers.Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associates with purchasing real estate that are helpful to learn. Why Choose a Remortgage You would choose a remortgage because it allows you to change your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money. A remortgage can also be used to raise additional finances by releasing equity in your property. Attaining A Debt Free Lifestyle Many people have been taught that you cannot get ahead without debt.We are also inundated with advertising telling us we can have anything we want.All we need to do is put it on our credit card. Renting Versus Buying: Pros and Cons Realtors have benefited from a new variety of homebuyer in todays market: the young, single professional. It used to be that most single men and women resigned themselves to a somewhat transient, short-term renters lifestyle until Mr. or Ms. Right came along. Thats not the case anymore. With more and more people delaying marriage until their careers have assumed the direction they wish to take -- and due to the fact that a greater percentage of young people are financially independent and quite successful -- single professionals are changing from renters to buyers. The Difference Between “Need” and “Want” Let’s face it: Most people spend way too much money on things they don’t really need. The more money we make, the more we tend to spend. This endless cycle of materialism has led many people to confuse the word “need” with the word “want.” As in, “we need a big-screen TV for our new home theater.” Or, “I need a new pair of shoes to go with my new outfit.” 5% Down Vs. 10% Down - A Comparison It has always been an issue for home buyers to save their down payment. Many people, on advice from various people wait to save 10%, rather than moving into the home sooner with 5% as a down payment This is not always a good idea. Let me explain; Choosing the Best Life Insurance Option for You Life insurance in the UK is becoming more and more popular with many people now realizing the importance and the benefits of a good life insurance policy. There are two main types of popular life insurance, both of which offer a range of invaluable benefits to UK consumers. Top 10+ Ways to Jumpstart your New Years Finances! Of course, these dont have to be done in any particular order! Build, Dont Blow, Your Annual Bonus NC—More and more companies are incorporating a bonus structure into compensation programs. Bonuses are generally based on performance and are tax advantageous for companies. How To Prepare For A BIG Pay-Off When You Sell Follow the steps below to get a higher price for your house: Your Home – A Hidden Source Of Financing NC—Your home is more than just a place to hang your hat. In addition to being a source of pride and protection, it can be a valuable source of equity. How To Market Your Home For A Quick Sale and High Price Marketing can be one of the most frustrating things to do when you are selling your home without a realtor. Here is a quick checklist to help you: The True Cost of your Credit The current house price boom has perhaps passed its peak as I write this, but that doesnt stop the mortgage companies from offering yet more new and tempting products that look like good deals for a consumer. But be warned - The standard mortgage, running over 25 years is set like that for a reason! When you see companies offering 40 year mortgages or low start mortgages, or perhaps even interest only mortgages, you should understand these shiny new products may have a nasty sting ion their credit tail! Find the best Mortgage Rate for you Most people tend to take out a mortgage, then forget about it. The monthly payments go out from their accounts every month, but they probably couldnt tell you what the interest rate was if you asked! This is slack financial policy - it is easy to make sure you always have the best mortgage rate, and therefore pay the least interest. And believe me, over the years, even a fraction of a percent reduction in interest rates means big savings! What is a Secured Loan A secured loan is simply a loan that uses your home as security against the loan.Secured loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured loan; or, have a poor credit history. Lenders can be more flexible when it comes to secured loans, making a secured loan possible when you may have been turned down for an unsecured loan. Secured loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime. |
| home | site map |
| © 2005 |