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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
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| | | | RELATED ARTICLES Debt Recovery Can be Easy OK, so you are up to your head in debt.You are stressed out, it is now affecting the way you function and absorbing most of your daily thoughts.You have no idea what to do. 16.4% APR $5,000 Auto Loan…HELP! Are you the victim of a high interest rate auto loan If so, the following email discussion may help you.Read on: What is a Debt Consolidation Loan If your objective is to reduce interest rates and lower your monthly payments, avoid bankruptcy, consolidate your bills and have one monthly payment, or simply get out of debt the fastest way possible, then a debt consolidation loan could provide the answer. Rebuild & Keep Good Credit Ratings by Understanding Your Credit Cards by David Hall Secured Credit Card is similar to a prepaid credit card since the funds you are using are actually yours and not the issuer of the credit card. 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The Check Clearing for the 21st Century Act, otherwise known as Check 21, is the process of turning the checks your write into images and transmitting them by computer. Debt Consolidation There are many reasons why people get into debt - some of them self inflicted and some of them way outside of our control. Losing a job, illness or accidents, all of these can suddenly plunge one into unexpected expenditure, and often the only way to deal with the emergency is to use debt. There is a tendency, however, to keep on borrowing once you start. This is because the process becomes so easy - credit card companies and banks seem keen to throw cash at you, and the interest payments, when regarded individually, often seem insignificant. Before you know it, you are deep in debt, owing money to several institutions and card companies, and the bills are mounting. This is the stage when one starts to notice infomercials and TV ads for debt consolidation. It Only Takes a Few Simple Steps To Avoid Student Loan Debt Student loan debt is a problem that affects many former students. It is a long and difficult process to pay off a student loan.Undoubtedly, it is much easier to avoid student loan debt in the first place.There are a few simple steps that can be taken to either escape student loan debt or ensure that the debt won’t be too hard to pay off in the future. 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You may well see lots of expensive cars driving on our roads and big houses inhabited by the seemingly wealthy, but these houses and cars are not yet paid for. Debt Relief From Debt Consolidation If you are up to your neck in debt, there may seem like there is no relief in sight. In fact this is not necessarily the truth. There are ways to take all of your stifling bills and roll them up into one neat package by using debt consolidation in two very popular forms Home Equity Loans, Refinancing Loans, and a Consolidation Credit Card. All of these instruments provide the debtor with one thing “relief” from the current debt by shrinking it down to a single manageable debt. Getting Good Value Personal Loans Over recent years, personal loans have become a popular solution for many consumers looking to raise finance for a variety of purposes. You can get personal loans for all sorts of things, from debt consolidation to holidays, cars and other purchases. It is far easier these days to get a great deal on finance, with cheap personal loans available from a variety of competitive lenders. Bad Credit Debt Consolidation Loan Debt Consolidation Loans for Bad Credit Reducing Debt Before Its Too Late ... How to avoid the pitfalls of creeping debt. Reducing debt usually isnt a high priority for people until they have already gotten into trouble with overspending. Using a few basic guidelines, and debt calculations, can help you see when your debt load is getting into the danger zone. Home Equity Loan vs Home Equity Line Of Credit Many people confuse a home-equity line of credit with a home-equity loan. With so many different kinds of loans it can get confusing. So lets look at the difference so you can get a better understanding of what works best for you. 5 Things In Selecting The Best Mortgage - You Should Know Your goal is not only to find the best rates and programs, by searching through a huge number of lenders products, and save yourself thousands of dollars on mortgage payments every year, but also, to save time and hassle by simplifying the loan process and reducing the paperwork. Here are some things you can keep in mind when selecting a mortgage provider. |
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