Loan Payments :O!!!
11-22-2004, 12:41 PM
#1
Loan Payments :O!!! Ok..i originally got the loan for 15k and ive been paying on it a year and a month..and i got it down to 10k in a year, which i don't think that is that bad for bein 17...and I was wandering my payments are $400 right now a month and I want to get that lowered..can a bank Refinance a loan on a 1998 vehicle and get my payments down i don't get it..i pay $400 a month, and i go into a GM dealership talk to them about a 2001 Z28 for 15,500, and they tell me id pay $289 a month...I wish i could get my payment down to that..any ideas>>???...i know i wanan keep the car...ne idea rather htan get 2 jobs...cuz $400 Payment $100 insurance a month isn't kewl..plus other ****..
11-22-2004, 02:10 PM
#3
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If you refinance you will most likely end up paying more for the car in the long run. how long is your current note for? I would bet that that 289 that a dealership threw at you was at least a 5 year note, possibly even 6. The longer you finance, the more you pay, even if your payments are lower. Unless you can get a significantly lower interest rate i would not refinance.
11-22-2004, 08:03 PM
#4
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I paid 17,900 for my Z in Oct 03, with a 6% rate on a 5 year loan and a 3k down payment. My brother has looked into refinancing his 98Z as his apr is something like 11%. After going over the numbers it would be better for my brother to trade in and get a better rate and have them pay off his current loan. It may be the same for you, but you just need to sit down and do some number crunching. What is your apr, and loan length?
Fry
Fry
11-22-2004, 08:21 PM
#5
at this point..id rather have $250 payments every month and pay it a year and a half longer and end up paying $1500 more than i would of..jsut to be able to have fun why im 17 instead of work 24/7 ill be joining the armed forces soon enough anyway probably..and hopefully i get a big enough signing bonus...that my car will be close to paid off.
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11-22-2004, 08:58 PM
#8
keep the high payments. The higher your payments, usually the sooner you pay the car off. With mine, I had it set up for a 5 year loan....and had it payed off in just shirt of 4 years.....
By far the best mod you can do for your car is paying it off
Looks like you've made some good progress on it already. Hang in there, soon it'll be yours!
By far the best mod you can do for your car is paying it off
Looks like you've made some good progress on it already. Hang in there, soon it'll be yours!
11-23-2004, 07:22 AM
#13
Originally Posted by Clif19
im wondering how your only paying 100 a month on insurance, i got qouted 320 a month on a 98 trans am.
11-23-2004, 08:10 AM
#15
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Originally Posted by Uno99
That's the price you pay to be 17 and own a LS1. However speak to your parents and your bank they should be able to work something out.
I was paying 220 a month for my first one when I was his age.You only have one real option to get your payment lower. That would be to refinance the car. Unfortunately it would also mean that your payments are going to go back to a full loan term (4 years or w/e you take it for).
11-23-2004, 09:24 AM
#17
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Keep the payment plan you are on if you can because you will be in a better position in the long run. Think of it this way...In 3 years when you need a new car would you rather have the first one payed off or get stuck in the situation alot of people get into and end up paying for cars for the rest of your life. I was making $450 payments and had my Stealth TT payed for in no time so now I can either look for new toys or mod the hell out of what I have. 
11-23-2004, 09:33 AM
#18
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I bought my car new and at the time 7% was a good rate. I financed $500 a month for 5 years. I paid it off 2 years early. The best feeling in th world is having the title. Also check into getting a beater for your everyday driver and putting the LS1 as a recreational vehicle. I pay $550 a year on my car. I have Erie INsurance and have no marks on my driving record.
11-23-2004, 11:04 AM
#19
Originally Posted by 2001 Pewter WS6
I bought my car new and at the time 7% was a good rate. I financed $500 a month for 5 years. I paid it off 2 years early. The best feeling in th world is having the title. Also check into getting a beater for your everyday driver and putting the LS1 as a recreational vehicle. I pay $550 a year on my car. I have Erie INsurance and have no marks on my driving record.
11-23-2004, 12:42 PM
#20
my Mom on my 1998 T/A is $200 every 6 months..full coverage, all options selected
LOL..but shes 42
....
and im happy...its that cheap but i don't understand that on my 89 HOnda Accord Sedan on Liability every 6 months im $428 with a clean record and shes $200 every 6 months full coverage..and she has 2 speeding tickets, and one accident lol.
LOL..but shes 42
....and im happy...its that cheap but i don't understand that on my 89 HOnda Accord Sedan on Liability every 6 months im $428 with a clean record and shes $200 every 6 months full coverage..and she has 2 speeding tickets, and one accident lol.