Anyone ever refinance their car

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ricanprince
ricanprince Members Posts: 1,869 ✭✭
edited September 2010 in Strictly Business
I will be hitting up this credit union to refinance my car, im assuming I will have to open a checking or savings account with them, but i look forward to the smaller car payment, hopefully im not in there too long
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  • Miami6
    Miami6 Confirm Email Posts: 1,290
    edited September 2010
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    man...you are better off getting rid of that car..car looses value soooooo much.....i have the money but i will NEVER finance a car
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  • ricanprince
    ricanprince Members Posts: 1,869 ✭✭
    edited September 2010
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    Miami6 wrote: »
    man...you are better off getting rid of that car..car looses value soooooo much.....i have the money but i will NEVER finance a car

    shut the hell up
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  • Miami6
    Miami6 Confirm Email Posts: 1,290
    edited September 2010
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    ricanprince wrote: »
    shut the hell up

    ?????????????????????????????
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  • b@squ1@t redux
    b@squ1@t redux Members Posts: 13,035 ✭✭✭✭✭
    edited September 2010
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    FOF this ? right now
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  • About$
    About$ Members Posts: 1,320 ✭✭
    edited September 2010
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    Descency in this question...
    To bring down your current rate.. sounds fine.. but watch for the length of your payments being extended..

    I don't think I ever would buy a new car ever ever again. let alone finance it. Value plumits & body-style changes up so fast. let there be an accident & your done. i have 3 cars & I am into the aftermarket scene & still say they are poor investments/money-pits. I don't have a car note (all paid off) but i learned my leason buying my cars.. paid cash! real talk. don't do it. (if you don't have to)
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  • Miami6
    Miami6 Confirm Email Posts: 1,290
    edited September 2010
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    About$ wrote: »
    Descency in this question...
    To bring down your current rate.. sounds fine.. but watch for the length of your payments being extended..

    I don't think I ever would buy a new car ever ever again. let alone finance it. Value plumits & body-style changes up so fast. let there be an accident & your done. i have 3 cars & I am into the aftermarket scene & still say they are poor investments/money-pits. I don't have a car note (all paid off) but i learned my leason buying my cars.. paid cash! real talk. don't do it. (if you don't have to)

    yeah...thats the best thing...i drive a lexus...bought it off the auction..no cra notes....
    once u drive a new car off the lot.....the value goes down immediately..thats why i dont even trip off new cars no more
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  • konceptjones
    konceptjones Guests, Members, Writer, Content Producer Posts: 13,139 ✭✭✭✭✭
    edited September 2010
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    Miami6 wrote: »
    yeah...thats the best thing...i drive a lexus...bought it off the auction..no cra notes....
    once u drive a new car off the lot.....the value goes down immediately..thats why i dont even trip off new cars no more
    About$ wrote: »
    Descency in this question...
    To bring down your current rate.. sounds fine.. but watch for the length of your payments being extended..

    I don't think I ever would buy a new car ever ever again. let alone finance it. Value plumits & body-style changes up so fast. let there be an accident & your done. i have 3 cars & I am into the aftermarket scene & still say they are poor investments/money-pits. I don't have a car note (all paid off) but i learned my leason buying my cars.. paid cash! real talk. don't do it. (if you don't have to)

    ^^^ These are two of the best things I've read on this board today.

    NEVER finance a car, always buy them outright. So what if you can't get that new joint, pick up a decent looking used car and enjoy the money you'll keep in your pocket.
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  • major pain
    major pain Members Posts: 10,293 ✭✭✭✭✭
    edited September 2010
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    I wont say financing a car is always a bad idea because its not. Leasing and financing have their perks, but you cant be a bad credit ? either.
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  • konceptjones
    konceptjones Guests, Members, Writer, Content Producer Posts: 13,139 ✭✭✭✭✭
    edited September 2010
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    major pain wrote: »
    I wont say financing a car is always a bad idea because its not. Leasing and financing have their perks, but you cant be a bad credit ? either.

    other than getting you into a new car (but also in debt, thus canceling out the positive of getting into a new car), what perk is there?
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  • major pain
    major pain Members Posts: 10,293 ✭✭✭✭✭
    edited September 2010
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    Its going to vary case by case, but leasing can be beneficial depending on your situation. Looking at it in terms of total dollars spent.

    Right now Honda has a lease special for the Accord LX. Decent car, good on gas, smooth ride, looks pretty nice. yadda yadda

    Standard 3 year lease $200 a month, $2000 down. At the end of the lease you have spent $5600 on the car. Many Honda dealerships are offering 0 maintenance, obviously warranty etc. Of course you have to turn the car back in in 3 years, but once you establish a good rapport with a lender like Honda they will give you more the next time around for the same cost. Not to mention you get some very extra tax breaks if you lease a car and you own or operate a business.

    Many people dont have $5600 to spend on a used car to buy outright, and if they do $5600 isnt going to get you much and who knows if that car will last 3 years. You will spend more on maintenance and warranty if you want it. Personally, I need something reliable so this wouldnt work out very well for me. A vehicle in that price range is going to either get you very high mileage and/or an older vehicle. You would also have to be concerned with what the previous owner(s) treatment of the car.

    Financing to own is more of an investment, but with the 0% interest 0 down deals out getting a new car or truck its attractive. Can leave that money in a money market account, CD, or other interest yielding account and let your money make money.

    I get your point about not being in debt, but there are some things that require debt either way. Houses and cars are the obvious ones. Some people will have to get loans for education, thats another one. These should be investments that are "worth it" so to speak if you know your limits and dont over-extend yourself. The debt that gets most people in trouble are the credit cards, pay day loans, basically anything thats buy now pay later. The notion of spending $1000 today and only having to pay $30 a month gets people screwed every day.
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