Refinanced after 11 months...

[suaveflooder]

Originally Posted by Tujin

My debt/income ratio was fine but I had a lot of maxed out revolving credit lines and some other negative-ish stuff. Originally put 3k down, 72 months. Also worth noting that I traded in my wife's SUV, which we were about 4.5k underwater on. So that probably has a lot to do with it.

With all due respect, do you see any problems with the things I highlighted? I do mean this as someone who hates to see people struggling...especially with money.

Debt adds up! Trust me! I am stoked that you got the car, I really am! I love mine and I'm sure you will love yours too, but there are other things to get in line before you buy a toy....and it is a toy. The only thing practical about this car is the gas mileage!

:happy0180:

[teamturbo]

26 years old, I think I got 2.2% with 8K down. Payment is only $260 a month.

[Frostyman]

holy jesus! I got 4% through 'yota. I'd have gone for a walk if they came back with 8.25 and tried to act like they were serious. NFCU is a great bank to refi through though. If you do it at the right time, they will pay you like 200 bucks for a refi too.

[FReSh]

8.25% is ridiculous. I'm 24, in school, and still got 3.39% through Toyota financial for 60 months with 6k down. Payments are ~$370, but I usually end up paying 400/mo just to have it payed off faster.

[suaveflooder]

Originally Posted by Frostyman

holy jesus! I got 4% through 'yota. I'd have gone for a walk if they came back with 8.25 and tried to act like they were serious. NFCU is a great bank to refi through though. If you do it at the right time, they will pay you like 200 bucks for a refi too.

Most credit unions will give you a super low rate.

While I'm not happy that I financed it instead of just paying for it (I had "my eyes opened" only after I was in the car), I put $0 down with a 2.49% interest. I will be paying the car off by the end of next year. As well as my wife's civic in the next couple months. With all I've been reading about debt and wealth, this will be the last thing I ever finance.

[TM]

8.25% is high!

I'm 23 and got approved at PenFed for 2.74%, so Subaru just matched it to simplify my buying process.

[Tujin]

Originally Posted by suaveflooder

With all due respect, do you see any problems with the things I highlighted? I do mean this as someone who hates to see people struggling...especially with money.

Debt adds up! Trust me! I am stoked that you got the car, I really am! I love mine and I'm sure you will love yours too, but there are other things to get in line before you buy a toy....and it is a toy. The only thing practical about this car is the gas mileage!

:happy0180:

Oh absolutely, I made some terrible choices. Well terrible in the sense of "carrying as much debt as I possibly could have" but not in the sense of "so much debt I can't make the payments". I was always of the mindset "pay all of my bills, and whatever is left is free money for whatever". So credit cards never got paid down because I made the minimum payments. But over the past year I've really gotten a hold on my finances, and improved my situation substantially.

But the revolving debt is all paid down to zero now, and aside from my car, the only debt I have is subsidized student loans at ~3% apr. But since I'm still a student, that will stay in deferment for about 4 or 5 more years. (I work full time and go to school part time - not taking on any more student loans because I don't need to anymore)

[Tujin]

Originally Posted by suaveflooder

Most credit unions will give you a super low rate.

While I'm not happy that I financed it instead of just paying for it (I had "my eyes opened" only after I was in the car), I put $0 down with a 2.49% interest. I will be paying the car off by the end of next year. As well as my wife's civic in the next couple months. With all I've been reading about debt and wealth, this will be the last thing I ever finance.

You sound like someone who has had his face punched by mr money mustache

[suaveflooder]

Originally Posted by Tujin

You sound like someone who has had his face punched by mr money mustache

Or someone who has actually looked into money and realized just how badly I was losing.

The two most profitable sources from a dealership are the finance department and the service department. They don't call them "stealerships" for nothing.

You and your 8% interest is proof of that.

I've decided I'm not going to play the game anymore. Simple and easy. Copy those who have already gone before you and achieved the results you want. Well, I have. I have changed a lot of my life to a different model, while I'm not winning yet, I am no longer "down for the count"

I can tell you right off the bat, I wouldn't trade in a car that I was $4k+ in the hole with, but then again, that's not $4k in cash in your hand, so I'm sure it was a lot less painful. Now if I were to put 4 grand in your hand, do you think it would be as easy to give up? Science and studies say no. Studies show that credit cards and paperwork give no response from the brain. Now add cash into the equation, I hand you $4k in cash, there is literally a pain response that is felt and registered by the brain. You think finance companies know this? You bet

[carbonBLUE]

1.75%, 6 years, 21 years old, Toyota Financial, first time using my credit on anything... lol

[Bt216]

7k down with down payment and trade in . 4.6% 290 a month for 6 years..

[drew_dice27]

I'm pre-qualified at 2.36% for 72 months for the BRZ I'm getting (waiting to arrive) and JUST turned 23.
Anyone in SoCal who wants to a lower rate...I work at a bank PM me...

[Pacific Auto]

21 years old. I got in the 2's.

They first said 6.5, I said no
they came back at 4
I walked out then they came back at 3.25
I said no again and was able to get it in the 2's!

[FRSTRM]

Just refinanced Toyota Financial 84/mo 5.86% to Navy Federal 60/mo 2.76%