Question about a loan?

[Ashikabi]

You could try a different bank too. A local credit union offers 1% off your rate if you refinance an auto loan with them. Maybe there is a similar offer in your area. I've also had my bank be somewhat unpleasant about a loan so I went to the credit union and got a good deal. Maybe your bank just hates money

[Rally]

Originally Posted by Ashikabi

You could try a different bank too. A local credit union offers 1% off your rate if you refinance an auto loan with them. Maybe there is a similar offer in your area. I've also had my bank be somewhat unpleasant about a loan so I went to the credit union and got a good deal. Maybe your bank just hates money

Awesome thanks alot, ill look over all these options. Im getting the vibe they may hate me lol

[Dadhawk]

@Rally I have to think that the person at the bank either completely misunderstood you, or they didn't really know what they were doing.

If you go down to the bank (or better yet a credit union) and explain that you want to purchase the FR-S with a $9,000 loan that will immediately be used to pay off your existing car loan and you will never have possession of the money they shouldn't have a problem, particularly given the your "new" car will have about 50% or more equity.

Now, I do know there are some states where you can't actually sell your car if there is a lien against it if it is a private sale. Don't know if that is what you are running into or not, as I'm not sure how that works.

[Rally]

Originally Posted by Dadhawk

@Rally I have to think that the person at the bank either completely misunderstood you, or they didn't really know what they were doing.

If you go down to the bank (or better yet a credit union) and explain that you want to purchase the FR-S with a $9,000 loan that will immediately be used to pay off your existing car loan and you will never have possession of the money they shouldn't have a problem, particularly given the your "new" car will have about 50% or more equity.

Now, I do know there are some states where you can't actually sell your car if there is a lien against it if it is a private sale. Don't know if that is what you are running into or not, as I'm not sure how that works.

Okay this makes alot of sense to me. I will say exactly this. Fingers crossed haha Thanks!

[Rally]

Just called, it is a credit union by the way. And they said that they don't offer the option to refinance their own loans. Im guessing I would have to get a loan through another bank to make this a possibility. This blowsss

[Koa]

Originally Posted by Rally

Just called, it is a credit union by the way. And they said that they don't offer the option to refinance their own loans. Im guessing I would have to get a loan through another bank to make this a possibility. This blowsss

of course they wouldn't refinance their own loan given the circumstances..

helps to do a lot of research on fiscal subjects before committing to such a large binding contract.. I know it may be a bit dull or dreary at first, but if one frames money as a measure of effort, not just some ficticiously-valued piece of paper, then the financial world becomes a whole lot more interesting. All about that perspective

[Rally]

Originally Posted by Koa

of course they wouldn't refinance their own loan given the circumstances..

helps to do a lot of research on fiscal subjects before committing to such a large binding contract.. I know it may be a bit dull or dreary at first, but if one frames money as a measure of effort, not just some ficticiously-valued piece of paper, then the financial world becomes a whole lot more interesting. All about that perspective

Yea I hear ya, I was just hoping. The only reason I have the loan is because I bought a 2014 ford fusion off my uncle for an insanely good price. Just trying to sell it to make some money and buy an frs. I may be able to buy out the loan but really dont feel like doing that because i would need to borrow some money from the parents ...

[Dadhawk]

Originally Posted by Rally

Just called, it is a credit union by the way. And they said that they don't offer the option to refinance their own loans. Im guessing I would have to get a loan through another bank to make this a possibility. This blowsss

Makes no sense since they aren't refinancing their own loan. You are taking out a second car loan and using the proceeds to pay off the first. Refinancing would mean its the same loan, using the same collateral.

Oh well...

[pinski]

Originally Posted by Rally

Yea I hear ya, I was just hoping. The only reason I have the loan is because I bought a 2014 ford fusion off my uncle for an insanely good price. Just trying to sell it to make some money and buy an frs. I may be able to buy out the loan but really dont feel like doing that because i would need to borrow some money from the parents ...

You could always revert to one of my original suggestions and contact that FRS owner and ask how much he wants if he just sells it outright. You could take the Fusion to Carmax and probably get $15k out of it at least. They'll apply $9k to your loan to pay it off and you'll have $6k on hand. Use that $6k + a new loan to buy the FRS, or any other FRS you see and like.

[Rally]

Originally Posted by Dadhawk

Makes no sense since they aren't refinancing their own loan. You are taking out a second car loan and using the proceeds to pay off the first. Refinancing would mean its the same loan, using the same collateral.

Oh well...

Yea i'm upset. I literally read word for word off these ideas to the bank and they said they dont do that. good news is someone contacted me and wants to check the car out to possibly buy it. Lets hope

[Rally]

Originally Posted by pinski

You could always revert to one of my original suggestions and contact that FRS owner and ask how much he wants if he just sells it outright. You could take the Fusion to Carmax and probably get $15k out of it at least. They'll apply $9k to your loan to pay it off and you'll have $6k on hand. Use that $6k + a new loan to buy the FRS, or any other FRS you see and like.

Yea this is true, Im just trying to sell privately for now so I can profit the most. But if it takes to long to sell I will consider it! Thanks