Forgot why I hated car payments

Zero2Cool
Elite Member Topic Starter

12 years ago

I'm paying $237.11 a month. I've made five payments for a total of $1,185.55, however only $521.55 has went against my actual loan.

That's something like $664 that I've paid and have nothing to show for.

Holy. Hell!!!

Edit, 15.57% APR ... I really need to get this car re-financed. I'm basically getting a credit of $104.31 for every payment. At that rate, it'll take me nearly 9 years to pay it off!

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zombieslayer
Registered

12 years ago

Originally Posted by: Zero2Cool

WTF? How did you get that loan? Do you have a 400 credit score?

Come up with some cash and refinance asap.

My man Donald Driver

(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷

DakotaT
Select Member

12 years ago

Better yet Zero, call uncle Zombie for a loan. You are getting sodomized without lubrication on 15.57%. That's like credit card interest.

Zero2Cool
Elite Member Topic Starter

12 years ago

WTF? How did you get that loan? Do you have a 400 credit score?

Come up with some cash and refinance asap.

Originally Posted by: zombieslayer

Close, it was ~560 when I got the loan. I tried refinancing with my bank and was denied. I'll find out why in two weeks via mail.

When I got the car, the guy told me nearly $200 of the $237 would be to the car loan itself with $37 to interest. I was okay with that. Losing this much to interest, ... kind of hurts.

DakotaT
Select Member

12 years ago

Too many people do not understand time value of money or how an amortization table works. I feel bad for you Zero, but before you make your next purchase - there are some people in PH that could help advise you.

Zero2Cool
Elite Member Topic Starter

12 years ago

Originally Posted by: DakotaT

My ignorance on this is why I don't like making any kind of purchases like this, but I needed a reliable car to get my daughter and I to and from Wisconsin. I figured losing about $40 a payment was worth it because it's a good car, better on gas than the Explorer plus it could help improve my credit score.

But damn, 104 out of 237 is just crooked as shit if you ask me. Maybe I should sell it and buy a two seat moped.

DakotaT
Select Member

12 years ago

Originally Posted by: Zero2Cool

The only way out of this nightmare loan is a refinance, which you can't get; but what you could do is make larger payments - but make sure you write PLEASE APPY OVERPAYMENT TO PRINCIPLE on the damn check every time. You will knock time off the loan and save interest.

Or borrow money from a relative that doesn't need interest. But you are really getting taken on the terms of that loan.

zombieslayer
Registered

12 years ago

Yes, you're going to want to pay this off asap if you can't refi. I'd second what DakotaT said - make larger payments and make sure the payments go to principle.

My man Donald Driver

(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷

wpr
Preferred Member

12 years ago

I am glad my cars are paid off. over 100,000 miles on all 3 of them but I am in not hurry to jump back into the car market. Mom got a letter from one of the local car dealers telling her that they will give her a great deal on her old car. She doesn't have it any more. She sold it to me so she was going to pass the info along. I told her throw it away I didn't want it.

DakotaT
Select Member

12 years ago

#10

New car smell keeps Americans in debt and in the poor house. Cars today if maintained regularly should be able to be driven to 200,000 miles easily. If you need to buy a vehicle, a program vehicle at 36,000 miles is your best buy. You don't take the depreciation beat down as you would a new car. Vehicles over 80,000 miles are where the majority of you major repairs come: transmissions, alternators, starters, tune ups, etc. Shop wisely!

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