1. "my yearly income just dropped 5k" In response to Reply # 0
not really but i had a number in my head that was wrong for like the past year lol. i get paid twice a month. so at some point last year i took my check amount and multiplied by 26 and was happily surprised at how much i was making lol
since ive been looking into refinancing my car ive had to provide income information and when i did the math right i was like wait a minute. that's when i realized how i had messed up my previous calculation. still sucks but at least its not actual money lost lol
if i refinance to get a better rate and dont extend my term how long do i need to wait to do another refinance and cash out the equity (if i decide to do that). i got an offer both ways but im thinking i want to hold off on cashing out the equity. im still also considering trading the car in instead. i figure it would be smart to refinance to drop my rate from 6.5 to 3.5 in the meanwhile but dont know if that would mess up my options for trading in/cashing out in the next few months.
legsdiamond Member since May 05th 2011 79618 posts
Thu May-13-21 08:04 AM
2. "cashing out the equity? I’m confused" In response to Reply # 1
you want to take out a new loan and pocket some of the cash?
I got a personal loan and paid off my car and a credit card and had a little left over but technically I’m still paying for the car. Just a better rate. It definitely helps your credit to pay off those balances (it dips first but then it jumps)
I dont think “cashing out the equity” of a car loan is something you can do.
**************** TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*
i looked into options to refinance and i could save around $400 if i pay more per month and get a better rate. if i borrow the cash it will end up costing me up to $600 more than leaving things as is. i think that was with gap insurance too.
legsdiamond Member since May 05th 2011 79618 posts
Thu May-13-21 01:01 PM
6. "damn.. that’s crazy. " In response to Reply # 5
CK is what I used to apply for a personal loan. I don’t think they had that option available.
my personal loan’s apr was lower than my car loan because my credit was trash when I got my car.
so paying down credit cards and having more flexibility was a plus. I paid less over the life of the loan but I def needed that stress removed.
You just reminded me I need to get more aggressive repaying this loan.
**************** TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*
legsdiamond Member since May 05th 2011 79618 posts
Thu May-13-21 12:22 PM
4. "We have a new leather couch" In response to Reply # 0
and it has duel recliners.
My inlaws have a theatre type room with recliners. So we did the same thing.
and just like my FIL, I fall asleep in that shit often.
**************** TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*
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