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I need some financial advice. Anyone willing to help me?

Posted by on Feb. 13, 2009 at 1:26 AM
  • 18 Replies

I have a few questions, so if anyone is sort of knowledgeable in this field and is willing to help please let me know : ] Thanks

 



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by on Feb. 13, 2009 at 1:26 AM
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Replies (1-10):
megan479
by on Feb. 13, 2009 at 1:27 AM

what are your questions?

LuvmySFSGT
by on Feb. 13, 2009 at 1:28 AM

I have been working in the financial industry for 8 years...

NattysMommy
by on Feb. 13, 2009 at 1:46 AM

I want to get a car. We are about 5 thousand dollars short so we figured we'd just borrow that amount. Well every bank so far says no, they will only finance bigger amounts. We don't want a brand new car though.

We have another car financed already and we owe about 12,600 on it. What would happen if we refinanced that car? Would we get the money and would we be able to use it to pay for the other car? Does a refinance look bad on your credit?

 



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LuvmySFSGT
by on Feb. 13, 2009 at 1:51 AM


Quoting NattysMommy:

I want to get a car. We are about 5 thousand dollars short so we figured we'd just borrow that amount. Well every bank so far says no, they will only finance bigger amounts. We don't want a brand new car though.

We have another car financed already and we owe about 12,600 on it. What would happen if we refinanced that car? Would we get the money and would we be able to use it to pay for the other car? Does a refinance look bad on your credit?


I don't know of anyone that will allow you to refinance a car with a "cash out" option.

I also don't know why you are having a hard time finding a loan for $5,000. Typically banks WANT TO finance a lower amount with collateral that is worth more...it is more favorable loan terms and risk for them.

How many banks have you talked to?

Are you sure that is the reason they are denying the loan?

megan479
by on Feb. 13, 2009 at 1:53 AM

ok, i am not a professional, and this is just my opinion, but, it seems to me that if you already owe 12k on another car, and are 5 grand short for another one, it would be less than smart to borrow money for another car you dont have the money for.  if you really want another car, pay cash for it, and buy something less expesnive, sont put yourself more into debt.  it looks bad on a credit score.

NattysMommy
by on Feb. 13, 2009 at 1:55 AM

That is what our friend at the dealership is say that the banks are saying. They have tried 6 banks as far as I know. Tomorrow we are going to our bank though to see what they say....they have given us small loans before.

What do you mean they won't allow us to refinance with a cash out option? I don't know anything about refinancing, sorry.

Quoting LuvmySFSGT:

 

Quoting NattysMommy:

I want to get a car. We are about 5 thousand dollars short so we figured we'd just borrow that amount. Well every bank so far says no, they will only finance bigger amounts. We don't want a brand new car though.

We have another car financed already and we owe about 12,600 on it. What would happen if we refinanced that car? Would we get the money and would we be able to use it to pay for the other car? Does a refinance look bad on your credit?


I don't know of anyone that will allow you to refinance a car with a "cash out" option.

I also don't know why you are having a hard time finding a loan for $5,000. Typically banks WANT TO finance a lower amount with collateral that is worth more...it is more favorable loan terms and risk for them.

How many banks have you talked to?

Are you sure that is the reason they are denying the loan?


 



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redautumn2
by on Feb. 13, 2009 at 1:56 AM

You might think about selling first car and buying two cheaper cars, rather than getting into more debt. 

LuvmySFSGT
by on Feb. 13, 2009 at 1:59 AM


Quoting NattysMommy:

That is what our friend at the dealership is say that the banks are saying. They have tried 6 banks as far as I know. Tomorrow we are going to our bank though to see what they say....they have given us small loans before.

What do you mean they won't allow us to refinance with a cash out option? I don't know anything about refinancing, sorry.

Quoting LuvmySFSGT:

 

Quoting NattysMommy:

I want to get a car. We are about 5 thousand dollars short so we figured we'd just borrow that amount. Well every bank so far says no, they will only finance bigger amounts. We don't want a brand new car though.

We have another car financed already and we owe about 12,600 on it. What would happen if we refinanced that car? Would we get the money and would we be able to use it to pay for the other car? Does a refinance look bad on your credit?


I don't know of anyone that will allow you to refinance a car with a "cash out" option.

I also don't know why you are having a hard time finding a loan for $5,000. Typically banks WANT TO finance a lower amount with collateral that is worth more...it is more favorable loan terms and risk for them.

How many banks have you talked to?

Are you sure that is the reason they are denying the loan?

 

When you asked if you could refinance and use the money to pay the $5,000 I assumed you meant could you refinance the car for $17,600 and get $5,000 cash...right?

I don't know of any bank that allows you to do that...in addition to the fact that your car would have to be worth over $17,600 if you could find one.

I don't want to say that your friend is being dishonest...but I have never seen a bank not willing to finance a $5,000 if you have good credit and the car is worth more than the $5,000.

NattysMommy
by on Feb. 13, 2009 at 1:59 AM

My DH rushed in to the purchase of our current car and didn't listen to me and got seriously duped....now he owes more than it is worth we would end up paying WAY too much unless we found an idiot to buy it for what we owe

Quoting redautumn2:

You might think about selling first car and buying two cheaper cars, rather than getting into more debt. 


 



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NattysMommy
by on Feb. 13, 2009 at 2:06 AM

The car we would be trying to refinance is barely worth 5,000 but we owe a lot on it. The car we want to buy is for sale for 8,000 we were going to put down 3,000 but they ran it through and came back right away and said no, due to it being such a small amount. We tried doing only 1,700 down and that came back for the same reason. They even tried to do 8,000 and it won't go either. I applied for a loan online and it gave me a weird reason for not going through, it made no sense to me. So I don't know they may or may not be telling the truth but from where I am standing it appears she is....I dunno though.

Quoting LuvmySFSGT:

 

Quoting NattysMommy:

That is what our friend at the dealership is say that the banks are saying. They have tried 6 banks as far as I know. Tomorrow we are going to our bank though to see what they say....they have given us small loans before.

What do you mean they won't allow us to refinance with a cash out option? I don't know anything about refinancing, sorry.

Quoting LuvmySFSGT:

 

Quoting NattysMommy:

I want to get a car. We are about 5 thousand dollars short so we figured we'd just borrow that amount. Well every bank so far says no, they will only finance bigger amounts. We don't want a brand new car though.

We have another car financed already and we owe about 12,600 on it. What would happen if we refinanced that car? Would we get the money and would we be able to use it to pay for the other car? Does a refinance look bad on your credit?


I don't know of anyone that will allow you to refinance a car with a "cash out" option.

I also don't know why you are having a hard time finding a loan for $5,000. Typically banks WANT TO finance a lower amount with collateral that is worth more...it is more favorable loan terms and risk for them.

How many banks have you talked to?

Are you sure that is the reason they are denying the loan?

 

When you asked if you could refinance and use the money to pay the $5,000 I assumed you meant could you refinance the car for $17,600 and get $5,000 cash...right?

I don't know of any bank that allows you to do that...in addition to the fact that your car would have to be worth over $17,600 if you could find one.

I don't want to say that your friend is being dishonest...but I have never seen a bank not willing to finance a $5,000 if you have good credit and the car is worth more than the $5,000.


 



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