Finances; arranging the money I need...?

[Science Abuse]

Summary: I want a loan for $9000 @ $200/mo, and i want control over every penny.

Or

$6500 loan at 48 mo for less then $133/mo

 

Position I'm in: Trying to trade a car (benz) for one of greater value.

 

What I'd like to do is get a personal loan for a cash amount, like I did with the Benz. Some would go to buy the car, some would go to repair the car. I get about 9% on my current unsecured loan through BMI ($2300 remaining)

 

I will be trading the benz, and need a loan to cover the remainder of the purchass price AND the $2300 exsisting loan, and have some cash to put into the car right away. Lets round up to $9000. This would likely need to be an unsecured loan.

 

Usecured loans:

-My bank has a $5000 unsecured loan cap, and charges 14%.

-BMI has a cap based on credit score and income (my score is super-elite badass), and will give me 10.9 %. Cap at 36mo though.

 

Vehicle loans:

-My bank offered 8.1%/48 mo

-BMI offers 6.4%/48 mo

 

Problems. The personal loan is capped at 36 months, that's just shy of $300/month which is too high. The vehicle loan must go entirely to the dealer for the value of the car. I.E. I cannot take a chunk to close out my exsisting loan, ($2300). The vehicle loan @6.4/48 would be $212, + my exsisting $130/mo = 342, only $50 more then the unsecured loan.

BMI is going to offer me better intrest rates, but I'll have to see if DCB will allow flexibilty with the check.

 

The dealerships offer was my car+$6500. The same vehicle loan rate @ $6500 = $133/mo. That plus my exsiting $130/mo = $263/mo. Better, but still high. If I can haggle Auto Assets down to $5000, I'd be at $110, $240 collectively.

 

But while down to $240/mo, I'm still $40 0ver my target, and don't get extra cash to "brighten" the jag. Suppose I haggle the dealership to brighten it for me at the $6500+Benz deal. Nice, ok, but I'm still $63/mo over target. AndI'm not even factoring in the extra ~$14/mo they seem to charge over my static percent.

 

Refinancing is actually kind of a fun game, I just need more data and I bet I can get what I need.

[Lustalbert]

Sell a kidney.

[Science Abuse]

Sell a kidney.

Or both!

[AJ]

i've had a dealer sell the car at a higher price and then write me a check for the amount over the real price so i had some cash to pay off a few things. you could ask if they will do that.

[Science Abuse]

Hmm, request fraud, hmmmm

[Guest GMoney]

if your worried about $40 more being to much a month arent you a little over extended? what happens if you have to make a repair or get hurt?

 

or is it just a target? I would be worried about a target if i paying anything over 6%

[Skinner]

i've had a dealer sell the car at a higher price and then write me a check for the amount over the real price so i had some cash to pay off a few things. you could ask if they will do that.

 

 

but you would be taxed for the higher amount. bad idea.

[Mr. Jones]

What do you have your eye on now ?

The 96 benz in their lot ?

[Bam]

What do you have your eye on now ?

The 96 benz in their lot ?

 

 

he said a jag in his first post.

[Bam]

oh and try and do one of those black checks from like capital one or whatever. I just got a new one in the mail, 3.9% fixed for the life of the loan, up to $10,000.

[Science Abuse]

if your worried about $40 more being to much a month arent you a little over extended?

Nope, I'm being picky.

I can make repairs, and If I get hurt, I'll wheel myself tomy dest, rather then walking. I'm insured for that anyways.

 

Capital one has been sending me those things as well, I don't quite trust them. When does the 3% go up to 20%?

[Bam]

Nope, I'm being picky.

I can make repairs, and If I get hurt, I'll wheel myself tomy dest, rather then walking. I'm insured for that anyways.

 

Capital one has been sending me those things as well, I don't quite trust them. When does the 3% go up to 20%?

 

Well I read the fine print and it says as long as the minimum payments are made on time the 3.9% remains until paid in full. Doesn't hurt to call and get the full story though. I considered doing it to pay off my car for the slightly better rate. My car is financed at 6% and I owe about 9k left, but seeing as how I pay extra every month, and it will be paid off early, and I'm lazy, I decided not to, lol.

[SlowZ06]

What do you have your eye on now ?

The 96 benz in their lot ?

 

That car is sold, to the best of my knowledge. It used to belong to a friend of mine. Sold on Ebay two weeks ago.

[Science Abuse]

That car is sold, to the best of my knowledge. It used to belong to a friend of mine. Sold on Ebay two weeks ago.

Good, I wont have to look at it anymore.

[zeitgeist57]

Don't get a 1996 Jag. Bad news. And GMoney is right...if you're worried about $40 a month for up to 48 months, this Jag will definitely put you in a tight spot unless finances improve dramatically in the next 12 months or 12,000 miles.

[Nitrousbird]

If you have a high enough credit limit on a credit card, most will give a cash advance on that card up to the limit at a low fixed rate.

 

My roomate did that buying a car, as it was a FAR better deal then any used auto loan out there.

[Science Abuse]

And GMoney is right...if you're worried about $40 a month for up to 48 months, this Jag will definitely put you in a tight spot unless finances improve dramatically in the next 12 months or 12,000 miles.

I'm not "worried" about it, I just keep a strict budget. Making allowances here and there is a slippery slope, plus this gives me the oportunity to be a hardass in negotiations.

 

I've come up with a plan B: Quid Pro Quo. Basically, you buy my car at an agreed price, and I buy yours at an agreed price. Instead of giving me trade-in value toward cost, they give me trade-in value as a check, which pays off the old loan. Then, I lock in the adjusted purchas price at 6.4%.

 

I like the Jag, but I'll have it checked out by a professional first. They've also got an Audi A4 1.8t worth looking at, but I'm more worried about its reliability then the Jags.

[Linc5.0]

Benz guy...do you live over off of East powell rd? Pretty sure I saw your maroon cougar in the parking lot of an apt complex?

[Science Abuse]

Thats me, you should buy it!

[Linc5.0]

ha.no thanks.

[HotCarl]

I'm not "worried" about it, I just keep a strict budget. Making allowances here and there is a slippery slope, plus this gives me the oportunity to be a hardass in negotiations.

 

I've come up with a plan B: Quid Pro Quo. Basically, you buy my car at an agreed price, and I buy yours at an agreed price. Instead of giving me trade-in value toward cost, they give me trade-in value as a check, which pays off the old loan. Then, I lock in the adjusted purchas price at 6.4%.

 

I like the Jag, but I'll have it checked out by a professional first. They've also got an Audi A4 1.8t worth looking at, but I'm more worried about its reliability then the Jags.

 

Your more worried about an Audi's reliability than a Jag? Was the Audi beat up? I've never heard anything good about Jag reliability regardless of what model year it was.

[turbomark]

Remember, Jaguars reliability was supposed to have gone UP after ford bought them.

[Science Abuse]

I've never heard anything good about Jag reliability regardless of what model year it was.

Me neither, but I'm finding it unsubstantiated. Where are all the Jag-bashing poor reviews at? And yes, the Audi is likely beat.

 

Remember, Jaguars reliability was supposed to have gone UP after ford bought them.

Yes, which was before 1997. I've been digging up all the reviews I can find on these cars, and I haven't been able to find a single gripe about them. Even the common and mass produced XJ6 seems to be getting good reveiws.

If anyone can link me to some TSBs or a host of complaints about the car, it would be greatly appriciated. I just cant find them.

[turbomark]

I think the meaning behind my statement was missed. Jaguar could have been bought out by any company and their reliability would've increased, hell they probably would've produced a better product if their engineering had been taken over by Briggs & Stratton