Need advice re: car payment with high interest rate**UPDATE on page 3** - Page 2 - TigerDroppings.com

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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4711 posts
 Online 

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

You guys are trusting souls, no way I would do that with someone who has questionable money management skills at best and not even married. Hey, woman, what is this $14k charge on my CC???


He doesn't have to give her a card. This would help boost her credit score, though.






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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5074 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


I've heard that being an authorized user doesn't boost ones credit.







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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6320 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


Buy the car from her and put it your name until married. Then give her the car as a wedding gift.





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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29991 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

financed thru Sandantar


I'm guessing you mean Santander, the ginormous Spanish bank.

quote:

It's not like she went and joy shopped to get in debt.


She should not have bought a car at 22% interest. A used moped would have been better. Even better than that would have been public transportation. Yes, I'm serious.

She doesn't know how to handle money, that's for sure.






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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4711 posts
 Online 

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

I've heard that being an authorized user doesn't boost ones credit.


Not true. Do some research online and see exactly what it does. It will boost her score if you let her piggyback on an old positive account.






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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5074 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

She doesn't know how to handle money, that's for sure.








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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29991 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


Seriously? Why did she finance a car at 22% then? When you're paying a rate like that you need to look into the least expensive options possible.





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saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
21116 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


Should have definitely bought something cheap for less than 5k.





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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5074 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


guys, I realize the "wrong" she did with the situation. you cant rewind and do things differently.

I was asking for options on how to get a lower rate. I appreciate all the input. truth is, it was her first time going thru the car buying process alone.

I will definitely try some of yalls ideas.






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Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
7248 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

Buy the car from her and put it your name until married. Then give her the car as a wedding gift.


I like this idea. But only if you've got a wedding date picked out and planning the wedding, etc. If you're planning on getting married >1 year from now with no date, I'd skip it.

Is her parents paying for the wedding? I'd be wary of putting your cc in her name if you are footing the bill for some of the wedding.






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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5074 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


getting married in early 2014. im helping pay for some of the wedding, as well as both sets of parents.

I told her I want her to just focus on paying off debt (medical bills which is the cause of bad credit that resulted in the high interest rate) and let me handle any wedding expenses we, as a couple, need to put up.

id much rather go into marriage debt free than having a luxurious wedding and still having to pay off debt as newlyweds.

so, I guess the CC option is doable






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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5074 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


also, I talked to sandantar and found out its actually a 17% interest rate. still high, but not the 22% I originally said.





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Walkertiger
Oregon Fan
Asst. to the Regional Admin
Member since Nov 2007
2278 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


22%.. Geez. She might be better off renting, ha.





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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5074 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

22%.. Geez. She might be better off renting, ha


quote:

I talked to sandantar and found out its actually a 17% interest rate. still high, but not the 22% I originally said






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29991 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

I talked to sandantar and found out its actually a 17% interest rate


I give up. You don't have the name of the bank or the interest rate. Both are kinda important.






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bubbz
Baylor Fan
Team Boxtard
Member since Mar 2006
17988 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


King refinance the car with both of yall on it. With you on the vehicle and your good credit, you could get the rate reduced down to below 5%. This will help her with the interest rate and still look good on her credit report.

Also her being an authorized user on a card could also help her credit a bit. If she has some chargeoffs, she needs to pay off the creditors.






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Ace Midnight
LSU Fan
Ball, LA - Home, Sweet Home
Member since Dec 2006
29999 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

My question: if I was able to co-sign


Do not do this under any circumstances.

quote:

Are there any other options?


Pay off the freakin' loan or sell the freakin' car and take the loss.

quote:

I've also thought about putting the car in my name to bring the rate way down.


Yeah, if your bank will finance it as a private sale, you can buy the car from her - then let her continue driving it.

However, rather than throw good money behind bad, I would take the loss - did she do something stupid like finance for 60+ months?






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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4593 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


:prayerssent:





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nola tiger lsu
SMU Fan
Member since Nov 2007
2581 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

guys, I realize the "wrong" she did with the situation. you cant rewind and do things differently.


No person on the OT ever does anything wrong.

Seriously though, this is not a big deal, you have options, some were given to you, ignore the trolls.






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lsu711
LSU Fan
Member since Sep 2003
5661 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

My question: if I was able to co-sign (I have very good credit), how much could that potentially drop the interest rate?


I did this last week on a new car purchase and we got 1.89% for 72 mos through Capital One.






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