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re: Need advice. I have messed up. What should be my next move?
Posted on 7/6/18 at 2:07 pm to Golfer
Posted on 7/6/18 at 2:07 pm to Golfer
Even though I have already given the down payment check to the dealership and signed all of the papers to purchase the truck, I can still refinance with a bank/credit union? That down payment money is no longer in my account.
4
Posted on 7/6/18 at 2:15 pm to TheCanadianAmerican
quote:Assuming you paid an appropriate price for the vehicle, that money is in the vehicle as equity and should give a credit union plenty of collateral to loan you the balance owed. Assuming you can verify income.
That down payment money is no longer in my account.
Posted on 7/6/18 at 2:15 pm to TheCanadianAmerican
quote:
That down payment money is no longer in my account.
But the equity is in the deal. You'll need to get a payoff quote from whoever the lien holder is. That is the amount you will borrow on the new loan. That should be under 50% of the book value of the truck. That is what the new bank/credit union is going to loan off of.
Posted on 7/6/18 at 2:18 pm to TheCanadianAmerican
How old are you?
How do you have $17,000 to put down and 0 credit?
Did you not stop and think, 18% that seems a bit high?
How do you have $17,000 to put down and 0 credit?
Did you not stop and think, 18% that seems a bit high?
Posted on 7/6/18 at 2:37 pm to TheCanadianAmerican
quote:
Even though I have already given the down payment check to the dealership and signed all of the papers to purchase the truck, I can still refinance with a bank/credit union? That down payment money is no longer in my account.
You're refinancing the $8500 loan on an item that's "worth" $25,000.
If you're in BR, call any of the "big" credit unions: Neighbors, Campus Federal, Dow, Eagle, etc. this afternoon and ask them about refinancing an auto loan with them.
Tell them you have an $8500 loan on a vehicle that's worth $25,000 and you make $X/year. They'll be able to approve you in minutes.
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