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Started By
Message
Should I refinance my SO’s vehicle?
Posted on 12/27/17 at 2:16 pm
Posted on 12/27/17 at 2:16 pm
Bought the wife a vehicle in 2015, paid $31k, $540 per month. I now owe $8k. The kicker is my wife won’t be working for awhile as we are about to have a baby. It’s a loss of roughly $75k out of approx $175k combined. I have a car note myself. Would refinancing be a wise or dumb decision?
7
Posted on 12/27/17 at 2:21 pm to 13SaintTiger
your $100k/yr salary can't afford her car payment for another year-ish? what do the rest of your bills look like?
Posted on 12/27/17 at 2:26 pm to finchmeister08
It could but that’s not really in question. So you think just keeping the same rate/monthly payment is the smarter move? Was just thinking about reallocating funds, that’s all
This post was edited on 12/27/17 at 2:28 pm
Posted on 12/27/17 at 2:33 pm to 13SaintTiger
if you can "tough" it out through at most the first quarter of 2019, i'd keep it the way it is. why drag out debt if you don't have to? will the money saved month to month for baby stuff out weigh the added interest to refinancing?
Posted on 12/27/17 at 3:31 pm to 13SaintTiger
Honestly, I would just pay it off.
Posted on 12/27/17 at 3:39 pm to iknowmorethanyou
quote:
Honestly, I would just pay it off.
that's an even better idea. at $100k/yr, he probably has enough saved he could do that.
Posted on 12/27/17 at 3:41 pm to 13SaintTiger
How long will she be not working? We talking converting to stay at home mom, or just the standard 6-8 weeks?
Posted on 12/27/17 at 3:46 pm to AUjim
quote:
How long will she be not working? We talking converting to stay at home mom, or just the standard 6-8 weeks?
To be determined. First kid, no family lives close by, we are fairly new to the area.
Posted on 12/27/17 at 3:53 pm to 13SaintTiger
Just take on some credit card debt like a real American.
Posted on 12/27/17 at 10:51 pm to 13SaintTiger
quote:Without knowing your true situation, I'd suggest she take about 3 months off then head back to work and send the little one to daycare, and then pay off the $8k from savings and be done with it on the car.
Bought the wife a vehicle in 2015, paid $31k, $540 per month. I now owe $8k. The kicker is my wife won’t be working for awhile as we are about to have a baby. It’s a loss of roughly $75k out of approx $175k combined. I have a car note myself. Would refinancing be a wise or dumb decision?
Also, at a $75k/year job, is she getting paid time off/maternity leave?
Posted on 12/27/17 at 11:50 pm to 13SaintTiger
What’s the current interest rate and what can you re-fi at? I’d imagine a refinance rate isn’t as good as what you got on the new car purchase.
Posted on 12/28/17 at 7:13 am to shel311
Thanks for the advice all!
This post was edited on 12/28/17 at 7:59 am
Posted on 12/28/17 at 7:47 am to 13SaintTiger
quote:
I have a 1.99% rate
You should just keep making the payments then.
Posted on 12/28/17 at 8:48 am to 13SaintTiger
If you want a lower payment there are a few ways to approach this. Deposit secured loan may be a solid option if you are just trying to lower your payments.
Posted on 12/28/17 at 1:37 pm to 13SaintTiger
Without knowing all the details of your finances, if you're thinking about refinancing an $540/monthly car note that only has an $8k balance, then your wife probably needs to get back to work in 2-3 months after the baby is born.
Start looking into daycare providers in the area. Ask co-workers for recommendations since you said you're fairly new to the area.
Start looking into daycare providers in the area. Ask co-workers for recommendations since you said you're fairly new to the area.
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