Some Finacial advice

StradaRedlands · 09-23-2024, 08:08 PM

Quote:

Originally Posted by BMW Guy

I got the approval terms for my Refi request from Space Coast Credit Union. I might try and get them to lower the rate even more but for now, here's what they offered: 245 a month for 48 months with gap insurance which I will decline so more like 230 and 220 which is great considering my current loan is 495 a month with a term of 60 months. And guess what? My APR is going to be around 12%! I know this is still high but compared to my old rate of 27%, I'll take this any day. I am now just waiting to hear back from them now. So glad I decided to go back and try to apply again at this place. Thank you guys for the inspiration to not give up trying!

That is going to give you some peace of mind... now you can start saving for maintenance & repair costs!!! Try to keep on track to pay off quickly though... will be nice to not having that hanging over you!

lookalikehuuh · 09-23-2024, 08:57 PM

I would actually continue to pay the ~$500 a month if you can, that way you will be able to have the car paid off in less than half the time. Not only that but you will save a bundle on interest since the excess will go directly to the principle.

BMW Guy · 09-23-2024, 11:17 PM

Quote:

Originally Posted by lookalikehuuh

I would actually continue to pay the ~$500 a month if you can, that way you will be able to have the car paid off in less than half the time. Not only that but you will save a bundle on interest since the excess will go directly to the principle.

Still planning on paying it down as fast as I can. My balance will be around 5k in a few weeks thanks to my college refund, so I will still be paying the car off by around February of next year.

BMW Guy · 09-24-2024, 05:54 PM

Just signed about an hour ago. My payment is 203 and the interest rate is 12%. I can make principal-only payments with this bank which is something my other account didn't allow. Thank you guys for all the help and if all goes as planned, I'll be the legal owner of my car in January!

Efthreeoh · 09-25-2024, 07:12 PM

Quote:

Originally Posted by BMW Guy

Just signed about an hour ago. My payment is 203 and the interest rate is 12%. I can make principal-only payments with this bank which is something my other account didn't allow. Thank you guys for all the help and if all goes as planned, I'll be the legal owner of my car in January!

You are the legal owner now...

BMW Guy · 09-25-2024, 10:53 PM

Quote:

Originally Posted by Efthreeoh

You are the legal owner now...

I mean the outright owner. The bank has the title.

Efthreeoh · 09-26-2024, 05:47 AM

Quote:

Originally Posted by BMW Guy

I mean the outright owner. The bank has the title.

I did too. You are legally the outright owner. The bank has a Lien title.

BMW Guy · 09-26-2024, 07:27 AM

Quote:

Originally Posted by Efthreeoh

I did too. You are legally the outright owner. The bank has a Lien title.

Oh, didn't know it was called that. I'll at least have the title in January.

Fredo · 09-26-2024, 04:39 PM

Quote:

Originally Posted by BMW Guy

Just signed about an hour ago. My payment is 203 and the interest rate is 12%. I can make principal-only payments with this bank which is something my other account didn't allow. Thank you guys for all the help and if all goes as planned, I'll be the legal owner of my car in January!

Congrats, man! Well done.

lordnikon · 09-27-2024, 01:35 PM

Is that an individual colour?

BMW Guy · 09-27-2024, 06:51 PM

Quote:

Originally Posted by lordnikon

Is that an individual colour?

It is the platinum-bronze metallic color.

BMW Guy · 10-27-2024, 05:54 PM

Update guys! I've been with my new bank for 1 month and my balance is now $5599 with my next payment being due on March 2025!

StradaRedlands · 10-27-2024, 05:58 PM

Almost there!!!

09-23-2024, 08:57 PM	#24
lookalikehuuh Lieutenant Colonel 999 Rep 1,518 Posts Drives: 2006 330i, 2007 335i Join Date: Sep 2014 Location: San Diego, CA iTrader: (0)	I would actually continue to pay the ~$500 a month if you can, that way you will be able to have the car paid off in less than half the time. Not only that but you will save a bundle on interest since the excess will go directly to the principle.
	Appreciate 2 StradaRedlands6471.50 BMW Guy119.50 Quote

09-24-2024, 05:54 PM	#26
BMW Guy Private First Class 120 Rep 100 Posts Drives: BMW 335i 2011 Join Date: Dec 2023 Location: Florida iTrader: (0)	Just signed about an hour ago. My payment is 203 and the interest rate is 12%. I can make principal-only payments with this bank which is something my other account didn't allow. Thank you guys for all the help and if all goes as planned, I'll be the legal owner of my car in January! __________________ VRSF DP, VRSF CP, VRSF turbo outlet, VRSF 5' IC MHD Stage 2+.
	Appreciate 3 StradaRedlands6471.50 lookalikehuuh998.50 3PedalJake3377.00 Quote

09-27-2024, 01:35 PM	#32
lordnikon Captain 524 Rep 620 Posts Drives: Break My Wallet Join Date: Feb 2023 Location: Ontario iTrader: (0) Garage List 2011 BMW 328i xDrive [0.00]	Is that an individual colour?
	Appreciate 0 Quote

10-27-2024, 05:54 PM	#34
BMW Guy Private First Class 120 Rep 100 Posts Drives: BMW 335i 2011 Join Date: Dec 2023 Location: Florida iTrader: (0)	Update guys! I've been with my new bank for 1 month and my balance is now $5599 with my next payment being due on March 2025! __________________ VRSF DP, VRSF CP, VRSF turbo outlet, VRSF 5' IC MHD Stage 2+.
	Appreciate 3 StradaRedlands6471.50 eljay1795.00 3PedalJake3377.00 Quote

10-27-2024, 05:58 PM	#35
StradaRedlands Brigadier General 6472 Rep 3,868 Posts Drives: 2006 BMW 330i MT Join Date: Dec 2021 Location: SoCal iTrader: (3) Garage List 2006 BMW 330i [8.45] 2009 BMW 328i Touri ... [8.00] 2013 BMW X5 35i [7.80] 2011 BMW 528i [8.70] 2006 Mazda3 [5.50]	Almost there!!!
	Appreciate 1 BMW Guy119.50 Quote