How to lessen car payment on my evo? Need to save some cash.

[050ggEVOixSE]

Hey guys,
I need help, any advise on how to save some dollars on a monthly on my evo? I’ve been paying my car over 2 years now with the amount of $700. My insurance at allstate is $200. :'(

Thanks.. :mitsu:

[ASIXMRSE]

you could try and Refi the car to get a lower payment. obviously it extends the life of the loan, but your monthly would go down. if you talk to your financing bank about it, they may be able to give you a few options on what you can do.

That would be the best place for you to start

GL O0

[alan678]

Yeah....refinancing is the only way to lower the payment, but it also extends the loan term, unless you provide some kind of down payment to lessen the total due...also, try to refinance for a lower interest rate...that will also help lower the payment even if its for the same loan term...

I just recently refinanced my auto loan so that i can lower my car payment....and to have some money to play with :)

[ASIXMRSE]

Like Alan needs more money to play with on his beast! :D

[050ggEVOixSE]

Yeah....refinancing is the only way to lower the payment, but it also extends the loan term, unless you provide some kind of down payment to lessen the total due...also, try to refinance for a lower interest rate...that will also help lower the payment even if its for the same loan term...

I just recently refinanced my auto loan so that i can lower my car payment....and to have some money to play with :)


How much money you save out of it monthly(car only)?

[alan678]

Like Alan needs more money to play with on his beast! :D


Haha....welll I got pistons, rods and bearing for my block :D Time to run some C-16 and crank the boost to the moon!





Yeah....refinancing is the only way to lower the payment, but it also extends the loan term, unless you provide some kind of down payment to lessen the total due...also, try to refinance for a lower interest rate...that will also help lower the payment even if its for the same loan term...

I just recently refinanced my auto loan so that i can lower my car payment....and to have some money to play with :)


How much money you save out of it monthly(car only)?


I went from paying $608 to $482 a month....but it also added a year to my auto loan term....

Try shopping for cheaper insurance too.....I went to Geico and for my Evo (Full coverage) and my integra....I pay $122 a month...this is no accidents, no tickets and a 10 year driving record....

[ASIXMRSE]

^^ good shit alan!!


And you pay 122... but remember, you probably get a little discount for multi car or whatever. either way.... goin from 600 to 482 is awesome!!


To the OP, go check with your bank asap! usually too, your bank will defer a month payment for you when you refi your loan.... which means a month without having to pay that $700 car payment.... good time to pick up parts or catchup bills. O0

[06ssdevo9]

Wow. I should do same thing. How early can you refinance? I got my car last year. So I've paying this year. Too soon to refinance?

[ASIXMRSE]

Not really sure.... these are all kinds of things you need to ask them about.

They will let you know if its too soon, or if refinancing will even be worth it to you at this point. They might suggest you build some more credit, then refi in 6 months to a year to get a lower interest rate.

either way, you're better off giving them a call to get the process started and your questions answered.

[06ssdevo9]

I'll just go to my bank in person and ask. If they deny me or give me shit. I'll slap them.

[alan678]

^^^ :2funny:

BTW, when you refinance with a different bank....I believe it shows up as a paid loan in your credit report, at least it has on my credit report....paid loans = better rating...

Also, many banks now a days doing approvals on the spot with online loan applications....I did mine through USAA and got a response in like 1-2 mins after sending the app in...

[ASIXMRSE]

^^ Werd. Thats what i did too....


and yes it works. I used to have an R1.... i refied it through another bank, so it showed up with my original bank as a paid loan.... then a few months later, my bike was stolen so my insurance paid my new bank's loan off. YEE!!! hahah

[06ssdevo9]

Hmm. Well my loan is through capital one. So in a way it is a different company? When I went in with my bro (same bank as me) to try to get his car refinance. They estimated that it would be half of what he pays. If approved. I was like hot damn.

[ASIXMRSE]

yea.... but thats gonna extend the life of your loan too so just keep that in mind. but i mean if you never plan to get rid of the evo, then it wont matter to much :D

[ASIXMRSE]

but yea half off a payment.. thats Boss!!

[06ssdevo9]

I'll keep my evo until its an antique. Yah digg? :coolsmiley:

And yeah. I was like I should do that. Half off? I'd be ballin like Alain ^-^

[alan678]

Haha....far from balling...lol!

And I will be buried in my Evo....one way or another :)

[06ssdevo9]

I compare your sig to my sig.

:-\

[ASIXMRSE]

Hell yea I digg that Â*haha

i mean if thats the case, then shooo.... go for it.