I called the bank, they said with my credit rating I could refinance the truck and pay off all my small time debts (everything into one payment) and get 8.8% rate.

my truck is 9.9% atm and then everything else I owe on.

 

No, but two or three checks work great! I only carry a credit card for emergencies or when I travel. I pay it off when I get the bill.

 

That's pretty damn sweet, especially dropping that 22% interest CC and being able to keep your truck. You must have good credit and it's a good thing you've taken action before it got messed up. There are a lot of people out there that can't get loans like that now I'm sure. I don't think banks are lending as much (which in some cases is a good thing) due to all the people out there defaulting on their loans. Looks like you'll be on the up and up now.

 

Thats a really good rate considering the situation you are in (my first auto loan was at 9%). Depending on what it would make your monthly payments, this would definitely be the best choice.

Only things to consider: If you still plan to get rid of your truck in the near future, this wouldn't be a good choice as it would take more money to clear the title. However, if you get reasonable payments and decide to keep the truck, you could pay the truck off sooner than scheduled (Principle only payments).

I suggest keeping the truck and refinancing - it appears it will save the most money in the long run.

 

Well I figure I can take out enough to roll my truck and bank loan into one payment, then pay off my credit card and paypal.
Then I can wait on my taxes and use that to pay off the only other major debt ($600)and the two other minors ($300 total) and be under what I am paying monthly now.


From what I understood over the phone, I can go from my truck payment of $300 a month and bank loan of $100 a month into just one loan for $268 monthly.

I can cancel the cc and paypal account. pay off everything else with my taxes and have one single auto pay loan from my bank account.

BUT, I loose the two years I been paying on my truck and my year on my small bank loan.

However, I get a better rate and one smaller payment. I can go from paying $500 a month to $268. Then just add in my gas and cell bill and I can pay all that in one check a month. then I can split the other check to paying extra payments and savings account.

 

Are you sure you're not being talked into some kind of debt consolidation loan where they offer your creditors a reduced pay-off (in lieu of not being paid at all) and then tie all these various pay-offs into one loan where you make your payments directly to the consolidator?

If it's anythig like this, run the other way and talk to someone you know who is reasonably good with money for some advice. Lots of these debt consolidation loans are sold to people as a "good deal" when all they really do is destroy your credit rating -- especially if you don't address the underlying problem that caused you to overspend in the first place!

Good luck to you as you try to get your sh*t together......

 

its the same bank where I do all my banking. but not the one my truck loan is with.

I know what you are talking about though, and after I sat down and looked at it, I found a way to cut my self a extra $120 a month.

I didn;t figure a bank would be too bad to use as a place to get all my payments into one place.

if it goes as I plan, I will owe one bank one payment each month, the bank I have my account at.
I can knock the following out.

$300 truck payment.
$100 personal loan.
$100 monthly for CC and paypal credit.
and my Tv and other small loan, thats where I figured I can save a extra $120 a month.

Into just one bank payment, I may try to go 6 years and get the payment down to $250, if I can do that I can pay it, my gas (half a month) and my insurance on my truck in one check.
The other check I can pay my cell and the rest of the gas for the month.
That leaves me about $350 extra each month, I can put that into a saving account.

When I get my taxes I can put them in the savings account. This gives me a pretty good bank roll t fall back on if I have to and its easier to manage.

Im not a fool, I know the bank is gonna take a fair cut in fees but it allows me to keep my truck and get my debt under control so I can start knocking it out.

 

If you want to keep your credit rating up, don't cancel the cc after you pay it off.

 

Too tempting to use it, ill consider it. I am sitting around 674 right now. I was as high as 702 once.

Thats how I got where I am now, by not tossing it when I should have.
I need to buckle down and get this rolling and get my life on track.

 

Cut it up or freeze it in a jar of water so you won't use it, just don't cancel it, is what he is saying.

 

oh, I see what you two mean now.

 

Whenever you carry a CC your credit is "dinged" for the entire amount of the card whether you use it or not. If you cancel the card, it increases your exposure to debt across the remainder of your credit, therefore "dinging" your credit again for the amount of the card canceled. I'm sure that's an oversimplification, and some of the more astute financial minds on here can explain it in more detail. It always seemed stupid to me, but then again, half the banking industry seems stupid to me.

 

Man, from the tone of this thread, I thought that you had to shoot your dog or even worse, get married. Hehehehehe

It's just a truck, and I like you whether you own one or not.

I gotta admit tho, I'm easily impressed and dumber than a pet rock.

 

no, save for stuff. do you really need a 60" tv? If you want a big tv, save your money for it, putting that on a credit card is just stupid.

 

Sometimes just saving ain't enough, you actually have to plan ahead....

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