Are you a victim of a high-interest car loan? If so, the following email discussion may be helpful. continue reading:
I was deeply impressed by your article entitled "8-point checklist, evaluating online lenders [http://www.loanresources.org/articles.htm]".
I have tried several sources to refinance my car. I still have $24.04 a month for more than 2 years. I owe a car loan of 4,414.00.
This may not seem like a lot of money, but I hope my car loan interest rate is lower, now APR is 16.4%.
I also want to repay within 24 months, but the price is lower so that I can use the money to help pay off other bills.
In my internet search, a car refinancing loan requires you to borrow more money than I need. I tried to search for unsecured personal loans on your website and they also asked me to borrow more money.
I have a very good credit history and I am working hard to get some of my bills back.
Is there anything I can suggest so that I can get a low-interest car loan of less than $5,000? Any help would be greatly appreciated.
Thank you. Geraldine W.
Sorry, I didn't reply to you earlier. I spent a few weeks with my family…thanks to the praise of the article!
Anyway, I read your email, I do have one or two suggestions, I am happy to share.
Originally a couple's business:
1. First of all, you pay very high interest rates for car loans at an annual rate of up to 16.4%! I will accumulate your statement of your good reputation is accurate. If this is true, then you really need to solve this problem.
2. Since you only need $5,000 and plan to pay off in 2 years or less, I don't think you should look for refinance car loans or refinance at home. In fact, the bank wants to lend you more money, usually at least $25,000. Although refinancing or equity lending in your home does provide tax benefits, we only discuss interest for $5,000 over a two-year period. I have another idea that you may not have considered.
Have you considered it?
Have you considered depositing your car loan balance into a credit card with a lower interest rate?
1. In fact, credit cards are unsecured credit lines with financial institutions.
2. They are the perfect financial tool for $5,000 debt transfer, with greater flexibility, and you should be able to find an average interest rate between 9 and 11%, and better.
3. In addition! Once approved, the bank will usually give you a free balance transfer check [sometimes they will call you directly by phone]…,
And what about GUESS? In most cases, the incentive rate for balance transfers is very low; sometimes it is zero to six months to a year.
5. In addition! You can apply for a reward card to provide incentives for your spending…. Free airline miles, cash back plans, etc. I use American Express Blue and I can get a cash back of 3%. So, for $5,000, 3% cash back, AMEX[TM] paid me $150.
What do you think of those apples? The bank pays you money.
Recommended action plan:
So, Geraldine, I suggest you do this:
1. Go back to our website and browse our recommended credit card offers [http://www.loanresources.org/credit-cards-with-rewards-1.htm]. We have chosen the best offer we think, and there are many offers, so think about the shopping trip! Pay special attention to our "motivation card" link. We have two pages.
2. Apply for a card or card that suits your tastes and needs. There are a lot of great reward cards. Only for your own imagination.
3. Get approved, receive the card and receive the balance transfer check.
4. Repay the loan to 16.4% of the bank!
5. Pay off your credit card loan [with very low rates and rewards] when you are free!
…and enjoy the fact that you just did a good financial move, saved money, made money, and saved yourself the flexibility to manage your debt according to your own schedule…
Hope this helps… let me know how this all works.
We are happy to provide you with this information, and we wish you all the best in your pursuit. Remember to always seek good advice from someone you trust and never deviate from your common sense.
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