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interest rates

raingirl
August 20th, 2005, 05:23 PM
When you guys say interest rates like 3% or 5%, do you mean total or above prime?

We found a car, but the financing we are getting is a little to high (bank was 8.75% and dealer was 6.9%) and I can't afford the payments they are giving us.

Prin
August 20th, 2005, 07:36 PM
The interest rates you were given are pretty standard for a personal loan. What my man did was take out a line of credit (don't need to tell them you are using it for a car). The rates are usually less and you have to pay a percentage of the total debt every month- his was 3%. The interest rate was 2-3% lower than a personal loan.

raingirl
August 20th, 2005, 07:39 PM
We tried that but the bank wouldn't approve me because I already have a line of credit. I was actually thinking of using it for part of it, and getting a smaller loan, but the bank advised against it for some reason. They wanted to consolodate everything.

Prin
August 20th, 2005, 07:41 PM
Are you sure you can afford a car? I mean if your debt load is above the 30%, you might want to just get a beater for now, till the money is better. JMO

raingirl
August 20th, 2005, 08:51 PM
get a beater? What do you mean?

Prin
August 20th, 2005, 08:59 PM
Get a car that costs like $500 and $50 a year in insurance and run it till it dies...

raingirl
August 20th, 2005, 09:14 PM
that's an idea, but part of my job requires me to have a "reliable car" because I am kinda on call, where I may need to go out on a job at a moments notice, and it would be REALLY BAD (i.e. get fired) if I had to do something and couldn't because my car died.

This is my DREAM JOB so I am willing to do anything for it.

(on a side note, I was checking out new apartments to see about moving to a cheaper place, and found out what we got now is a pretty good deal. Oh well. What really needs to happen is BF needs to get a new job making money similar to what I'm making. He makes about 1/3 of what I make, and it really sucks because I pay 2/3 of everything. If I push him too much, he just closes up, so all I can do is gently suggest job postings etc. Do you think it would be evil if I sent his resume in somewhere without him knowing, and told him after I did it?)

Prin
August 20th, 2005, 09:16 PM
I do that all the time. I say I saw it, I thought you'd be perfect for it and you weren't home... I just follow up with a "Look, you only have to decide something if they call you." :)

Sometimes men need a little push.

Rick C
August 20th, 2005, 09:17 PM
If you get an extra year tacked on, the payment per month should decrease . . . . although the total amount in the end will be more.

Or find a cheaper car.

Rick C
www.goldentales.ca

raingirl
August 20th, 2005, 09:29 PM
I tried doing that. the bank would only do 5 years max. I was hoping for 7 or 10. I don't mind if it's longer, as I just need cheaper payments right now and can pay more in about a year or so most likely. I always pay off more than what is due for all my student loans and such.

Prin, I think I will do that. I saw a job posting needing a graphic designer for the store "Aren't we Naughty" (it's a higher class adult store). Here's the posting. I wonder if he would be mad if I applied there for him. http://search1.workopolis.com/jobshome/db/work.job_posting?pi_job_id=7648986&pi_search_id=484533881&pi_sort=POST_DATE&pi_curjob=4&pi_maxjob=9

Prin
August 20th, 2005, 09:38 PM
LOL my man would think I was such a cool girlfriend if I let him work there!!!!:D

raingirl
August 21st, 2005, 09:51 AM
Well, their graphics and website definately need some updating.

debanneball
August 22nd, 2005, 07:26 AM
Don't the new car dealers offer zero percent financing soon,
the 2006's are coming out close to September and they have
to get rid of the 2005's.