|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|
Is it better to re-finance a car or to just buy a newer model?
We are thinking about re-financing our car at the end of the year. We have another car payment wrapped up in the loan. We would like for our car payment to be less than it is and I am wondering what would be the best option.
I once faced that decision when my money was really tight. Making the payments lower meant I'd have to pay on it an additional 3 years, when I had only 18 months to go. A friend of mine advised me to bite the bullet and get it over with. I'm glad I took her advice - especially since the car served me well another six years after my last payment!
The only good reason for buying a newer model is if your old car is no longer functioning well.
Just my two cents worth.
Thanks for your 2 cents. Our 2013 Kia Soul is guarenteed to last 10+ yrs.
The car I spoke of lasted me over 9 years. I bought it used; it was a 1995 Toyota Camry. It's the best car I ever had. It had 115,000 miles on it when I bought it; I drove it up to 355,000 miles!
Twice I had to refinance a car and both cars needed new transmissions. In both situations I still owed a lot of money on the cars and would have been in a more difficult financial situation. Doing it this way allowed me to get the maintenance done and give me a lower payment even though it took me longer to pay off. Getting the transmission work done allowed me to drive both cars for a while after the last payment was made. Unless your car needs serious maintenance, it is best to refinance it. Whenever you can financially, still make your original payment and get it paid off sooner. Once you make that final payment, keep paying yourself a car payment. Each month put whatever ypu normally pay on the car payment into your savings account.
I would never refinance a car. I always strive to payoff car loans as soon as possible. If you're a home owner it's probably best to take out a small equity home loan to purchase cars. The rates are lower.
You also get a tax deduction on the interest of a home equity loan.
I also tend to keep my cars for many years if there is nothing consistently wrong with them. I once had a Toyota Celica GT for 18 years. I had a 5 year loan so I went 13 years without a car payment!
Both me and my wife currently drive cars that are over 13 years old. We invest our money in our home and have some rental properties. We also enjoy spending that money on vacations. Priorities vary.
I have friends who have never felt what it was like to NOT have a car payment. They're always buying a new car every 5 years or less. Some even trade in cars they haven't paid off which gets bundled into their new car loan! It's hard to get ahead that way.
Our car we were still paying on was bundled with this 1. Prior to that we dint have a car loan. We have a 2013 Kia Soul. Long story how we had a prior refi on car and not house. I wuld rather no car loan at all.
dashingscorpio - you sound like a very wise money manager!
I too dashing try to pay off a car loan ahead of time. I try to pay an extra $100 a month.
I try to pay everything off early. My husband, he doesn't do that. He pays the exact amount that is due and the day it is due. I hate that!
My hubby got better at that but it took a while to train him. I would say maybe it is a man thing but I know a lot of men who are very responsible when it comes to finances
It would be wiser to buy a newer model, than to refinance an old car. Cars depreciate in value and break down over time. They are the biggest money pits out there. You'll be paying the money anyway, might as well be on a new car.
That all depends on your cars current value and how much you owe. Another important factor is how many more miles you looking to get out of it. Normally customers will refinance because they want a lower payment along with a better Apr , so to answer that question logically you would have to take a look at what you have and what you are looking to accomplish. Getting a new car will only make your payment higher though unless you owe less than the value and trade in. Which is almost never the case.
buy a new model if your car is over 6 years old, mine was 8 years old before i changed to the new model, face lift twice
by Ralph Deeds7 years ago
I just refinanced my home mortgage today--4% for 15 years. Closing costs around $1,900. This is the lowest interest rate in 50 or so years.
by Doug West3 years ago
My goal is to make $400 per month off my Hubs. This will make my car payment. The question is how many Hubs will I need to make $400 per month? Lets do the math. I currently have 28 Hubs that have generated $0.71 so far...
by O2 years ago
To lease or finance a car, what do you think?
by MrSyntheticOil7 years ago
How often should I trade in my car, or vehicle, for a new one?Factors like depreciation, balance on the loan and condition are part of this.
by ngureco7 years ago
Which Option Is Better In B.Com Degree: Accounting, Finance, Human Resource Management, Marketing?or Insurance? Better in terms of getting a job easily as well as getting a well paying job?
by NGRIA Bassett2 years ago
Men generalY clean their cars more than they do the House. Is that really true?
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.