Refinancing success!

Avatar for jajaadetton
iVillage Member
Registered: 03-29-2003
Refinancing success!
Mon, 06-16-2003 - 11:18pm
I have been plagued by a high interest loan for our car and today I finally made headway in a huge way!

Our loan is upside down and were unable to refinance it using the car as collateral. Well, I refinanced our signiture loan and got a lower rate on it (12.75 to 9%). I am getting money from it and now with the federal giving me $1200, I will turn all that money into my car loan, making it so I can refinance it. Talked to the loan officer today and after I do that I can turn my 10.25% 5 year loan to a flat 5% 3 year loan! I was floored when I realized that I will still be paying less than I am now. Our payments now are for $208 and they will be $184.

I just had to tell I am so excited about it! It can be done if you work hard enough on it.

Have a great night!

Andi D.