How does it work?

well i posted about my tranny in my 99 ranger. and its official, its shot. no good. i still owe 6100 on the loan and it is worth more than that according to kelly blue book. they say that the trade in on it is 6800 in good shape. which other than the tranny the truck is in amazing shape you wouldnt believe it. not a bit of rust, literally only 2 scratches on the whole truck. so since i dont have the money for the tranny i was thinking about getting a loan for it. (i do technically have the money) but i thought this would be a good way to help along with my credit. my dad suggested that i refinance the truck with the loan added on it. i only want 1,000 dollar loan. how do i go about refinancing something? and what does it do for me?

thanks

wyatt

I don’t know that a bank will loan you $6100 to payoff balance + $1000 for repairs, for a truck that is worth $6800 ???? Maybe a small town bank would, but on paper, it looks like if you would default (alot of this going on right now) they would stand to lose $300. I don’t know alot about used car values, but when I tell the used car manager at work, that the book says something is worth X amount of dollars, he always tells me to scroll down the page and hit the “SOLD” button… There isn’t one…. Good luck with whatever you decide.

big G

The way to go is to get a loan with the smallest interest. Refi on a car I don’t know. See if a personal loan would be cheaper. Just my 2 cents Good luck.

i see what your saying. makes sense to me. i guess i better figure it out soon, fishing season is close. i need to pull the boat somehow

Check in with Mr. Bob Bowman.

He’s out tangling with a muskie or Dan Larson about now..but shoot him a pm. He won’t steer you wrong.

…unless your fishing skies on his spot.

When I got my car used, they asked if I wantded an extra 25% of the value for anything of my choice. That is added on top of your loan. So that might be an option for you.

I had that happen with my pickup and when I tried that route to refinance to get a new tranny added it wouldn’t work, it isn’t adding value to the already old used vehicle on paper, so it was a no go and I didn’t have the greatest credit then either, not that I do now. Good luck and hopefully you can find a way to get it to work

Quote:

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Check in with Mr. Bob Bowman.

He’s out tangling with a muskie or Dan Larson about now..but shoot him a pm. He won’t steer you wrong.

…unless your fishing skies on his spot.

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I wish I was out tangling with fish Just trying to locate my desk in the new digs here. Things have been very busy, sorry it took me a little while to get at this post.

PM sent

FYI- Unsecured money is not really the way to go on somehing like this, unless its the only way. The rate is going to be up there on unsecured money. 105%-110% of the book value is very common place on auto loans, heck, no money down and wrap the 6.5% sales tax on a new or used and your above the book value right from the get go. GAP protection is something I would suggest on anyone’s purchase new or used.