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Refinanced my 2008 Tacoma

Discussion in '2nd Gen. Tacomas (2005-2015)' started by A_Ninja_Racer, Apr 23, 2012.

  1. Apr 23, 2012 at 5:29 PM
    #1
    A_Ninja_Racer

    A_Ninja_Racer [OP] Well-Known Member

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    Well Guy's I'm pretty excited. when I bought My Tacoma originally I didn't have the greatest Credit so I needed to have a cosigner. Even though I had a cosigner I still got a pretty crappy interest rate. Well After paying 500.00 a month for a few years I looked into refinancing the truck. This past Saturday I signed the paperwork on my refinance. I of course put a little more money down and now my payments are 187.00 for 3 years. I'm so excited Cause I'm going to get this truck paid off so Fast now. I also Found out My Credit score is pretty much up there so now I'm going to start looking into buying a house.
     
  2. Apr 23, 2012 at 5:43 PM
    #2
    shawnd2

    shawnd2 Well-Known Member

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    It feel great when it's finally paid.
    Since your already used to the $500 payments, you should just keep on making them and have it paid off in 12 months.

    I paid $800 a month on my wife's Civic and paid it off in 3 years, I got used to making the payment, so now I put an extra $800 a month to our mortgage.

    If I didn't I would have somehow spend the $800 a month with nothing to show for it.

    Good luck on buying a house, it seems like alot of money but they usually make you money in the end.
    My last house I bought for $180,000, lived in it for 10 years plus rented the basement as a seperate apartment, made $120,000 in rent and sold it for $360,000.

    Where else can you make that kind of money and have a place to live on top of that.

    Shawn
     
  3. Apr 23, 2012 at 5:47 PM
    #3
    jandrews

    jandrews Carolina Alliance Southwest Region Ambassador

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    Nope. Occasionally, but not usually.

    Now factor in the cost of maintenance materials, maintenance time, property tax, insurance premiums, interest on the mortgage, and what inflation does. Deduct tax savings on interest mortgage.

    Factor in the money you could've made investing the difference between what your mortgage payment was and what you *could've* rented something similar for. Consider that as lost income. Deduct it from profit.

    Your cleared "profit" is a lot lower than you think, if it exists at all.

    By renting and investing. 75 to 100% of the time it's the better option, depending on which economist you believe:

    http://finance.yahoo.com/news/new-american-dream-is-renting-to-get-rich.html

    http://www.thefiscaltimes.com/Articles/2012/01/04/The-New-American-Dream-Rent-Dont-Buy.aspx#page1
     
  4. Apr 23, 2012 at 5:52 PM
    #4
    AlphaEcho2k5

    AlphaEcho2k5 Well-Known Member

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    Congrats, now just fight the urge to either trade it in or get something new and enjoy no payments. If you can swing it drop some $ towards principal every now and then.
     
  5. Apr 23, 2012 at 6:54 PM
    #5
    A_Ninja_Racer

    A_Ninja_Racer [OP] Well-Known Member

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    Well The Refi Was a bit of necessity I lost my Very well Paying Job may of last year and only got a new job this January making significantly less. I'm currently looking for a second Job (Part Time) but until then I can't keep making the $500.00 a month payments but I plan to pay 300.00 for the Time Being. It will still cut down the 3 years and when I find that Part time job I will use that to save up for a Down payment. I don't think I need to worry about trading the truck in. This was the First vehical that I had to make payments on and I didn't like the whole payment thing. I've already bought a used Celica and I've been using that as my daily driver lately anyways that way the truck will last longer.
     
  6. Apr 24, 2012 at 7:58 PM
    #6
    teamfast

    teamfast Get busy living, or get busy dying.

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    What was your old vs new finance rate?
     
  7. Apr 24, 2012 at 9:30 PM
    #7
    penguins_cc

    penguins_cc Well-Known Member

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    Nice work! That is my exact same situation. When I first bought the truck, my score was just OK and I needed a co-signer. When I bought my previous car years ago, I had an 18.9% rate and my credit score was in the 300's, as a point of reference.

    I refinanced 6 months ago at 3.7% with my own credit and that felt sweet. It took a while for my credit score to gain momentum but once it did it increased steadily. I've always been a dumbass about being organized. I make enough money but I would still struggle to keep things on-time. Getting older has helped.

    Congratulations on the refi!
     
  8. Apr 24, 2012 at 9:58 PM
    #8
    SodakTaco

    SodakTaco Well-Known Member

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    Holy crap, I haven't even had a credit card with that bad of a rate! :eek:
     
  9. Apr 25, 2012 at 10:57 AM
    #9
    A_Ninja_Racer

    A_Ninja_Racer [OP] Well-Known Member

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    I don't recall exact what my interest rate was originally but it was in the teens. I was loosing 200 dollars of my 500 per month payment to interest. Now I have a 5.12 interest rate.
     
  10. Apr 25, 2012 at 12:06 PM
    #10
    penguins_cc

    penguins_cc Well-Known Member

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    :eek: That was in the days before I could get anything close to a legit credit card.
     
  11. Apr 25, 2012 at 2:11 PM
    #11
    aficianado

    aficianado Well-Known Member

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    back to bone stock.
    keep paying the same $500 and that truck payment will vanish quick!!
     
  12. Apr 26, 2012 at 11:53 AM
    #12
    teamfast

    teamfast Get busy living, or get busy dying.

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    18.9% crazy! I had to finance the truck over 3 years to get the 1.9% worth it in my opinion.
     
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