thinking about refinancing

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Dec 5, 2004 | 02:48 PM

BuiltToughF250

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From: inver grove heights MN

thinking about refinancing

im thinking about refinancing my loans, getting 3 loans rolled into one loan.
i forget the word they use for that-

so i get a card in the mail, from Farragut Financial, might be too good to be true, you get $100 back right away and no payment for 90 days, and interest as low as 3.99 percent. the company is from texas. sounds way to good to be true...

so heres my 3 loans i have-

the truck- $633 per month, high interest-11%
i took this high loan rate just to ensure i got the truck through Ford, then my bank wouldnt let me refinance at a lower rate

loan 2- stump grinder- for my business- $170 per month, @ 6 percent interest

loan 3- my four wheeler- $119 per month, @ 6 percent interest.

so does anyone have any experience with this company, or with refinancing numerous loans into one payment???

the interest i pay on my truck is a write off for my taxes so it doesnt bother me to pay 11 percent, but id obviously like to lower my overall monthly payments.

any advice ?? im not very good with paperwork, or dealing with banks...

Dec 5, 2004 | 03:37 PM

Mil1ion

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Amalgamating ?

Dec 5, 2004 | 03:47 PM

8996EBBroncos

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From: Eastern, NC

Do you own a home?

If you do, you could get a equity line of credit to pay everything off. That is of course if you have equity in your home.

Dec 5, 2004 | 05:50 PM

BuiltToughF250

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From: inver grove heights MN

the word i was looking for was "consolidate"

the Farrugate bank flyer that i had has "not available for 1-ton vehicles" written in small print so i didnt notice it until now.

i dont own a house yet so i cant use home equity.

Dec 5, 2004 | 06:29 PM

WhëëlMå1

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From: MA

Do you have any credit unions local to you? I just refinanced my truck with a local credit union, and they were 2% lower than all the other area banks. The note had been with Ford Motor Credit (7.5%...got a decent rebate going with them), and the new rate is 4%. I am saving $100 a month. They seemed to have very competitive rates across the board. It might be something to look into.

Dec 5, 2004 | 06:38 PM

BuiltToughF250

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From: inver grove heights MN

Wheel- i do my banking through a credit union, and i wouldnt have had any problem getting the loan through them after originally financing with Ford, BUT, just after i got my truck a different woman started as the loan officer, and shes a ....... and wouldnt let me refinance. i own a small business which ive only been doing for 2 years, even though my credit is @ 650-700 points, she shot down the loan. the lady who had the position before her wouldnt have hesitated to give me the loan...

i use to pay 4.5 percent, now its 11% for the truck, but as i said it all a write off as business expenses.

Dec 5, 2004 | 06:42 PM

Rocky J

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From: Florida

No one here can help with your credit rating, but if you have decent credit you might check out Capital One. I had some hard times about 4-5 years ago but I've had clean credit since. All my old credit companies cut me off and/or jacked my rates to 22% or more and none were interested in dealing with me again. Companies like Citicorp jacked my rates based on late payments to OTHER COMPANIES, even though I was never late on a Citicorp payment.

Then Cap 1 gave me a credit card with no annual fee and decent rates. In a little over a year I have 3 Cap 1 credit cards (highest rate is 12%) and a used vehicle loan for $19K at 5.29%. I could have gotten a half percent lower rate if I wanted to allow them automatic payment withdrawal from my checking account, but i'm not quite ready to give out free access to my bank account. I'll decide when the payment is made (and how much), thank you very much.

edit- BTW, I paid off all those old debts and was finally debt free in Sept.04. But I spotted this Lariat in October and couldn't stand being debt free any longer.

Last edited by Rocky J; Dec 5, 2004 at 06:48 PM.