Do forgive the couple week absence. Summer has begun, little league, dance recitals and Country Time Lemonade are in full effect. On a personal note, I must mention:
I’m overjoyed with the performance of the youth baseball team (Gas House Gang) I helped coach this season. We were awarded the 5th and 6th grade sportsmanship award in the City of Burbank–in the age of entitlement, it is something to be proud of.
Back to topic.
As an active member in a family of four (active as in typing a lot these days), it’s nice to find ways to shuffle some finances here, to feel a little cushion over there. Feel free to insert your own financials into the categories of here and there.
Refinancing and debt consolidation are a couple of ways to go about moving finances around, getting better deals on interest rates, and ultimately, saving a few bucks per month. Hopefully this will allow you to apply the excess to the debt that you presently owe. As you’ll remember in the Snowballing Debt post, you don’t own your debt, it owns you. It’s like a pet without the love and cuddles.
If you have never refinanced, jockeyed for better financial positioning or contacted a creditor about receiving a better interest rate on some money that is owed, you’re more than likely throwing some money away. Yes, things have gotten tighter from lenders during our latest U.S. financial woe, but if you possess good credit, you should have no problem finding a refinancing option that will work better for your family.
Refinancing Your Ride
Let’s use the basic example of refinancing your automobile with an auto-specific loan. I use this example because I’m pursuing this process at present. I’m paying more than what I feel I should be for my ride. The interest rate is way too high. It’s more than half paid-off, but I’d love to apply some excess fund to a lower payment rate, and thus, pay it off faster. This is beneficial for two reasons: 1. The car is worth more when it is paid off. 2. My wife and I will ultimately pay less for the car. Simple enough.
If you have a current auto loan through your bank, you may have scored the best deal you can find. However, if you’ve made all your payments on time, there’s a good chance you can negotiate for an even better interest rate. You’ll never know unless you ask.
For those like myself who have an auto-loan from an entity such as Toyota Financial, you’re more than likely paying more on the loan than what you could get through a bank or credit union. If you have a good relationship with your financial institution of choice, that’s the door you should knock on first.
Some banks, US Bank for example, offer auto-specific loans for this very purpose. Yes, I’m biased toward US Bank. They’ve always done me right, and if you take a look at their available auto loans…seriously, who will offer a loan for a 7 year old vehicle with less than 100,000 miles? US Bank, that’s who. And you didn’t hear of them mixed up in the economifunk, did ya? Moving right along.
Other Ways to Refinance
Another way to refinance an auto is through a personal line of credit. You can also use such a method for paying off debt–to consolidate it into one lump payment. Just be aware of the interest rate. You’re shooting for a better interest rate, and a lower overall payment. It will equate to paying things off faster. If you’re a two-income family, you’ll probably qualify for enough to really reduce your monthly payments. You’ll need to bust out the calculator and crunch some numbers.
For credit cards, you can transfer balances. Many banks and card companies will offer promotions of zero percent APR for the first 12 months. If you’ve got some money to apply to that debt, such an opportunity will allow you to pay it off faster, or bite a serious chunk out of it. Take advantage of it. Put as many cards as you can on the zero percent, and start dog-piling those payments!
Mortgages…Let’s save that one for its own post. I’m still doing some research. I’m not a home owner; I’ve never played one on TV. I have helped people work through the high and lows of home-ownership, however, so we’ll see what I can come up with.
(Image via: AutoOutlet)
Comments
Daily Link Roundup: Friday, July 2 | PostScholastica
July 2nd, 2010 - 9:23:53 AM
[...] Check out these family budget tips about debt consolidation and auto refinancing. (Wallet Genius) [...]
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July 7th, 2010 - 6:20:35 AM
[...] Beyond the stress, responsibility and chores of raising children, many parents are faced with financial worries about not being able to provide enough, as well as frets about not spending enough time together as [...]
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How to Settle Debt Without a Debt Consolidator | Wallet Genius
October 13th, 2010 - 5:02:45 AM
[...] you sit down to try and figure out the best possible way to satisfy all of your debt, the notion of consolidation seems appealing. After meeting with a debt consolidator and compiling all the information, they [...]
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