The Expert Podcast

If you have very high car payments and you're looking to maybe lower them, now might be the time to do a refinance of your car loan. Many times people when they buy a car think that 7 8 900 $1,200 per month is going to be doable, but a year or two later, you might find that those payments are not affordable. And many times those payments have been jacked up because the dealer added on thousands of dollars worth of add-ons to your loan. By taking your existing loan, cancelling those add-ons, and we'll tell you how to do that, um you can reduce your principal, do a refinance at a lower rate, and reduce your payment.

Now might be a time because according to auto finance news, interest rates have dropped 26 basis points. So, whatever your loan payment is, if you reduce your principal, you reduce your interest rate. Plus, you could probably bump out the term a little bit. Even if you had a 5-year loan and you're two years into it, you essentially have a three-year loan left. If you refinance it maybe into you will be back in your video in just a few seconds.

In the meantime, remember that actualhum.com offers you live one-on-one private video consultation with an expert in this exact subject. We want to listen to your story. We want to hear your questions. We want to give you expert advisement of your options and tell you what we know about your particular situation. Now, back to your video.

A 4-year loan. Now, you're starting the clock over. It's going to be a little longer on payments, but if you need to drop your payment down from, let's say, 1,100 down to 600, this might be a way to go depending upon how much you can chop off of your principal and how much you can reduce your rate.

Our website, Car Short Sale, will tell you how to reduce your principal by taking these add-ons off your loan. The last one we looked at, the dealer had added $12,000 of add-ons onto the loan of this person. many of them weren't even needed and we were able to reduce it by thousands of dollars of their principal. So, it'll give you the instructions. You could do this all yourself. Uh, every loan has cancellation policies for these add-ons that you can take advantage of.

So, the order of operations is reduce the principal by cancing the add-ons, refinance so you have a lower interest rate, and then look at maybe doing a short sale. Maybe you need to sell it. Maybe you can get a resale buyer so you can get out of that loan altogether. But in the meantime, you have lower payments and you're not stressing your budget because your car payment is a,000 bucks a month anymore.

Thank you for watching another episode of Actual Human Advisory on Describe TV. Remember, we have live one-on-one consultation appointments available at actualhum.com where you can book a one-on-one undivided attention live call with a licensed investigator, a licensed insurance broker, a licensed mortgage broker, real estate broker. Uh I'm also a certified real estate title examiner, a certified civil court mediator. along with having developed and started over 15 businesses, several of which were sold for millions of dollars. So, if you do have questions in any of those categories, you can arrange a one-on-one live video consultation. Use the link below.