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Go Hokies!
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Discussion Starter #1
i'm a poor college kid and 250 a month for my truck is a little rough, i have no spending money to buy myself stuff, or better yet, buy my taco stuff. anyone done this or know anything about it or have opinions? anything at all?


...or if anyone has 10 grand laying around to spot me to pay off the rest of my truck off, i'd be open to that too:naughty:

no but seriously, refinance opinions, pointers, words of wisdom, etc.
 

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06 TRD Sport 4x4
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1,459 Posts
What is your current interest rate and original term of your loan. How many months have you already paid? There are many different factors in determining if you should refinance. If you have financed your truck longer than a year or two than chances are refinancing may not be the best option. Only way to possibly lower your payment is to extend your term.
 

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Your going to have to give us some more details. To get a payment of $250 you either had to put down a good chunck of change as a deposit or financed it for 6-7 yrs, or both. If you financed in 2005, you probably got a better interest rate than what new car rates are now. Any refi loan you get now would also be a used car rate, which are higher than new car rates.

Here is a link to capital one. It shows you the current interest rates on refi.....7.45%:eek: If you look about 1/2 way down the page right below the rates, you'll see a link to "Calculate" You can plug in you balance, interest rate and length of contract to see what your payment will be. http://www.capitalone.com/autoloans/refinance/index.php?linkid=WWW_1106_AUTO_06_HOME_C1_04_T_ALRF
 

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If you sold it for 21000 you could take the extra 11000 and buy a nice used one with no payment until you get out of college.
 

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timtsb said:
i'm a poor college kid and 250 a month for my truck is a little rough, i have no spending money to buy myself stuff, or better yet, buy my taco stuff. anyone done this or know anything about it or have opinions? anything at all?


...or if anyone has 10 grand laying around to spot me to pay off the rest of my truck off, i'd be open to that too:naughty:

no but seriously, refinance opinions, pointers, words of wisdom, etc.
 

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you're driving a new Tacoma, have a low $250/month payment and griping about that? Bud it sounds like you are living beyond your means as a "poor college student". When I was in college I drove a '79 Ford Fiesta and still had no money. So don't feel so bad.
 

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2009 PreRunner Sport DC
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219 Posts
I actually do budgeting and accounting for a living and used to be a Financial Advisor, and understand what it's like being a poor college student. I have some budgeting tips;
1. Find out when you are spending your money, ie. fast food, cable, internet, etc..
2. Ask yourself what can you cut down on? Do you really want/need cable? Cell phone minutes?
3. How important is it for you to be driving your truck?
4. Is there anything you can do for extra funds? Paper route?
5. Do you have debt that can be paid off if you sell something(s)?
6. Be disciplined in spending and saving.

As for the refinance, like someone said earlier, details are important. If your payment of $250 is for 48-60 months, extend it to 72 months. You pay more over the long run, but it might help you out in the short term until you get out of college. There a ton of calculators on the internet that can help you figure your payment.

I actually figured out that I was paying $50 month for cable internet for nothing. I starting sufing at home off my neighbors connection, and I have 3 connections to choose from at any one time.

When I was in college I drove a 1985 Buick Regal Station Wagon that was green. It sucked, but it was cheap, paid for and lasted me until I graduated.:)
 

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Love this Tacoma!
Toyota Tacoma
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623 Posts
Seems that this happens a lot around the forum, someone buys a new truck and then can't afford it. I was living at home and had no bills when I bought mine, but I knew before the truck was paid off I wouldn't be living at home and would have other expenses. I took all this into consideration before signing on for the $455 a month. Little hard for me to understand how these things aren't considered before a major purchase and payment like this. Anyway the other guy made good points about seeing where you can cut money and make some extra also. Refinancing rates usually aren't as good and the rate you got with it being a new car. I refinanced a used car I bought before the Tacoma and it dropped the payment about $20-30 a month or so, but it does depend on what you are paying I imagine.
 

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GO GATORS!!
2007 Toyota Tacoma
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1,370 Posts
be happy its only 250 a month for that truck, i have a reg cab that i put 7500 down and my payments are 224 a month. i also am a poor college student whose paychecks go to truck payments, you just have to eat cheap and know when to save your money!!
 

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Poor college student, huh? Just wait until the student loan bills start rolling in. Then you'll be a poor college graduate! :)

/I curse you sallie mae!

Seriously though...$250/month isn't that bad for a new and reliable vehicle. I would do whatever I could to keep up the payments if I were you. I drove my '94 Toyota Pickup for two years of high school, four years of college, then put 110 miles/day on it going to work for the next six years. While in college, I struggled to pay the 174.81/month payment (5 year financing), but in the end it was worth it. My little Toyota 'pup never let me down. When the time came, I purchased my current '06 Tacoma...for cash.

You are smarter than most people I knew in college. At least you are putting your education before your vehicle. Stay on the right track, and one day $250/month will just be a drop in the bucket.
 

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Precision driver
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I'm a poor college graduate. Sallie Mae screwed me up the bum...75g in student loan debt. $17k truck debt (I put my old Mazda3 and $500 as down payment).

A $250 a month payment is killer, and you should try to balance that school and work to pay for it because not very many people have a brand new truck with that payment. I pay $350 for mine.
 

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'06 Prerunner TRD
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Jeffrich21 said:
I actually figured out that I was paying $50 month for cable internet for nothing. I starting sufing at home off my neighbors connection, and I have 3 connections to choose from at any one time.
I found a way to have a truck too with no payments--- I just go to the dealership and steal one whenever I want, and I have about 100 or so to choose from.

Did you know that this is illegal?:whatthe:
 

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I used to work for HSBC, and did a few auto refinances.

What you need to do is call a couple of places and apply to see what you can get, I'd check some local credit unions if you can, but make sure you don't get your credit pulled too much, I'd limit myself to 3.

If you go longer term, to get a lower payment, but keep making the same payment, you'll possibly pay the loan off quicker and save money on interest, BUT ONLY IF YOU MAKE THE EXTRA PAYMENT EACH MONTH.

If you want an opinion, I would get some quotes, then post up what they're offering compared to what you have.
 

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Go Hokies!
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Discussion Starter #15
yeah, everyone's right - and 250 definitely isnt bad for this truck, thanks to a little help from my parents. i can afford it (i have for a year and a half) i'm just sick of having no spending money. i guess i'll just get some quotes and see what the deal will be. maybe i'll just have to suck it up and stop whining.

ps. no student loans either. i was always told from the time i was 5 that i'm going to college and my parents were paying. they didnt force me into anything except simply going to college for whatever interested me.
 

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$250/mo? My bar bill is more than that. Stick it out or sell it. Foolish to extend the term of your loan. You will be upsidedown in it. Suck it up or cut and run.
 

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07 Tacoma 4x4 Off Road
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Silver-Bolt said:
$250/mo? My bar bill is more than that. Stick it out or sell it. Foolish to extend the term of your loan. You will be upsidedown in it. Suck it up or cut and run.
I never really found out for sure what "uside down" meant, but guessed that it meant you owe more than its worth?
 

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timtsb said:
yeah, everyone's right - and 250 definitely isnt bad for this truck, thanks to a little help from my parents. i can afford it (i have for a year and a half) i'm just sick of having no spending money. i guess i'll just get some quotes and see what the deal will be. maybe i'll just have to suck it up and stop whining.

ps. no student loans either. i was always told from the time i was 5 that i'm going to college and my parents were paying. they didnt force me into anything except simply going to college for whatever interested me.
oh puh-lease.... now you're telling us you are even getting your college bill footed? You haven't even tasted the reality of debt yet. Enjoy that LOW 250 dollar a month payment my friend.
 

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denvertaco07 said:
I never really found out for sure what "uside down" meant, but guessed that it meant you owe more than its worth?
That is correct. You owe more than it is worth. Generally very easy to do on models that do not hold their value and people finance them for 48 or more months. Toyota's are fairly safe but it is still possible if you are stretching out beyond 60 months.
 

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Why Chu Gotta Be A Douche
2006 Tacoma 4D 4WD
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201 Posts
$250..... I pay $699.84 a month for 36 months. Granted I've paid alot off already but it's ok since I have a job. When I was in coledge I didn't even have a car. I rode bart and carpooled.
 
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