Refinancing auto loan

[tearfromthared]

Hi again,
Things are even worse since my last post, and while suggestions were helpful, there doesn't seem like anything I can do so anyhow
numbers:
9000 in CC debt- but all are being paid monthly, and no past dues on my reports at all.spread out among 12 cards...with high interest and 75% of them.
20000 in student loans most starting repayment in june.
642 credit score.
I clear 1700 a month & right now I am making an extra 80-150 a week but that is not stable, just babysitting for my mom.
Insurance got raised to 310 per month, (bad idea to move!)(Miami fl)
CCs are 320 a month. plus rent 550. and other stuff
Is there any chance in ___ I can be considered for refinancing?

I got my car loan after only having 1 yr established credit, so the interest rate is somewhere near 20%. But I only have 3600 left if I keep the monthly payments going, 3150 if I payoff. And my car is worth around the amount I owe but definantely not worth more than I owe. And the insurance requirements by the lendor are really strict I cannot even increase my deductibles! Or is it always like that no matter who you finance with?

I seem to keep hitting a wall.

[swanson719]

You definitely need to look into ways to raise your income. Quick fix in your situation would be to do a 4 year stint in the military - they will pay off your student loans. You wont need to rent anymore, and you'll start out on a $3500 a month income, with housing provided. But more to the car loan...

You can refinance, but you have so much debt and recurring expenses you're going to have a tough time finding a lender. I would definately try to do so, because the higher deductible will greatly lower your payments on insurance. My DW and I have 2 paid off cars with full coverage and we pay $1130 for six months worth at $1000 deductible, w/ 3 tickets and 2 accidents in our names. So I don't know why your insurance is so insane unless Miami is just that way. Make sure you have the deductible in cash in an account before you raise it, otherwise you're hosed if you need to pay it.

You're making an effort to raise your income, but with a degree $1700 is just too low. That's about $12/hr full time. I live in Kansas City and there are security guard jobs w/ no degree that start at $15/hr full time. You could look into changing fields and finding something better paying until you can get something in your field.

[noppenbd]

I would talk to your student loan holders to see if you can qualify for a hardship deferral or temporary forbearance. At your income level you may qualify for either. The deferral is better because interest doesn't accrue. Maybe you can defer long enough to pay off the car which will eliminate the car payment and allow you to cut your insurance.

[unsecuredmoneygroup]

You can refinance. Apply to 3 or 4 local lenders, same day.

[arthurb999]

BoA can do an auto loan refinance... although I don't think that's the best plan.

[tearfromthared]

Originally Posted by swanson719

You definitely need to look into ways to raise your income. Quick fix in your situation would be to do a 4 year stint in the military - they will pay off your student loans. You wont need to rent anymore, and you'll start out on a $3500 a month income, with housing provided. But more to the car loan...

You can refinance, but you have so much debt and recurring expenses you're going to have a tough time finding a lender. I would definately try to do so, because the higher deductible will greatly lower your payments on insurance. My DW and I have 2 paid off cars with full coverage and we pay $1130 for six months worth at $1000 deductible, w/ 3 tickets and 2 accidents in our names. So I don't know why your insurance is so insane unless Miami is just that way. Make sure you have the deductible in cash in an account before you raise it, otherwise you're hosed if you need to pay it.

You're making an effort to raise your income, but with a degree $1700 is just too low. That's about $12/hr full time. I live in Kansas City and there are security guard jobs w/ no degree that start at $15/hr full time. You could look into changing fields and finding something better paying until you can get something in your field.

Haha funny you should mention, actually I was thinking about signing up and since I have a degree I would enter @ higher level!
Though they have restrictions on some branches, of how much of a certain type of debt you can have, so I dunno. Besides, I need a little time to get back into shape.

Other than that, yeah mainly I keep getting stuck @ this job, because bonus time comes, then I have vacation days and then it starts all over again.. Worst of all they froze pay around the same time I was up for raise.
Thanks for the detailed response.

[disneysteve]

You are a college graduate but you are only earning $20,400/year. That works out to less than $10/hour for a 40-hour work week. What exactly are you doing? What type of degree do you have?

Also, your earlier thread said you had $32,000 in student loans. Here you say $20,000. Which is correct?

I'm not sure why you are focusing on refinancing a $3,600 car loan. That seems to be the least of your problems right now. I think you need to be focusing your attention and energy on getting a decent job and definitely getting a second job for right now. Deliver newspapers or pizzas. Mow lawns. Do whatever you can to boost income. You can't support yourself and manage $40,000-$50,000 in debt on an income of just $20,000.

[tearfromthared]

Originally Posted by disneysteve

You are a college graduate but you are only earning $20,400/year. That works out to less than $10/hour for a 40-hour work week. What exactly are you doing? What type of degree do you have?

Also, your earlier thread said you had $32,000 in student loans. Here you say $20,000. Which is correct?

I'm not sure why you are focusing on refinancing a $3,600 car loan. That seems to be the least of your problems right now. I think you need to be focusing your attention and energy on getting a decent job and definitely getting a second job for right now. Deliver newspapers or pizzas. Mow lawns. Do whatever you can to boost income. You can't support yourself and manage $40,000-$50,000 in debt on an income of just $20,000.

sorry I had problems posting for a bit...

I was thinking I can still save a few hundred if it works out with the car loan, my interest on it is huge!

First I said I was clearing 1700 ....13.10 an hour, about 27300 a year...
My job is unrelated to my degree so they don't pay me any more because I have one....I work in Accounts Receivable and a billion other things and my degree is in criminal justice!

yea the loans are about 32000 , I forgot the private loans!

I have been trying to get a 2nd job but unfortunately I haven't had any call backs.... I live in miami so its more difficult to find side jobs like those...
I am thinking of taking things into a different direction in my career, but its complicated. and I need to reduce my debt before being allowed to do that.

[swanson719]

If you're thinking about joining the service, talk with a recruiter. They will get you into shape if you want. If you want to see the world, the Navy is the way to go. Don't plan on having a long term relationship or visiting anyone too much though - the navy spends a lot of time at sea, obviously. The Army is great, and you would come in as a second lieutenant, which starts at $2,655.30 a month gross, with a housing allowance of $1,550 monthly in Miami with no dependents. You also get a food allowance of $223.04 a month, so total pay, gross for Miami as a Second Lieutenant would be $4428.34 a month if you are single. Not a bad gig.
Army Student Loan Repayments - Education - Military.com

That gives you all the info on the loan repayments, so make sure you keep them out of default. 3 years in the service would leave you sitting pretty. No debt, and a little bit saved up for a down payment on a house. Good luck.

[mom-from-missouri]

You mentioned babysitting for your mom, so I take it you live close to home. Is moving in with mom an option and pay her $200 in rent? Or, can you get a roommate? What other bills/utilities....do you have?

[trueknight]

Since you have a degree in criminal justice, how about applying for the FBI academy or the Border Patrol??