Refinance with upside down loan
HDF Community Team
Joined: Mar 2005
Posts: 1,949
Likes: 601
From: The 1980's
I once got about 3 chapters into a Dave Ramsey book. When he kept throwing religion into the equation and repeating his same mantra over & over, I tossed the book. Screw Dave Ramsey.
Seasoned HDF Member
Joined: Oct 2013
Posts: 9,238
Likes: 5,784
From: On the Big Blue marble
To answer your question...
No one is going to refi a auto loan with negative equity - on a used vehicle, the bank needs a positive ratio
The answer above 'home improvement loan', I think he means home equity loan... Many banks on an imp loan want info on the improvement
I think you need either the home equity or a personal loan. 15% is usurious. My gut is your going to fall btw 7 and 9 percent. Stupid question - did you try eaglemark?
No one is going to refi a auto loan with negative equity - on a used vehicle, the bank needs a positive ratio
The answer above 'home improvement loan', I think he means home equity loan... Many banks on an imp loan want info on the improvement
I think you need either the home equity or a personal loan. 15% is usurious. My gut is your going to fall btw 7 and 9 percent. Stupid question - did you try eaglemark?
Road Master
Joined: Aug 2014
Posts: 1,132
Likes: 150
From: Michigan
...as long as there's no prepayment penalty the only harm would be you'd have a lower rate with a shorter loan. Send a little extra every month and pay it off as fast as possible.
Tourer
Joined: Feb 2014
Posts: 340
Likes: 194
From: Orlando
I financed an RV/truck combo that way once. I borrowed everything on the RV so I had the truck free and clear so I could sell the truck quickly and paid that money back on the loan principal.
They dont jack the rate for that either. Got the same as low as rate.
Cruiser
Joined: Apr 2016
Posts: 245
Likes: 54
From: Pa
How the Hell do you figure that? Ya he sells his books and seminars. But he also puts on a free radio show and I believe the podcast is free.
He talks about giving to charity, especially after you have everything paid for.
I hate to be to positive about celebrities, cause you only see their public face, but he sure seems ok to me. You do his plan, you will end up wealthy. But you have to give up more than many of us want to now.
He sure isn't a TV preacher asking for donations. Don't want to read his book, don't buy it. He goes over it all for free.
He talks about giving to charity, especially after you have everything paid for.
I hate to be to positive about celebrities, cause you only see their public face, but he sure seems ok to me. You do his plan, you will end up wealthy. But you have to give up more than many of us want to now.
He sure isn't a TV preacher asking for donations. Don't want to read his book, don't buy it. He goes over it all for free.
Last edited by ChickinOnaChain; Jun 3, 2018 at 10:05 AM.
Supporter
Joined: Oct 2009
Posts: 2,056
Likes: 248
From: Milton Mills NH
What he said, plus you will be able to write off the interest for income tax.
Banned
Joined: Jul 2009
Posts: 7,406
Likes: 834
From: Straight Jacket Memories and Sedative Highs
This mindset is what makes people poor. Number of payments are based on how much money you send it. I have never had anything go until the end.
If he gets a lower interest rate, and raise payments back to where they started. He will be poor his whole life. Some people are.
I have taken on 5 years loans, with the idea if something bad happened I could lower my payment. Not against going to 7 with that mindset, except I suspect you are driving up % rate. I have let it go up a little to go with 5, but I have limits.
But there are people who take 7 years to pay off a bike. With the prie of some some new vehicles I see how it happens, and you can argue you will still be driving it in 10 years But I just could stomach having something over my head that long.
Borrower is slave to the lender. Wisdom there.
How the Hell do you figure that? Ya he sells his books and seminars. But he also puts on a free radio show and I believe the podcast is free.
He talks about giving to charity, especially after you have everything paid for.
I hate to be to positive about celebrities, cause you only see their public face, but he sure seems ok to me. You do his plan, you will end up wealthy. But you have to give up more than many of us want to now.
He sure isn't a TV preacher asking for donations. Don't want to read his book, don't buy it. He goes over it all for free.
I am not against debt, when interest rates are low, and you pay it off quick. I financed a sled at 3% and paid off in 18 months, rather than 5 on loan. Got to enjoy it for 2 winters. MY first harley was 5% and 3 years. I did the hundreds of dollars were worth what I did those 3 years.
With loans you are taking on risk. If I lost my job, or had other debt come up.
One thing I agree with Ramsey, once you have cash on hand, emergencies are not really emergencies. I don't want to, but I could put a new roof on tomorrow or sink a well. Would suck $$$, but would sleep at night just fine. Money gives you that freedom.
You don't have to him. He is on the radio. I don't begruge a guy selling $25 book. The bible does not say you have to be poor. Money is not evil. The love of money is.
He is up front. Not hiding anything. Not asking for donations. Not hiding a secret forumula that you have to pay for. He sells his goods. I am fine with that.
He also got rich on real estate, the same he went bankrupt. But instead he started paying cash.
Don't take financial advise from your broke brother in law.
I am hoping to use the EZ form next year. No write offs.
Borrowing against the house is risk. Risk this guy probably can't afford.
If he gets a lower interest rate, and raise payments back to where they started. He will be poor his whole life. Some people are.
But there are people who take 7 years to pay off a bike. With the prie of some some new vehicles I see how it happens, and you can argue you will still be driving it in 10 years But I just could stomach having something over my head that long.
He talks about giving to charity, especially after you have everything paid for.
I hate to be to positive about celebrities, cause you only see their public face, but he sure seems ok to me. You do his plan, you will end up wealthy. But you have to give up more than many of us want to now.
He sure isn't a TV preacher asking for donations. Don't want to read his book, don't buy it. He goes over it all for free.
I am not against debt, when interest rates are low, and you pay it off quick. I financed a sled at 3% and paid off in 18 months, rather than 5 on loan. Got to enjoy it for 2 winters. MY first harley was 5% and 3 years. I did the hundreds of dollars were worth what I did those 3 years.
With loans you are taking on risk. If I lost my job, or had other debt come up.
One thing I agree with Ramsey, once you have cash on hand, emergencies are not really emergencies. I don't want to, but I could put a new roof on tomorrow or sink a well. Would suck $$$, but would sleep at night just fine. Money gives you that freedom.
He is up front. Not hiding anything. Not asking for donations. Not hiding a secret forumula that you have to pay for. He sells his goods. I am fine with that.
He also got rich on real estate, the same he went bankrupt. But instead he started paying cash.
Don't take financial advise from your broke brother in law.
Borrowing against the house is risk. Risk this guy probably can't afford.
Last edited by ChickinOnaChain; Jun 2, 2018 at 11:32 PM.
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Seasoned HDF Member
Joined: Jan 2015
Posts: 16,013
Likes: 7,139
From: Sandy Eggo's North County
Yeah, the religious crap is a bit much. But, his advice is better than what the OP is doing, that's for sure.
Club Member
Joined: Aug 2008
Posts: 21,764
Likes: 22,965
From: North Carolina
Originally Posted by 2goldens 
I once got about 3 chapters into a Dave Ramsey book. When he kept throwing religion into the equation and repeating his same mantra over & over, I tossed the book. Screw Dave Ramsey.
I have a different opinion. Be right with God and serving him first and all else takes care of itself.
Matthew 6:24
Psalm 37:21
Proverbs 22:7
I once got about 3 chapters into a Dave Ramsey book. When he kept throwing religion into the equation and repeating his same mantra over & over, I tossed the book. Screw Dave Ramsey.
Matthew 6:24
Psalm 37:21
Proverbs 22:7