boostincincy

iTrader: (3)

So, I was doing ok paying for my 06 until I graduated from school. I went to school for film, and have been pursuing since the second I graduated. After 4 months I moved to Brooklyn to pursue to the fullest, and have been here ever since. Things are goin good, but I'm afraid realistically I won't really be making much money for probably a year, as I am training to become a DIT (Digital Imagine Tech/Camera Tech for short). Between insurance, rent, loans, everything else I'm basically making as much money in a month as my bills.... but that was also due to a 30+ hr/wk internship which kept me from a lot of work, which will be up next week. So I will be able to work a lot more, but I'm still scared of not being able to afford my $450/mo payment.

I owe 18k on the car still which is great I think for an 06 SE w/ 26k miles, since I couldn't buy another one for nearly that good of a deal, so it's so hard to give it up knowing I'd be losing out, and that I'd have to start over with getting an EVO that won't be "mine". I bought it 18 months ago, with 6k on her, so she was basically new.

So, I was thinking of refinancing the car since it's only a 60 month loan, but, according to my bank's website, 60 months is the maximum...so I don't know what I'm gonna do. Another downfall is that my dad is now on disability, and so my parents cannot/will not co-sign like they did on this car, so I can't really apply for a new loan with another bank.

I feel like I'm screwed and I don't know what to do. Not even sure if I can refinance it. I'm gonna see how much work I can pick up now that I'm done interning, but I'm just fearing having to give it up, since it's essentially what I enjoy most (track days, little fixes, etc are what I love)

edit: WHY DID I POST THIS THREAD IN THE FOR SALE SECTION, PLEASE MOVE!!

RockmanX

iTrader: (78)

if you cant afford it get rid of it period. Either get a second job and become a work o holic for alittle while or sell it and move on and get another one later on in life when your more stable. Dont go broke for a car and on top of that you should not be working for a car. Im going to focus on paying mine off once i finish this build i could have paid my car off now with all the funds i have in parts sitting in my closet but when the motor says its time to go i cant have a car sitting that im making payments on so i feel you but the best option is the sell it or again work a second job

dgoodhue

iTrader: (1)

A 60 month loan would meaning you paying on the car for another 60 months or 78 months in you case. It should drop you payment in $350/ month range.

FenixTX717

iTrader: (7)

What was already said. If you can't afford it get rid of it or get another job to afford it. But if you do plan on getting rid of it LMK asap. I'm in the market for a clean low mileaged 06 Evo.

bigric09

iTrader: (37)

there are other banks....

my bank offers 3.9 percent for used cars for 60 months...

but if you take it to 72 months, the interest rate goes up to 8.9...

Which basically makes the payment about the same anyway. Id assume most banks do this as well. Refinancing 18k at 3.9 percent for 60 months will bring your payment down to 330

oneofakindtrini

Don't Hang Your Hat Where You Can't Reach. Don't kill youreself from working to meet payments dude, you are going to school, priorties bro, sell it and get into something cheaper until you are done with school.

boostincincy

iTrader: (3)

I graduated in June 09, but filim...especially in NYC is one of the toughest industries to break into, and although I've been making the right moves, and learning a ton, making good impressions and connections, you don't start making money for a year or so (or more), so I was hoping I could just struggle long enough to get over that hump, but money's running out and I'm not yet over that hump, so I'm just weighing my options....

I was thinking I could sit on the 4-5k I'd make off of selling it, and wait for the right 03 VIII to come around and jump on it, but I don't know if I'd love it as much, my IX's been perfect since the day I got it, never had a single issue in 16 months.... and the few weeks I get to go home every once in a while, those are my happiest moments are flying around the backroads with it.

boostincincy

iTrader: (3)

moving this to the "evo general thread" since the mods wont, go there!!

ModenaTwinTurbo

iTrader: (1)

1. its a car, that means metal rolling on rubber
2. besides moving fast there's 100's of millions of other cars that can do what that one does.
3. you will probably make a lot more money soon to buy much better one
4. SELL IT
5. PAY YOUR LOAN
6. ENJOY LIFE WITHOUT THOSE PAYMENTS
7. search my posts and click on my link in my sig I SPEAK FROM EXPERIENCE, its been a while and i now make more money, just bought a house and feel a lot better than the stresses of a 'car'.


Eddie

oneofakindtrini

You have a GG SE. Sell it and go a little while without payments, save some money here and there, then you can look for a IX when the summer is ending. They go cheap in the fall and winter. I live in NY, i'd know cause I been looking for one lol.

xi

There are TONS of things you can do in NYC part time for money.

Craigslist is a good starting point to some part time stuff.

I got a buddy of mine who gets $3-4000 critiquing essays for MBA and grad school applicants, per essay.

If pt'ing it doesn't work out, sell the thing. The other poster's right, school first, prioritize. Don't get yourself into more debt and dig yourself into a bigger hole for something temporary.

boostincincy

iTrader: (3)

yeah definitely. But to clarify I'm done with school, simply interning unpaid right now at a real good Production House, and picking up all the freelance work I can to make ends meet.... but I'm very seriously considering selling my baby..... argh...

oneofakindtrini

Have you started cutting back? Move in with you're parents or something? No joke. A GG SE is pretty worth keeping.

Steve93Talon

iTrader: (5)

Sell it, focus on what your priorities in life should be, don't ever be a slave to a car (or any bill/debt). I haven't had any debt other than my mortgage in a long time, and it's a great feeling. In my mind, if I had to have a payment on a car - especially a 2nd/fun car like an EVO - then I can't really afford it.

EvoLutionized8

iTrader: (62)

there's some good advice in here. I would definitely consider what they are saying. There are a lot of evo enthusiasts here, and would hate for you to get rid of it, then again they would love to get their hands on yours.. hahaha, but again, it's pretty shallow to let a car run your finances. do what's best for you to be happy and financially sound. Good luck on whatever your decision.