I want so bad to refinance my car. I tried a few months ago but was declined. There were a few baddies on my reports. However, I have been getting everything else I wanted. However, I think the 8K cc put me over the top. And it is just about maxed out already.

Anyway, I have been making a payment every 14 days (automatic). I make the payment to HSBC. I guess I have been doing this for almost a year. As a result, I am about 1 car payment ahead. By February, my finances should take a big increase. So, I have to suffer until then. To make a long story short, should I be making the payments every 14 days as described or should I pay a portion of the payments towards my principal.

Also, I owe more on the car than it is actually worth. I think the blue book is about 9-10K but I owe about 11K as of today. No need for blue book, I had a lender do this a few months ago, when i tried to refinance, so please utilize the figures given.

Any advice, my long term/short term goal is to refinance within 6 months or sooner.

I am looking to pay-down/off this car loan so that I can get a car that I like much better.

Thanks everyone for making CB a great source and envirnoment. It has provided me an excellent path in providing knowledge and answers to decisions regarding my credit goals!

On behalf of CreditBoards Admin, MarvBear would like to extend a sincere and warm welcome to the Automotive Forum.

We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.

In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.

In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.

You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.

Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.

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Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.


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usually lenders can apply payments however they wish, It's written into the lanquage on the contract itself. You as a consumer, if you wish to pay extra towards principle only, should correspond with your lender and ask for their procedure to accomodate your wish.