Keep the car coz you already deep in it. Used cars are the best if you're mechanically inclined. Car loan and mortgage are kinda inevitable hard to swallow pills. Cuts your grocery spending. *Avoid Walmart at all cost and look for less expensive stores to buy you groceries. Buy things like toiletries in bulk, they cost less compared to buying bit by bit every now and then. If you kids are already working, I would give em one bill to handle. This way they can start to learn being responsible and understand the life dynamics. Also that will off load some expenses from you. *Share a ride if possibe when you can, to save on gas money. *Cook meals for the week in bulk ,this will help save on electricity and inturn save on electric bill. Cooking every now and then increases that electric bill. * Turn off the ac/ heater when noone is in the house. If you have a mansion, and everyone is at the downs stairs, turn off the heater for upstairs.
New cars are money pit. They depreciate in value. Worse of all, Hyundai. Kindly watch Dave Ramsey show and if possible, subscribe to his financial classes. All you need is a strategy and be willing to let go some assets. Peace of mind is priceless.
Buying a new car when you need one is not the problem. 1) The Car is not that expensive its not like you bought a $100,000 car! 2) Car loans have fixed end dates just focus on paying off the car either 5 0r 7 years , ask if you can make half payments biweekly which accelerates payoff . 3) Refinancing comes with fees and may not make financial sense for $37,000 , but do the math ! 4) As a nurse you need a reliable car to get to work , just maintain the car and plan to drive it for many years after payoff! 5 )Look at other places in your budget where you can cut down . 6) Maybe try to spend cash for groceries and give yourself an monthly personal allowance in cash . You do not have small children, unless your mortgage is very high I don't understand why you are struggling financially ! Maybe a list off everything you spend money on monthly without the amounts might help to know where your money is going .
Mortgage, 2 car notes, car insurance for 2 cars(it’s too expensive), electric, trash/sewer/gas(one bill), loan borrowed to fix the house roof, student loans, groceries, gas for the car, home security, internet, phone bills
@@morrishizo life lessons- sometimes they’re bitter. I miss my Toyota , I bought it brand new, I wanted to keep it forever but it was totaled in an accident 😢😢
That is the problem with people when they migrate to the US.They try to live large,competing with the Jones.Huge mistake!Always seek to live within your means,and avoid loans as much as you can.The bible says the borrower is a slave to the lender.The secret is to invest your extra income.After some years,you’ll find yourself able to afford a lot of the things that you’ve always desired to possess.Seek to have have at least 2 sources of income.Invest here in the US,invest back home,and be very patient.Don’t rush into making unwise financial decisions that are likely to land you in a financial quagmire.Just a piece of advice.
You have already made the mistakes. To correct them earn more. Refinancing is just kicking the can down the road. The lower refinanced payment means more time with the loan. Lesson is buy cars that retain value like Toyota, Honda, Mazda. Just work for more monies and manage your expenses and lifestyle.
First, I am sorry you find yourself in this situation. I know how easy it is in this country to buy a new car and found yourself upside down because that is what everyone around you is doing. However, I command you for taking actions. Here's my suggestion: take a look at everything you are paying and see if there's anyway you can pay off the car within a year. You said it yourself, you have to take drastic measure in this extraordinary situation. I wouldn't refinance. No matter what you do, IMO, refinance will be the worst option. But more importantly, look at everything. Crush the numbers. See what they are telling then you can truly make an informed decision. Self-awareness is key to escape this rate race. You got this!
Me personally I don’t like paying for a new car but I’m not mechanically inclined and I need reliability. So I’ll pay the extra and maintain my car and drive it for as many years as possible.
You never refinance a vehicle. Even if you have better credit. The only time you do so is immediately after buying it. Refinancing a vehicle is simply hitting the reset button and starting all over again. Remember you are financing the loan which is a total of the car value and fees registration warranties and junk fees. Also a certified used in simple terms means they are lumping up their warranties into the price to give a sense of reliability and assurance. The best move is to pay almost double the car payments at the beginning of the loan to destroy the interest portion. Buy the gap insurance from the bank that financed you usually about 1percent cost of loan approved. Negative equity happens as soon as you drive off the lot. 😢😢.because the registration document fees and junk fees. Certified used isnt better because some Toyota are selling same price as new. Like i said refinancing is a fools errand it spreads out the payments and you start over again. Making you go back to zero or worse. Do your research and always buy toyota. Better resale value, dont buy extended warranties.you shouldn't get finenessed by these people. Car sales is one of the most shady businesses in the country.
Never buys a GAP insurance from the dealer always gets it from your insurance company it probably won’t cost you more than $10 By the way I don’t really understand your situation I know RN at list 2 that work in NJ making over $200k a year maybe check New Jersey if it’s worth moving to the state.
The price of used cars has also gone up because of increased demand. For women, and looking at the weather in your place, It's better to have a reliable car. Some changes can end up being very expensive. Get a part-time job. Thing will get better with Trump.
For sure Hyundai has the worst resale value bar none. Maybe consider removing all the additional warranties, GAP, wheel protection, prepaid maintenance, Glass coverage and Key coverage to see if that will get your balance down. Then refinance that balance at a credit union.Some credit unions are a bit more flexible so 2024 will still qualify for new car rates. being a nurse i would check with your employer to see if they have a credit union that they deal with . if you have a 401k I would ask to see if you can get a "Hardship loan against the 401k balance. you really don't want to turn the car back in to the dealership or the bank that really can hurt you in the end. See if someone you know wants it if not I would try and sell it on marketplace just to see if there's any taker's out there.
I’m gonna sell everything before I let go of my car😅.. if things go south I’m sleeping in that car
😂😂 That's a different way of looking at it..
I proclaim that things will get better and not worse 🙏🏽
@@LucymwangiUSApositivity all the way!💪
@@Joendutitv we march forward
Join military and do the commission officer I believe you are a citizen
@ I have zero info about this- could you expound a little bit more incase someone else here is interested?🤔
Keep the car coz you already deep in it. Used cars are the best if you're mechanically inclined. Car loan and mortgage are kinda inevitable hard to swallow pills. Cuts your grocery spending. *Avoid Walmart at all cost and look for less expensive stores to buy you groceries. Buy things like toiletries in bulk, they cost less compared to buying bit by bit every now and then. If you kids are already working, I would give em one bill to handle. This way they can start to learn being responsible and understand the life dynamics. Also that will off load some expenses from you.
*Share a ride if possibe when you can, to save on gas money.
*Cook meals for the week in bulk ,this will help save on electricity and inturn save on electric bill. Cooking every now and then increases that electric bill.
* Turn off the ac/ heater when noone is in the house. If you have a mansion, and everyone is at the downs stairs, turn off the heater for upstairs.
Thank you so much Antony
Lucy, hind sight is 20/20. You are only the right track since you are self aware. Thank you for sharing your truth.
That’s so true. Thanks for watching
Hey Lucy...I like that phrase "Nothing changes if nothing changes".You are working towards changing something. Keep up the motive!
Hey Mercy, thank you. Not sure where I read it but I'm using it on a daily basis for my financial and personal transformation goals
@LucymwangiUSA I use that phrase in my online digital business and it really inspires people.I hope you had a chance to check it out
New cars are money pit. They depreciate in value. Worse of all, Hyundai. Kindly watch Dave Ramsey show and if possible, subscribe to his financial classes. All you need is a strategy and be willing to let go some assets. Peace of mind is priceless.
@@KevoTexas money pit for real!😳
Buying a new car when you need one is not the problem.
1) The Car is not that expensive its not like you bought a $100,000 car!
2) Car loans have fixed end dates just focus on paying off the car either 5 0r 7 years , ask if you can make half payments biweekly which accelerates payoff .
3) Refinancing comes with fees and may not make financial sense for $37,000 , but do the math !
4) As a nurse you need a reliable car to get to work , just maintain the car and plan to drive it for many years after payoff!
5 )Look at other places in your budget where you can cut down .
6) Maybe try to spend cash for groceries and give yourself an monthly personal allowance in cash . You do not have small children, unless your mortgage is very high I don't understand why you are struggling financially !
Maybe a list off everything you spend money on monthly without the amounts might help to know where your money is going .
You’ve raised important points- things to ponder on.
I do make make biweekly payments on the car loan
Mortgage, 2 car notes, car insurance for 2 cars(it’s too expensive), electric, trash/sewer/gas(one bill), loan borrowed to fix the house roof, student loans, groceries, gas for the car, home security, internet, phone bills
Thank you for sharing your experiences with us, we are learning !
@@kennethchege4096 Thank you for watching- I’m so glad we are all learning together 😊😊
At least, you are taking action.. soon you will bounce back.keep the fight.
@@josephkkiara thank you
I owned a new car, a small cheap Mitsubishi, i regretted it when i HAD to get a bigger vehicle. It was ridiculously upside-down..never again
@@morrishizo life lessons- sometimes they’re bitter.
I miss my Toyota , I bought it brand new, I wanted to keep it forever but it was totaled in an accident 😢😢
What are some things that you REGRET buying/spending money on?
I couldn’t even find an affordable used car at that dealership. I just left it alone. I’ll look for other alternatives
Never buy a brand new car or lease one. Drive a beater if you have to at least it's paid off. Cars are a money pit!!
We live and we learn
That is the problem with people when they migrate to the US.They try to live large,competing with the Jones.Huge mistake!Always seek to live within your means,and avoid loans as much as you can.The bible says the borrower is a slave to the lender.The secret is to invest your extra income.After some years,you’ll find yourself able to afford a lot of the things that you’ve always desired to possess.Seek to have have at least 2 sources of income.Invest here in the US,invest back home,and be very patient.Don’t rush into making unwise financial decisions that are likely to land you in a financial quagmire.Just a piece of advice.
Thank you for your input
You have already made the mistakes. To correct them earn more. Refinancing is just kicking the can down the road. The lower refinanced payment means more time with the loan. Lesson is buy cars that retain value like Toyota, Honda, Mazda. Just work for more monies and manage your expenses and lifestyle.
Thanks for the tips! I will have to weigh the options I have.
First, I am sorry you find yourself in this situation. I know how easy it is in this country to buy a new car and found yourself upside down because that is what everyone around you is doing. However, I command you for taking actions. Here's my suggestion:
take a look at everything you are paying and see if there's anyway you can pay off the car within a year. You said it yourself, you have to take drastic measure in this extraordinary situation.
I wouldn't refinance. No matter what you do, IMO, refinance will be the worst option.
But more importantly, look at everything. Crush the numbers. See what they are telling then you can truly make an informed decision.
Self-awareness is key to escape this rate race. You got this!
Thank you
Could you expound on why refinancing is not a great option?
Me personally I don’t like paying for a new car but I’m not mechanically inclined and I need reliability. So I’ll pay the extra and maintain my car and drive it for as many years as possible.
@@SF-ob8tj that was my thought too when I was buying it
You never refinance a vehicle. Even if you have better credit. The only time you do so is immediately after buying it. Refinancing a vehicle is simply hitting the reset button and starting all over again. Remember you are financing the loan which is a total of the car value and fees registration warranties and junk fees. Also a certified used in simple terms means they are lumping up their warranties into the price to give a sense of reliability and assurance. The best move is to pay almost double the car payments at the beginning of the loan to destroy the interest portion. Buy the gap insurance from the bank that financed you usually about 1percent cost of loan approved. Negative equity happens as soon as you drive off the lot. 😢😢.because the registration document fees and junk fees. Certified used isnt better because some Toyota are selling same price as new. Like i said refinancing is a fools errand it spreads out the payments and you start over again. Making you go back to zero or worse. Do your research and always buy toyota. Better resale value, dont buy extended warranties.you shouldn't get finenessed by these people. Car sales is one of the most shady businesses in the country.
@@maxiest200508 I’m learning a lot about car loans and the process of buying a car. I’m getting wiser for the future.
Your best option is to pay off the car as soon as possible.
@@anyimmichaelik I’m going to have to do that so I don’t have too much interest over the life of the loan
Never buys a GAP insurance from the dealer always gets it from your insurance company it probably won’t cost you more than $10
By the way I don’t really understand your situation I know RN at list 2 that work in NJ making over $200k a year maybe check New Jersey if it’s worth moving to the state.
Ngai! Kumbe I was tricked!😳
Nurse pay varies widely- depends on state, whether you are working for an agency or, or as a staff member, or travel nurse, or your specialty etc
Car loans are a big trap. A catch 22, sort of.
@@SmartPlanetMoney catch 22 is right. I feel trapped by this car loan Walai😳
Please watch The Money Guy Show
@@Justchilling8261 👍🏾👍🏾
By used cars on market place
I will check it out but i'll still owe the balance on my car
Call up Dave Ramsey and ask for help.
The price of used cars has also gone up because of increased demand. For women, and looking at the weather in your place, It's better to have a reliable car. Some changes can end up being very expensive. Get a part-time job. Thing will get better with Trump.
You’re right about having a reliable car especially for us here during the snow season
Sell and get a cash car
@@TheJoeMB I could do that but I’ll still owe a huge balance due to the negative equity
For sure Hyundai has the worst resale value bar none. Maybe consider removing all the additional warranties, GAP, wheel protection, prepaid maintenance, Glass coverage and Key coverage to see if that will get your balance down. Then refinance that balance at a credit union.Some credit unions are a bit more flexible so 2024 will still qualify for new car rates. being a nurse i would check with your employer to see if they have a credit union that they deal with . if you have a 401k I would ask to see if you can get a "Hardship loan against the 401k balance. you really don't want to turn the car back in to the dealership or the bank that really can hurt you in the end. See if someone you know wants it if not I would try and sell it on marketplace just to see if there's any taker's out there.
Thank you for these tips, I appreciate.