new loan

**erika16anne** · June 10th, 2015 04:41 PM

Just need to know if this is possible and someone had done this already. I have 24 months remaining car loan balance and I am afraid I may not be able to pay the full monthly payment. In order for my car not to be repossessed i think of applying personal loan with longer term that will pay off the total remaining balance. For longer term having lower monthly payment I think I can handle it. Is this practical and possible. Or do some banks offer refinancing the remaining balance to longer term. Need assistance on this. thanks

**francais** · June 10th, 2015 05:03 PM

Originally Posted by erika16anne

Just need to know if this is possible and someone had done this already. I have 24 months remaining car loan balance and I am afraid I may not be able to pay the full monthly payment. In order for my car not to be repossessed i think of applying personal loan with longer term that will pay off the total remaining balance. For longer term having lower monthly payment I think I can handle it. Is this practical and possible. Or do some banks offer refinancing the remaining balance to longer term. Need assistance on this. thanks

You may want to talk to your bank (where you got your car loan) about your current financial bumps, usually they will offer or meet you halfway for you to continue your loan. AFAIK usually they will arrange a longer term but higher interest (in the long run) for you. It is also their loss if they repossess your car, so they will eventually have to meet you halfway. Inform them as soon as possible.

**shadow** · June 10th, 2015 06:15 PM

Originally Posted by francais

You may want to talk to your bank (where you got your car loan) about your current financial bumps, usually they will offer or meet you halfway for you to continue your loan. AFAIK usually they will arrange a longer term but higher interest (in the long run) for you. It is also their loss if they repossess your car, so they will eventually have to meet you halfway. Inform them as soon as possible.

Is refinancing even available in our local banks? Our banks are like sharks once they smell blood they'll pounce on the hapless client.

That's what I'm be been saying to people who are so thankful for the banks who gave them loans, you don't owe the bank any debt of gratitude.

Binabasa ran ng mga mga clients up to the last cent yun loan nila Sa banko.

**rafmac** · June 10th, 2015 06:38 PM

You can also talk to another bank and they will buyout the existing loan and in effect have a new loan but wih a different bank

**erika16anne** · June 11th, 2015 11:45 AM

appreciated on the response. Anyways sa ngayun kaya pa naman but just for emergency in case my finances will have some issue.Though if have time I will try to talk to the bank

**francais** · June 11th, 2015 12:25 PM

Originally Posted by shadow

Is refinancing even available in our local banks? Our banks are like sharks once they smell blood they'll pounce on the hapless client.

That's what I'm be been saying to people who are so thankful for the banks who gave them loans, you don't owe the bank any debt of gratitude.

Binabasa ran ng mga mga clients up to the last cent yun loan nila Sa banko.

Some of our local banks have a dept (forgot what its called), that "mediates" these kind of loan issues. It will depend sa compromise ninyong dalawa ng banko. I know someone who's been into that situation. They offered her to pay back the delinquent months with higher interest in longer period. Pero sympre for sure gain nila yung ganung setup, ikaw nasa losing side eh. Just try to talk to them, it wouldn't hurt to let them know, ano lang ba mawawala sayo, pride?

**_Qwerty_** · June 11th, 2015 01:10 PM

just talk to your bank and don't miss any payments.. mahirap pag nag lapse and lalo na pag hinila sasakyan.. di ka na makakautang ulit kahit saang bank..

**SkyFlakes88** · June 11th, 2015 10:04 PM

Originally Posted by erika16anne

Just need to know if this is possible and someone had done this already. I have 24 months remaining car loan balance and I am afraid I may not be able to pay the full monthly payment. In order for my car not to be repossessed i think of applying personal loan with longer term that will pay off the total remaining balance. For longer term having lower monthly payment I think I can handle it. Is this practical and possible. Or do some banks offer refinancing the remaining balance to longer term. Need assistance on this. thanks

Better talk to your loan officer and ask him to help you. Be honest on your situation and maybe he can do something to help you. Ask him of the possibilities of getting your loan refinanced. Know your banks position so you can have a clear plan on what to do.

**1D4LV** · June 15th, 2015 09:27 AM

borrowing from juan to pay pedro is never a good idea....lalo kang mababaon sa interests.
best thing to do nga is to talk to the bank or loan from a family member.
or sell the car.

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borrowing from juan to pay pedro is never a good idea....lalo kang mababaon sa interests.
best thing to do nga is to talk to the bank or loan from a family member.
or sell the car.