hard up for business

United States
March 7, 2012 6:58pm CST
Hubby was trying to get some financing the other month for a moped. As many of you know gas is on the rise and the model he was eyeing up got 130mpg. Anyway, the dealers as they often do they toss out a persons application to numerous financial places. Well one just called wanting to refi his car and this and that because he saw it on the credit report. His numbers only came to be like less than $10 a month savings. Honestly that's not worth refi'n anything. Now if he could shave off $50 a month then perhaps it would be worth it otherwise no not really. But I guess they must be hard up enough for business that they are calling us following up if they could offer any other services. Nice, not necessary... I think they are hard up for business like about every other place is.
4 people like this
8 responses
@GardenGerty (101841)
• United States
8 Mar 12
It seems like competition is the name of the game. You do have to weigh the benefits of refinancing anything. Keep saying no, and they will probably keep coming up with offers.
1 person likes this
• United States
8 Mar 12
Hard to say but after talking to hubby to save that ten dollars they'd be adding another year in payments on his car. Truly no savings.
1 person likes this
• United States
8 Mar 12
I am clueless to this and could be wrong. but,is it better to save the ten bucks off the bill than to not save at all. I would love to save ten off my car insurance. Maybe I don't know all the facts.. thanks.
2 people like this
@GardenGerty (101841)
• United States
8 Mar 12
Hi, Sharon, sometimes when yo refinance things, you pay out for a longer time, and end up spending more money all the way around, or they hide extra fees that just get more money from you and you do not really save anything. If I saved ten dollars a month and paid for sixty months instead of paying what I already do for forty eight months, let us just say his bill is $100 per month for an even number, save $10 and it is $90. In the end, if you do the $90 you pay out $540, but if you stick with $100 for 48 months you only pay $480. They may also charge a fee for rewriting the note, and anything else they can dream up. Of course, this is not insurance, this is the car payment itself. If you can find a way to save $10 per month on your insurance it is generally a really good thing. If this company really wants their business they may come up with a better deal.
• United States
9 Mar 12
Just about every place is hard up for business right now. Sometimes, you have to just do what you think is best for your company.
• United States
11 Mar 12
That is true but if your offer isn't a whole lot better than what a person currently has why try to convince them that your offer is better though it may not be in the long haul.
1 person likes this
• United States
11 Mar 12
That too is true. If your business isn't better and doesn't offer more than the other business does, then no one will want to go to your business for what they need.
@JenInTN (27565)
• United States
10 Mar 12
I think there are a lot of places that are hard up for business right now. I was just watching a program about communities supporting their local businesses as a means of getting the economy going a little bit ans I liked the idea of that. I think that now is certainly the time to buy if one has the means but if it were just a little savings, it might be more trouble than it's worth.
1 person likes this
• United States
11 Mar 12
True true! Yep, by helping keeping the small businesses going especially farmers. There's alot to factor in in regard to savings or no savings when shopping. Right now with gas it could turn into a senario where say something you know is .50 cheaper somewhere else but you know you won't be going to that store any time soon so is it worth your gas to save the .50 to go to several miles out of your way?
@Hatley (164506)
• Garden Grove, California
8 Mar 12
hi 3snugglebunnnies must not have been too hard up or they would have taken even more off the refinancing idea. People who are really good business men go way beyond what they have to to get one's business . but did your hubby get the refinancing on the moped?I know here in southern California the economy really stinks.
@SomeCowgirl (32270)
• United States
8 Mar 12
Poor companies. I mean I understand it, but at the same time it's an annoyance. Hoping that your hubby can get a good deal on a moped, tell him to keep looking. Have you thought of second hand? I'm selling mine. No, not offering lol, just stating that I've decided to do that.
• United States
8 Mar 12
He already found a place. I guess I should of clarified but they wanted us to refi our car with them for that ten dollar savings BUT add nearly a year to the loan for that savings. When if you think about it if I just overpay the loan by a few dollars and pay it before it's due that'll shave down the overall interest and life of the loan.
@dorannmwin (36698)
• United States
11 Mar 12
There are so many people right now that aren't able to have anything financed so when the different banks see that there is someone that has credit that is good enough for financing, then I tend to think that they will do whatever they can in order to get the business. With that said, we have had a moped for almost two years now that my husband bought barely used from a moped shop here in town and we paid cash for it as it was a really good brand for a really good price. It really is perfect for him during the mid-late spring through the early-mid fall because it saves him a lot on the cost of gas. He will ride it to and from work.
@beidaihe (48)
• China
8 Mar 12
Only when we work hard for our business,can we have a brilliant future.taht is right.
@dragon54u (31636)
• United States
8 Mar 12
They're not desperate for business, they make money on those loans! Banks and financing companies lend money then sell the contract to third parties for a profit. Sounds insane, right? But that's one way that the subprime mortgage disaster was perpetuated. Car dealerships are particularly bad about this and these companies can do it and make a profit because they charge higher interest rates. They can sell a contract where they finance $5,000 to someone for $6,000 because with the interest rate the contract is actually worth about $7,000. Watch out for these things! And also watch out if he gets a moped--there are hard to see, as I very painfully learned. Thank God they were able to repair instead of remove my spleen and I didn't break any bones!