Hello there,

PLEASE PLEASE help me work this out. I know nothing about loans/financing or the calculations or the rates.

MY SITUATION:
I have a HP loan with public bank. Borrowed RM33,000, for 7 years, at 4.10% flat for a brand new myvi. Total interest charge is RM9,471, with around RM506 per month. Loan started in March 2007 and now its about slightly over 3 years paid off.

WHAT I INTEND TO DO:
I need cash of around RM25,000 for some very important expenses. My car is the only thing I have, no savings, no house, no shares.
Because public bank dont allow car loan refinancing with the same person name, I intend to move my loan to Maybank. And then refinance it. Hopefully Maybank will help me payoff the balance at public bank and give me around RM25,000 cash.

MY QUESTIONS/CONCERNS:

1. If I want to get this RM25,000 cash, how much you think I have to repay every month and for how long? I am ready to pay below RM700 per month.

2. Is this refinancing a wise step? Am I on the losing end? I dont want to take a personal loan because I dont want to be servicing more than 1 loan at a time.

3. Is there any bank that do not require a third party involve for this kind of refinancing?

4. The person acting as the third party, is he/she gonna be like a guarantor? Most people dont want to be guarantor because its risky.

5. Will my car be considered 2nd or 3rd hand after this? Will the value depreciate even more when i want to sell it in the future?

6. What are the processes involved for such refinancing? What do I have to do at Public bank, at the Car registration, and at Maybank?

7. Is there any better option out there? Will never go to loan sharks please.

PLEASE HELP. Please help with all or any of my questions. THANK YOU.

Regards,
deperate gal...