Can I Get A Lower Interest Rate On Car Loan If I Still Got Bad Credit?
Jan 08, 2009 by jkooley43 | Posted in Credit
I still got bad commendation but i have an excellent payment history with my auto loan company for the past seven months. My interest judge is 22.92% YIKES but i needed a car bad. the loan is for 9270 and its down to 8400. I had it since May08 and i got 41 months to unused. Seeking advice not a tongue lashing,lol.
It is uncertain that 7 months will change your credit score that much. It is not just this loan, but how are all of your other dents that affect your faith score?
Mar 22, 2007 by annetteb1432003 | Posted in Buying & Selling
I have a girlfriend who has a 1999 Mitsubishi galant. His Payments are 315.00 for the next 32 months. Or he can buy out for 9408.00. The car isn't even value that much. How do you get out of the loan without damaging your credit?
So straight now your bud is upsidedown on his car. He owes a total of 10080 if he pays it off and 9408 is the payoff number.
The only way to get out is to pay it off as soon as he can. He signed a contract and the court will uphold the contract. If he can find a better loan then refinance it. Upstanding luck.
18 months ago my girlfriend purchased a car for her sibling (in her name) against my better judgement. She took out a $29,000 loan at 15% interest, which he was to pay. 18 months later, the pal can no longer afford the payments and my now fiance is stuck with the balance. The car has a trade-in value of app. $17,000 but $26,000 is still owed to the bank. Any recommendations on how to get out of this hotchpotch without ponying up the balance right now? I have much better credit than her and some cash to pay down the balance, so I cerebration about trading in for an inexpensive car and rolling the balance into a new loan. Not sure how this might work.
Hypothetically, would it fathom sense to go to the dealer, trade-in the car and select a $10,000 car? In this case I would roll the unresponsive equity ($9k) into the new loan and just make payments on a $19,000 loan, while the car's value is only $10,000? Based on the answer's it doesn't seem like a dealer would give me a loan twice the car's value.
Auto cash is what I do for a living and when you are upside down in a loan there are only a few things that you can do to get out of it.
1. You can make a large down payment and buy yourself out.
2. You can buy another vehicle that will suck up the cool equity, but this will raise your payment in most cases.
3. You can simply keep driving it.
If you trade for a less valuable car you will have to put more money down because this will effect the loan to value which is one of the most important things auto loans are based on.
About the most you can get carried is 150% of traffic value. So if you trade for a car that has a trade value of say $10,000.00 the most you can borrow is $15,000.00. This is only $5,000.00 and you are $9,000.00 hooked.
Above all do not consideration the car. It will show as a volentary repossession on your girlfriends credit.
Have you thought about taking the worthless relation to court?
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It is uncertain that 7 months will change your credit score that much. It is not just this loan, but how are all of your other dents that affect your faith score?
I tried 
2009-11-13 23:26:06 - Many people out there muse on that bad credit car loan is probably just a lending myth or a smooth marketing strategy used by lending Getting No Credit Check Auto LoanBad Honesty Unsecured Personal Loans – Lower Rates Than a Payday Loan?Yen to know about No Credit Check Car Loans? - -all 28 expos articles »
light-complexioned-News.de (Pressemitteilung)In the current economic climate it is very difficult to finance a conveyance with a bad credit car loan for Bad Credit Car Financing & Auto Loans for People With Poor Confidence in or Zero CreditEasy Financing for Used Car and New Auto Loans at Low Interest RatesNo Accept Check Car Loans with Low Rates - -all 32 news articles »
