Hi guys... Hopefully someone out there can guide me! I am paying a whopping 16% on my car (97 Chevy Blazer) with Household Automotive....I have had the car since 12/99...I have no current credit cards only my revolving loan which I have paid on time (except for 1 30 day in 7/01) which I am disputing. I am lookin to refinance...where do I start? BTW...I had a previous auto loan which I paid on time for 2 years, and it is paid in full (It was for $18,000). the loans and 2 previous CCDs are the positives that I have on my Credit Report. HELP!
credit union, but to be honest, since your vehicle is approaching the "too old to loan" range, you might not get much better. There are times when you need to cut your losses by trading it in for a new car and saving money by losing 10% of effective interest. A friend of mine is in the same boat, they require a 680-700 beacon to consider a REFI and only at the nada loan value (IE TRADE-IN) of the vehicle, all negative equity would have to be paid in full first. im still investigating other options, but the negative equity issue is the hardest to deal with on REFI.
680-700?? My credit union only asked for a 620 (They pulled Equifax). Then again I refinanced a 2000 Accord that I bought in 6/2000. Usually they look for a year's payments but I agree - you might have to cut your losses due to the age of the car..
Thanks guys... Boy did I really screw this one up! I got it to improve my credit, but got suckered into a $20,000 loan at 16% interest. I know owe about $15,000, and I am totally upside down! My truck is only worth about $8500 (high FWY miles) on the street and probably less at trade in... I think the balance is too high to trade in and tac onto a new loan...any suggestions?? Monij
As much as I hate to say this, you might want to see if you can find a helpful and honest finance guy at a dealership. They are scarce but I'm sure there's one or two in this world who haven't been discovered by management, tarred, feathered and run out of town on a rail yet. What I envision is buying a slow-selling model for as little as possible (like 2% over invoice) which gives them the most room to roll as much outstanding debt as possible into the new loan. Dealers tack "sucker" charges onto MSRP all the time so one would think that they must have lenders who are willing to lend some percentage above the MSRP of any given vehicle. I'm not too familiar with auto financing, so take this with a grain of salt. RM
I use to do auto laons at a credit union. We could not do a loan that was upside down at all. The only way we could do the loan is if the person was willing to bring the upside down part in cash. Are you sure you were looking at the "retail value" of your car or the "trade in value". That could make all the difference in the world. My hubby traded in a car and it was upside down, he had to bring in the money.
