I need to trade in my car for another one to lower my monthly payments. Right now I have a Kia sorento that my father put in his name for me. he only financed it 3 years and my payments are $635 a month. I am about half way thru and I am killing myself trying to make the payments. I want to trade it in with the equity and put this one in my name. My credit score is in the mid 500s and I was wondering what is a normal interest rate for this kind of score. So I dont get ripped off at the dealership Thanks
Maybe you should see if they will finance you for that same car may longer term to make the payment lower. As far I know car don't have equity usually you never get a trade-in for what is owed on the car. Go out to Kelly Blue Book and see what it is worth.
Do you have a reasonable interest rate already? Perhaps you could consider a refi for a longer time period, but this time in your name. I'm mid-500s and paying over 20%, post-BK. So, you should shop carefully if you consider this option.
here is the weird thing. while im trying to refinance my current car for a longer term I am trying to rent a house loacally and the car place tells me that my equifax score is around 520ish and the rental company i am going thru for a house says that my fico is 624. what company uses fico scores?
Maybe the dealer is pulling your leg, or maybe the rental company is using Experian or TransUnion for the FICO score they quoted you. At any rate, that's a BIG discrepancy between scores. You need to check your scores for yourself. Get them (all 3) from MyFICO.com and use "myfico20" for the discount code (you'll save a few bucks on each). Having your scores and reports in front of you will put you in a much better negotiating position at the dealer.
at 20% how you gonna get from being upside down on LTV for most places? fix your credit up mate, then refi, or you'll be upside forever and into the next car
