my car’s payoff quote is $17047.71….i got this car in october of 2007. I would like to refinance it but my credit score is really bad at a 518. on top of that my car’s value, according to the kelly blue book is $15,330. I believe my interest rate is at a 8%.
Is refinancing even an option for me….if not, what can I do to lower my payments from $430 a month. Please help!
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You’re upside down on the loan (owe more than the car is worth) so refinancing is going to be difficult to impossible. Besides, with a credit score of 518 there is no way that you’re going to get an interest rate better than 8 %(bad credit auto loans/refinancing typically have interest rates around 22-28 %).
If you can’t afford the car, your only option is to sell it or get someone to take over the loan. A voluntary repo will kill your credit for years to come and you will still be responsible for paying the difference between what you owe and what the finance company gets for the car when they sell it…and you will be without wheels.
I doubt you will be able to refi because you are upside down in your loan
Also, with a score of 518, you will NOT get a lower rate than that 8% you have now.
I am afraid you are stuck with this car unless you can find someone to buy it for the 17k you owe (won’t happen)