I owe 19700 on my car and the kelly blue book said it was worth 12400 private party and 9500 trade in. I can't refinace right now but my payments are killing me. Dose anyone know what i could do to lower my monthly payments (410).
2006-09-23 09:15:57 · 4 answers · asked by Letmebeme 2 in Cars & Transportation ➔ Buying & Selling
Negative. You won't be able to trade it in either. Your best bet is to pick up a second job, 10 hours/week to help out. 10 hours, times 8/hr = $80 (65 after taxes) * 4 = 265 extra bucks every month.
2006-09-23 09:37:25 · answer #1 · answered by Manny 6 · 0⤊ 0⤋
This is only if you own a home. A home equity loan might get you out of this auto loan. A home equity loan is a fixed-rate loan over a fixed term with set monthly payments. The national average this week for a home equity loan is 7.69 percent. If you can deduct the mortgage interest expense on your taxes the effective (after-tax) rate will be even lower. I don't like the idea of you taking up to 10 years to pay off a car that isn't likely to last you that long, but that is a possible solution. After all, you don't have to take 10 years to repay the note.
2006-09-23 19:14:58 · answer #2 · answered by Ms. Goose 2 · 0⤊ 0⤋
Unless you put a lot of money into a refinance deal, no bank is going to want to make a $19,700 loan on a $12,000 vehicle. The only way to get out of the situation you are in is to continue paying the car payments. Seeing as the payment is not going to get lowered, your best bet would be to try to increase your income. You may want to look at a second, part time job, for a while, to help you get ahead.
Good luck.
2006-09-23 16:21:55 · answer #3 · answered by fire4511 7 · 0⤊ 0⤋
pay each month about 50 bucks more and the intrest should go down and also the payment
2006-09-23 17:25:32 · answer #4 · answered by Mario diaz 3 · 0⤊ 0⤋