I had bought a '06 Nissan Altima special addition. The loan was for 26,000 6 years at 20%. I had ok credit and I had co-signed for someone with bad credit (don't lecture me i know it was stupid). The payment is 625/mo. I want to take the car now and refianace it with only me on the loan. Now my credit has im proved a lot BUT of course we're uspise down. the car is worth 19 thou butthe loan is 25. Now even with my good crdit and if I were able to get a co-signer with flawless credit. Would it be possible to get the car refiananced without bringing down the balance?
2007-01-18 07:40:40 · 6 answers · asked by Alejandra J 1 in Business & Finance ➔ Credit
That's a tough one. It is possible to get it refinanced, but you may run into a few hiccups. Your best bet will be to try to refinance it with the same institution that you are currently with. However, with the current increasing interest rate environment, that may not go too well. You have a few other options. You can go to the Bank and ask for a personal loan in the amount that you need, but this is likely to have a higher interest rate as well. You could also offer some secondary source of collateral. This would provide additional assurance to the lender that you will pay it back. Having a co-signer is definitely a plus. But either way, you ought to really look hard to find some way to refinance this. 20% is very high. The bank I work for charges around 8% for a vehicle loan that is that new. You should be paying alot less.
Bottom line: It is possible to get it refinanced, but you are going to have to have some sort of additional collateral if you don't curtail the loan. Otherwise, the interest rate isn't going to improve much.
2007-01-18 08:35:15 · answer #1 · answered by theeconomicsguy 5 · 0⤊ 0⤋
Should be able to. Shop around for personal loans/line of credit - 20% is a subprime rate (ie bad credit), if you have good credit you should be able to do much better. You don't need to refinance everything, use any credit you can get with lower rates to pay down your loan in chunks - even some credit cards offer a better rate than that.
2007-01-18 11:04:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
considering which you have made sufficient errors and would not seem you would be waiting to get out of this. every person interior the properly suited approach will in no way do what you probably did. no person is going to allow you borrow money fantastically whilst your earlier loan is at 20%. provide the motor vehicle returned by using letting the financial employer take over your automobile and purchase a junk automobile that takes you from element A to B.
2016-10-31 11:10:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
i agree you best chance is with the institution the loan is with now
most places will not only not finance an upside down car loan but might only refinance 70 to 80 % of the value
2007-01-18 08:46:19 · answer #4 · answered by bali 1 · 0⤊ 0⤋
Yes you can. Here is a best Auto financer offering great deals.No matter what
is your credit score.Check the offer and you can apply online also.
Best luck,
http://lnk.in/487w
2007-01-18 16:21:25 · answer #5 · answered by sam 2 · 0⤊ 0⤋
try this site, it'll show you different options for a car loan. just fill out the form and you'll see the results instantly.
2007-01-18 15:36:11 · answer #6 · answered by Sub S 1 · 0⤊ 0⤋
Hi here is a resource for all your Refinancing concerns
2007-01-18 08:49:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋