I have bad credit and over 100K miles on my car to which I owe an upside down payment on, can I refinance?

Question

$20K and 110K miles

Answer 1

what is it a rolls royce? you r stuck

Answer 2

If the car is not worth what you owe, even with good credit you would not be able to refinance. You might find an unscrupulous lender that will take your money and charge you an outrageous rate of interest, but you will only make the situation worse.

Your best bet is to sell the car for what you can get and pay down the balance, then pay the rest of the loan off as you can (if the lender will let you; I assume they have the title). If the car is worth only a little less than the balance, but is in good shape, you may be able to get the lender to agree to take the car for the balance due. They may be able to sell it at retail for more than you can at a private sale.

Answer 3

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 4

Banks don't care how many miles are on the car, all the care if whether you can pay them or not.

But refinancing is probably not a good idea since your rate will be higher than what you're already paying.

Answer 5

Visit http://www.cheap-credit-cards.org/loans/bad-credit-auto-loans.php for a list of loan providers for people with bad credit

Answer 6

Cars can be refinanced. Just make sure to read the fine print.