Finance a car last year its too much for me what can I dO?

Question

I financed a car last year, my payments are 331 a month its getting too much for me, is there anyway I can get rid of it? Sell it? Or can't I? Since I fiance it..I'm confused...

Answer 1

sell it yourself - not at a dealer -. Maybe you can get what you owe out of it. If not you might have to pay a little to get out from under - but you will be much better off. Go by a used car -

Answer 2

You can sell it, as long as you get enough to pay off your loan, then you'll need to purchase another car, I would think. You don't want it to get repo'd, that would be the worst thing to happen. If you owe more on the loan, then the car is worth, then you will have a serious problem, and likely won't be able to sell. If you can generate some extra money to apply to the car only, you may need to go that way. Maybe refinancing your loan is an option, that would be discussed with the lender, but would be a better option, then the repo.

Answer 3

Well, you can sell it, but if the vehicle is worth less than what you owe you will have to come out of pocket whatever the difference is to pay the car off so the new owner can receive the title. You can rarely(but not impossible)lower your payment on a trade in. Your best option is to look into refinancing the vehicle with a credit union or personal bank. If you can sell the vehicle and get your payoff, go for it, but remember that you will need to replace it.

Answer 4

If you can sell it for enough, you can pay off your loan. However, depending on the terms of your finance you may not be able to transfer ownership of the car without paying off the entire loan.

One other option you may want to look into is to re-finance. Stretch out your remaining amount for an extra year or two. It may be enough to bring your payments down. But, the down side is paying longer, and paying more interest before it's done.