I would like to get rid of my car...start to save money and build up a college fund for my son, but I have a 5 year loan on it. Does anyone have any suggestions, to get rid of it?? Thanks!!
2007-05-18 06:55:19 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Sell it for as much as possible in the paper and get a personal loan for the amount youare upside down, then pay the personal loan off. The personal loan will be much smaller than the car note because you only need to finance the difference between your sales price and what you owe. Payments will be much lower and by adding more money to thepayments every month, you'll get thepersonal loan out of the way in no time.
Then, with no ridiculous car payment hanging over you head, you'll have a lot of extra cash flow to save for the good life.
Remember, car payments are the instruments of the poor to keep them poor. Rich people don't have car payments, that is part of the reason why they are rich.
2007-05-18 14:19:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I am sure there is no easy answer, car loans are tough.
One suggestion though would be if you do own a home to see if you have enough equity in the house to get a home equity loan. The home equity loan will be at a lower finance rate than the car loan and you may be able to consolidate other bills at the same time, making it one lower monthly payment, and allowing you some extra $$ to put away for college.
2007-05-18 07:05:51 · answer #2 · answered by MOK 2 · 0⤊ 0⤋
This site can solve your problem very fast: CREDIT-COMPARE.NET
2014-05-14 02:06:18 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I have been very fortunate. I get credit cards in the mail, some of them offer 0% interest for 12 months using their blank checks. I called to get my credit limit from them (transfer fees apply), fill out the check to the max and pay the credit union that's charging interest. I have used various checks to pay off my loan. When the amount comes due from the credit cards, I'll transfer to another credit card that is interest free. I've done this for a few years, paid for my car, and my house at 0 interest. Love it.
2007-05-18 07:26:20 · answer #4 · answered by tobeyp2005 3 · 0⤊ 1⤋
Sell the car as "take over payments". The loan is most likely more than the car's worth, though, so you may just be stuck.
2007-05-18 06:58:30 · answer #5 · answered by Nasubi 7 · 0⤊ 0⤋
This site can solve your problem very fast: http://www.CREDIT-COMPARE.NET
RE:Is there a way to get rid of my auto loan?
2014-07-23 19:26:42 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Sell it on the retail level, try to get what you owe. Local newspaper, cars.com, autotrader.com, ebay.com, craigslist.com.
2007-05-18 06:58:05 · answer #7 · answered by jay 7 · 0⤊ 0⤋
Find best solutions
2015-02-13 18:28:09 · answer #8 · answered by Sidonia 1 · 0⤊ 0⤋
pay it off
2007-05-18 07:02:26 · answer #9 · answered by Noah B 3 · 0⤊ 0⤋