2007-09-16 13:35:18 · 6 answers · asked by Van H 1 in Business & Finance ➔ Credit
Realistically if your credit is bad you are not going to get a good interest rate. Can you get someone to cosign and perhaps refi it to a lower rate?
Best thing to do is pay it off as quickly as possible. If it is a new car then maybe it is time to sell and get a clunker to get you around while improving your credit scores.
Good luck, once you mess it gets rough.
2007-09-16 14:00:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Make extra payments on your car loans. This will reduce the total pay-off on simple interest loans.
Contact the auto loan people and ask to refinance the loan. In addition, ask what your interest and payment wil be if you apply additional money towards the loan at the time of refinancing.
Finally, try getting your credit in better shape before you approach any refinance startegy.
If your credit has become worse than when you first applied for the auto loan, refinancing could work against you.
Do Not forget to make weekly deposits of $50 to $100 in a good high interest savings account or Money Market account and watch your money grow!
God Bless.
Carlos Cruz
2007-09-16 13:53:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Van, I don't know much about your situation....but I would call who your loan(s) are with during daytime business hours. Ask if you could speak to someone about any offers they have on lower car loan interest rates. Explain that you have been a good payer and as a good customer you would like a lower rate if possible...or you will look else where.
If they say no....look else where. Check out other banks rates and even apply online like a CapitalOne for a lower car loan.
You should be able to get at least 1% off.
2007-09-16 13:51:41 · answer #3 · answered by s487 2 · 0⤊ 0⤋
#1 Sell the cars if you are not "upside down" and owe more than they're worth.
#2 Go to your local credit union. They are MUCH cheaper on interest rates.
#3 Listen to Dave Ramsey on AM radio during the day or look up daveramsey.com He'll make your life much easier-for free!
2007-09-16 13:43:52 · answer #4 · answered by barb j 4 · 0⤊ 0⤋
Try a credit union. They typically have better interest rates.
If your credit is poor, that means you are considered higher risk. Higher risk equals higher interest.
2007-09-16 13:49:02 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋
improve you credit.
Establish a pattern of payments, then negotiate with your auto finance company.
2007-09-16 13:56:01 · answer #6 · answered by hail_loki 3 · 0⤊ 0⤋