I got into a bad car loan in college it 21,000 dollars for 20 percent interest? can i refinance?

Question

I've been making on time payments for a year could i refinance is it worth it? could i give the car back? what the best way to refinance?

Answer 1

You can refinance, but you need to show some proof of some type of income.

Go to your bank or local credit union. Many colleges have their own credit unions, and ask what type of rate they can give you for a used car loan. Most should be able to get your around 8%-10% if your credit is decent.

You can't give the car back. You purchased it and signed a contract. If you try, you'll more than likely ruin your credit as it will go on your record as a repossession.

Answer 2

1

Answer 3

refinance. You got the rate probably for being high risk as far as credit goes. Since you've been making ontime payments you should have a better credit rating making you less of a risk and getting you that lower payment.

Answer 4

The best thing for you to do is to go into your bank branch or lender of your choice after you get your payoff information on your current loan and see if you qualify and tell them you want to rate shop it. You can shop around with different banks for the best rate offer once you know you're qualified. Do you have bad credit that your rate is that high? Usually only sub-prime loans are that high for poor credit situations. If your credit was good, then you got hosed by the dealer who set it up.