I am trying to refinance my car, but have poor credit. My interest rate?

Question

is really high, but I have had my car over a year. does anyone have advice on a reliable place? Also creditprovider.com refinances however I have no information on them, has anyone used them and/or know if they are reliable? Thanks

Answer 1

look if you have made all your payments and on time for over a year then talk to the people you have it financed with and see if they will refinance at a cheaper rate

Answer 2

You can't refinance a car. If you have poor credit, you're not going to get a better rate and the car is probably worth less than the loan balance anyway due to depreciation - and you'll be "upside down" in the loan until probably the last 12 months of thee loan if you're lucky

Answer 3

If you financed 100% of the purchase price of your car you are way out of equity, one because it loses worth the minute you drive of the lot, and two if paying for only a year most of what you have paid is in interest, not principle. If you refinance you will only put yourself farther out of equity, and most likely not see a real decrease in monthly payments.

Answer 4

be very careful who you pick, I would take your payment history and your contract to you local bank instead of a
finance company. Finance Companies don't necessarily
follow the rules. Otherwise just try and send as much
extra in a month and just get the loan paid off.

Answer 5

Since you already have the loan, keep it and just pay extra each month. This will cut down on the high interest rate you have..