At purchased a car 2 years a go. I still owe $15,000.00. My payments are too much for me know. I was living with my mother in law, and I had a job that paid me more money. Know I'm ON MY OWN! And I switched jobs, and my car payments are KILLER!! Please help! What options do I have to get rid of these payments, if I sell it, i wont get what I owe. If I trade it in my payments will be the same. I LOVE MY CAR =( I just need a roof over my head more.
2007-12-26 15:34:30 · 6 answers · asked by Cynthia 2 in Cars & Transportation ➔ Buying & Selling
If the value of the vehicle is more than the balance owed, you are going to find it very hard to refinance the loan. Most banks will not loan more than the current value of the vehicle.
This leaves you with limited options. The first is to sell the car and take out a personal loan to pay the balance! This will leave you with a payment (most likely less than your current car payment) but also leaves you with no vehicle.
You can trade the car, but as you have said, that will not reduce your payment.
Seeing as there is no good way to reduce your payment, your only real option is to increase your income and / or cut other expenses. Either get a part time job, or cut your other spending to the bone. Get rid of cable TV, pack a lunch rather than eating lunch out, give up going out on the weekends for a while! If you can get a part time job, just working on the weekend (16 hours a week) that pays $8.00 per hour, (and you should be able to get much more) that will give you $128 per week before taxes. This should help a lot towards the payment!
Good luck
2007-12-26 16:20:43 · answer #1 · answered by fire4511 7 · 3⤊ 0⤋
If you can't get a better rate refi-, and don't want to sell it because you'll lose money.
Another option is to have someone take over the payments. Of course, that still leaves you without a car.
2007-12-26 15:51:46 · answer #2 · answered by Al A 3 · 0⤊ 3⤋
Hi Cynthia. You need more money. Get a part time job to supplement your income from your 'day job'.
Best wishes and good luck.
2007-12-26 15:54:05 · answer #3 · answered by Doctor J 7 · 4⤊ 0⤋
Refi maybe if your rate is high and your credit is good.Otherwise suck it up lesson learned and sell it...trade it or list on ebay or auto trader or Craigs List may be better if its in good shape..what kind of car????
2007-12-26 15:45:25 · answer #4 · answered by 2A 7 · 0⤊ 4⤋
Try refinancing it. Capital One auto finance does it and if your credit is good the interest rates are low.
2007-12-26 15:40:34 · answer #5 · answered by Anonymous · 4⤊ 3⤋
I do not have an answer but I am interested on subject!
2007-12-26 15:43:24 · answer #6 · answered by Black_Coffee 4 · 0⤊ 4⤋