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You may want to consider refinancing at this point. It's worth a shot.
I made the big mistake of going with Santander. Now, their submissions are really harming my credit report. I need help with this loan. Do you have any recommendations for loan companies that can help me?
Hi JenHelp!
Welcome to the MyFICO forums!
What exactly are they reporting to your credit report?
@Samekathe wrote:I have an auto loan with them and they not only have always reported us good but also been very understanding the 2 months we went away on vacation and not reported us bad at all..
Only problem is.. Our interest rate is outrageous 19% I don't know what to do, we've had it for a year and a half and all greens every month, but we are 13k away from paying a car that cost 6k. What should I do? Trade it in? Refinance?
What is your vehicle worth? The real problem with high interest rates, besides the obvious higher payment, is that much less, if any, is applied to your principal balance in the beginning of the loan term so you end up not paying down the principal. If you pay late, even by a few days, it adds to the amount due. It's a cycle that is hard to get out of because the balance due grows if you aren't careful.
If you owe $13k on a $6k vehicle the worst thing you can do is trade it in - you are transferring the debt to the new vehicle when you trade.
Either refi now or sell it and bring cash to the deal to pay off the balance. Then buy something else with a down payment so you aren't so upside down in your loan. Even if you refi, you may have to bring cash to close the new loan depending upon the actual value of your vehicle.
I have had them since 10/11. I will say my interest is 19% and it sucks, I pay their 10.95 fee just so I have the record of the payment. They report accurately, they report ontime, and I pay ontime. No calls, no nothing. I am however upside down on my loan by about 3k, but that is the price I pay, for being stupid with my credit in the past. I have 4 years left.
They are there when you need them, because as another poster said you messed up your credit. I did too. But they gave me a shot when I had NOTHING positive on my account. I actually had 23 negative items.
My 2nd car loan was with Chase in Jan this year., I LOVE THEM, directly linked on my same page as my checking account could not ask for anything more.
Chase saw that I was with Santander and they gave me a shot, lower, payments, lower interest rate, better car. We gave Santander a shot at the second loan, they came back and said trade in your car and pay the difference and then they will give me the loan. That is the only negative thing they have said to me.
@dobirdsmommy wrote:I have had them since 10/11. I will say my interest is 19% and it sucks, I pay their 10.95 fee just so I have the record of the payment. They report accurately, they report ontime, and I pay ontime. No calls, no nothing. I am however upside down on my loan by about 3k, but that is the price I pay, for being stupid with my credit in the past. I have 4 years left.
They are there when you need them, because as another poster said you messed up your credit. I did too. But they gave me a shot when I had NOTHING positive on my account. I actually had 23 negative items.
My 2nd car loan was with Chase in Jan this year., I LOVE THEM, directly linked on my same page as my checking account could not ask for anything more.
Chase saw that I was with Santander and they gave me a shot, lower, payments, lower interest rate, better car. We gave Santander a shot at the second loan, they came back and said trade in your car and pay the difference and then they will give me the loan. That is the only negative thing they have said to me.
Try to pay extra each month. Anything above the minimum payment goes towards principle. So, any extra helps.
I've heard alot of bad stuff about Sandtander/Roadloans. It's weird considering they are sort of endosed by KBB.com.
@Dustink wrote:
@dobirdsmommy wrote:I have had them since 10/11. I will say my interest is 19% and it sucks, I pay their 10.95 fee just so I have the record of the payment. They report accurately, they report ontime, and I pay ontime. No calls, no nothing. I am however upside down on my loan by about 3k, but that is the price I pay, for being stupid with my credit in the past. I have 4 years left.
They are there when you need them, because as another poster said you messed up your credit. I did too. But they gave me a shot when I had NOTHING positive on my account. I actually had 23 negative items.
My 2nd car loan was with Chase in Jan this year., I LOVE THEM, directly linked on my same page as my checking account could not ask for anything more.
Chase saw that I was with Santander and they gave me a shot, lower, payments, lower interest rate, better car. We gave Santander a shot at the second loan, they came back and said trade in your car and pay the difference and then they will give me the loan. That is the only negative thing they have said to me.
Try to pay extra each month. Anything above the minimum payment goes towards principle. So, any extra helps.
Actually not according to them. I have to call them and force them to apply it to principal. They will apply the extra I pay towards interest.
this is how they kill me each month, and I paid early this month as well
Amount ($350.50) Balance $12,372.24 | Date Posted 5/24/2013 Effective Date 5/24/2013 | Principal ($185.02) Interest ($165.48) |
@dobirdsmommy wrote:
@Dustink wrote:
@dobirdsmommy wrote:I have had them since 10/11. I will say my interest is 19% and it sucks, I pay their 10.95 fee just so I have the record of the payment. They report accurately, they report ontime, and I pay ontime. No calls, no nothing. I am however upside down on my loan by about 3k, but that is the price I pay, for being stupid with my credit in the past. I have 4 years left.
They are there when you need them, because as another poster said you messed up your credit. I did too. But they gave me a shot when I had NOTHING positive on my account. I actually had 23 negative items.
My 2nd car loan was with Chase in Jan this year., I LOVE THEM, directly linked on my same page as my checking account could not ask for anything more.
Chase saw that I was with Santander and they gave me a shot, lower, payments, lower interest rate, better car. We gave Santander a shot at the second loan, they came back and said trade in your car and pay the difference and then they will give me the loan. That is the only negative thing they have said to me.
Try to pay extra each month. Anything above the minimum payment goes towards principle. So, any extra helps.
Actually not according to them. I have to call them and force them to apply it to principal. They will apply the extra I pay towards interest.
this is how they kill me each month, and I paid early this month as well
Amount ($350.50) Balance $12,372.24 Date Posted 5/24/2013 Effective Date 5/24/2013 Principal ($185.02) Interest ($165.48)
Yes, you must pay the interest charges first. They are part of your minimum payment. For example, your minimum payment is $200.50 and your interest charges are $165.48. Then only $35.02 is going towards principle, but with a larger payment like $350.50 more is getting paid off $185.02 because anything beyond the minimum is applied towards principle. Give them a call to make sure they are applying it this way. Something, bad lenders like this will put the funds in a temporary account and each time there is enough in there to cover a payment. They will move your payment back 1 month, unless you accumulate enough to pay the loan off in full.