@Elizabethd1012 wrote:
I financed my car with a ridiculous car loan company called Santander Consumer aka Drive Financial. I was not able to get approved through Honda and they were my only option. They gave me the highest interest rate legally possible 24.99 and now I have been paying for about 9 months faithfully and ON TIME and make even higher payments than the amount due and in 9 months the loan has only decreased by 1000!!! I'm going crazy...I feel like I am giving away 400 bucks every month for a car I don't even love!! My payment is $511.69 and I can afford it but it hurts me and bothers me paying so much money for a $20,000 loan. I tried trading it in for another car just to get a lower interest rate and they can't do it because they appraised my car and it's only worth $12,000 right now and I owe $18,794. They said the only way I can get another car is if the car is new and put a $5000 down payment because I can't get approved for an old car since my credit is not good and since they would have to put 6K on top of the vehicle's price.
I tried talking to Wells fargo about refinancing and they won't do it either since my car is worth so little! I'm so screwed! I don't know what to do.
@ thank goodness i found this thread searching on myfico.com about vehicle refinancing!! i myself also have recieved an approve loan through "SANTANDER" loan term 60 months at close to 25%! that i have gave a lot of thought about! 25%, its like am digging a grave for myself! @ $411 a month---->monthly interest-->$102.75x60 months interest , total $6,165. uhh i think am better off with a put put off of craigslist. after all i dont think am going to take this loan, even though i seriously need a vehicle. think its better off for me to avoid a repossession!
