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Cudder
Posts: 1
Registered: ‎10-01-2013

Shot myself in the foot big time..

[ Edited ]

So let me tell everybody. I just want to start off my saying I feel like a total genius. (Being sarcastic) But anyway, I was in the big rush to buy a car. I got approved for a 6000 dollar loan but with a interest rate at 35% for 5 years. (It was they only thing I could get since I didn't have enough revolving credit.) So once I pay this off, I would have paid back around 14k for a 6k car. But I was in such a rush I was not thinking to just get a co-signer and go to a dealership. So now that 9k dollar car I wanted can't get. But in the long run I'm going to be paying more. 

 

Moral of the story people is don't rush your decision, never put all of your apples in one basket, everything that shine is not always good. Take your time, or end up like me paying 14k for a 6k car. 

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Shot myself in the foot big time..


Cudder wrote:

So let me tell everybody. I just want to start off my saying I feel like a total genius. (Being sarcastic) But anyway, I was in the big rush to buy a car. I got approved for a 6000 dollar loan but with a interest rate at 35% for 5 years. (It was they only thing I could get since I didn't have enough revolving credit.) So once I pay this off, I would have paid back around 14k for a 6k car. But I was in such a rush I was not thinking to just get a co-signer and go to a dealership. So now that 9k dollar car I wanted can't get. But in the long run I'm going to be paying more. 

 

Moral of the story people is don't rush your decision, never put all of your apples in one basket, everything that shine is not always good. Take your time, or end up like me paying 14k for a 6k car. 


Pay extra on the loan in the form of principle only payments.

 

Do this for at least 6 month's then see if you can refi.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Valued Member
Poki
Posts: 81
Registered: ‎09-01-2013

Re: Shot myself in the foot big time..

[ Edited ]

ouch!

 

Most definitely look into refinancing if you can. You may be asked to prove that you have made payments on time for at least 6 months; no problem if you auto loan is being reported to the credit bureaus, but at that interest rate I'm afraid you may have purchased from a buy-here-pay-here car lot? Some of those lots do not report good payments, only when you start missing payments (go figures hey).

 

Hope you dig yourself out of that untidy

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