I've been reviewing some of the forums on MyFico but I didn't realize there was an auto loan forum until today. I have a quick question about my car. I have a 2015 Dodge Journey Crossroad that I purchased in February. Against my better judgement I signed up for a very high interest rate and paid way more than I should. As a result, I currently owe about $28k on the car and the KBB trade in value is only $19k. I tried to refi through a snail mail solicitation that I received a few months ago and they denied due to LTV.
I'm smack-dab in the middle of purchasing a house right now but I'm set to close in approximately 30 days. As soon as I close, I'd love to refi the car but reading through the forums I'm not sure how that could be done since I"m so upside down. Right now my payment is $546/month which I can handle, but since my credit is a lot better now than it was then, I'd love to refi if possible.
Does it make sense to try to take a personal loan with a lower interest rate, or should I save the upside down difference and then try to refi, or should I just bite the bullet and pay the car down for like 2 more years and then try again?
Thank you for any advice.
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