@Anonymous wrote:
Greeting guys,
Im currently stuck on an 18% auto loan for a car that i bought 3 yeas ago. I still owe 3 more years on it but I don't want to keep loosing money. Now that I built my credit up a little (690 Beacon) I want to refinance it but I am upside down $6000.00 on it and for me to refinance it, I would have to pay this out of my pocket. I guess the interest ate away my chances of ever trading the car while i was reparing my credt. Im going through my local credit union and i've asked for a small loan before and ended it end good standing. Do you think that they can pay some of the difference or maybe alot of it or am I stuck with the car for 3 more years with an interest rate of 18%? I was also thinking about trading it in but then they would have to carry o ver the amount to the new loan of a new car...God im so screwed...
And advice would be gladly appreciated...
My advice would be, make a deep and searching examination of your budget and find ways to cut cut cut cut other spending so you can pay more than the scheduled monthly payment on your loan to get that principal balance paid off quickly and quit paying interest. In any case, if you are halfway through a six-year loan then you have already paid much more than half of the total interest you will pay on this loan.
Then, once you have paid off this loan ahead of schedule, hang onto this car and keep making payments into a savings account until you have at least half the price of a late-model used car saved up. At that point you replace this car with a late-model used car with a 36-month loan, and your days of being upside-down are over forever.
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