Refinancing with a HIGH Loan to Value...is it possible?

[Anonymous]

I have very high interest rate on my car (28%). We want to refinance, if possible, but the Loan to Value is outragous. Worth is about $5000 and the loan is for $12000. How can we change this interest rate? We are really struggling making payments!!

[MarineVietVet]

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@Anonymous wrote:

I have very high interest rate on my car (28%). We want to refinance, if possible, but the Loan to Value is outragous. Worth is about $5000 and the loan is for $12000. How can we change this interest rate? We are really struggling making payments!!

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Hi there. Welcome to the forums.

This might be better suited for the Auto Loans board. I think you'll get more of a response.

[Kenny]

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@MarineVietVet wrote:

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@Anonymous wrote:

I have very high interest rate on my car (28%). We want to refinance, if possible, but the Loan to Value is outragous. Worth is about $5000 and the loan is for $12000. How can we change this interest rate? We are really struggling making payments!!

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Hi there. Welcome to the forums.

This might be better suited for the Auto Loans board. I think you'll get more of a response.

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Moved.

[Anonymous]

Quite honestly, I don’t know any lender that will give you a re-fi for that much over the MSRP that wont charge you an insane interest rate.

Thinking back to another recent thread, your best bet may be getting a 0% intro credit card paying off the car loan and then making mad payments before the into is up.

You didn’t mention what your credit scores are, but at 27% for a car loan, I am guessing its less than stellar, so I am doubting you would be able to get a CC with a high enough CL to pay off that high a debt.

Perhaps Lending Club might be an option?

It might help for you to post your credit scores, income and debt portfolio so that we have a better picture of your situation. You might get a more focused response.