upside down refi?

[Anonymous]

I have a 2003 Honda accord KBB about 10.4k, I owe 14k and have an APR of 15.9%!!

I have a good credit score now (780) and have been making payments since Jan 2007 and have not had a late or missed payment ever. 

is it worth applying for a refi auto loan or wait until i can save up the money to pay it down?  the problem with that is I pay 500 a month and it is hard to come up with much more to get it lowered. 

Message Edited by 1stimebuyer on 12-12-2009 04:18 PM

[Anonymous]

Hello,

I would try to refi. Due to that high 15.9 APR%. That is a shame becuase mostly the reason you are upside down is becuase of that. Being that much upside down with a honda is hard to do. Did you buy this new or used?? Also what bank was used for the loan??  

[Anonymous]

I bought this car used and financed through Wells Fargo.  I traded in a truck for it and at the time didn't have very good credit and I think I already had negative equity with the trade-in.  I didn't know much then but have come a long way in the past 3 years and own my own home now...so my next step is to take care of this car loan that has been sitting on the back burner for the past 3 years. 

Do you think I could get a refi being that much upside down?  I don't want to waste the "inquire hit" on my credit report.

[Anonymous]

It might be hard to do but it's wroth a shot. If you had 2k to give them then you shouldn't have a problem.