Two years ago w/ bad credit was given an 18k loan from Wells Fargo for a 96 Caravan. We still owe 14k (interest is 14.5%) and they refuse to refinance because value of van is only 8.6k. They say they can’t give us a loan for more than the value yet they did originally. Is there anything that can be done to help this?
We’re not trying to get out of paying them the money we owe them we just want to get a lower interest rate. They’re getting paid every month on time.
WOW, yes that was a typo I meant a 2006 no Idea why I put 96.
My payoff is 00 and my ’98 Tacoma has ~130,000 miles on it. I can’t find anyone who will refinance an older vehicle and the ones that will refinance less then 00. I had bad credit when I bought this and have a 25% interest rate. Now I have great credit and am looking to lower my payment by getting a 10% or less interest rate.
Why, because I had bad credit and that was the only credit extended to me & the only option to improve my credit. score was low 500′s now it’s mid 700′s. I would have paid a couple of grand just to increase my score 200 points but unfortunatly it does not work that way. The amount I owe is about blue book value.
Even with bad credit… and about how much would it save me a month?
I’ve had the loan for 2 yrs and consistantly made full payments until just recently when I fell behind.
My payday loans are drowning me. I cannot get ahead. It is getting worse everyday. I have bad credit and cannot get a loan to pay them off. What should I do? If I could pay them off and make one small monthly payment I would be able to make it. Please help, any advise?
I’ve been thinking a bout refinancing my auto loan. But whats the catch. I’ve got a 16.59% auto loan . I’ve made my payments on time for the last 2 year on time. When i got the loan i had really bad credit now i’m in the 630-660
