Can you get out of a bad car loan?

Answer

Yup, If your interest rate is very high, so you can go for refinancing your car loan at lowest interest rates even with bad credit. Pls check out the services listed below as Related Links for more information.

Getting Out of a Bad Car Loan

An Interest rate at 14% is hi but it could have been 24%? I think you need to be honest with the #s. Did you omit the Tax and License? usually 10% or another $3000?...Did you purchase an extended warranty or other after market iitems like alarms, paint and interior packages or Upgraded CD and audio add-ons?...these can easily ad several more thousands than just the 14% interest. Having said that it is true that "banks have big buildings because of interest". Also the Dealer makes money on the rate.If you qualify for 12% and they "sell" you at 14% they make 2 points.Dealers are in business to give unbreakable contracts to the banks. The only way out without defaulting or proving "fraud" and having the car reposessed and your credit seriously damaged is to pay off the loan by re-financing with a new loan. The new lender will want a current "wholesale Blue-Book" value on the car, If you have any problems with your credit try and pay those off first. There was a reason you were written at a hi rate and this is your responsibility to keep clean. An old $50 unpaid phone bill can cost you thousands. If you can join a credit union, they can offer lower rates. You are lucky as interest rates are very competitive now. You may want to consider adding another down payment to lower the principal owed and help attract a lender.cars generally lose value faster than you pay them down, especially if you put more than the 12-15K miles a year. This is the riskiest loan for a bank.

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