Motohip

I'm upside down on my car loan...maybe $2000 at most. My interest rate is 9.99% and my current credit score is good. (Is it okay to post credit score in the interweb???) Would it be a wise decision to trade my car in for a new car and possibly get a lower rate?

anothercls

Re-finance the current loan for a reduced rate and keep the car till you're no longer upside down or you can afford the amount you're down plus a down payment.

dallison

refinance thru a credit union if you can

Motohip

Thanks for the help guys. I already have a CU, so I'll go there on my day off to see if I can refinance. Sometimes they have restrictions on how old the car can be...mine may be too old.

phipark

They might not finance it if you are upside down.

dallison

check out kbb.com, use retail to see how much it is worth, that is typically what they will refi for

Motohip

I called and it was well within the price range for them to do it. Unfortunately I have too much revolving credit, so no dice.

92NSX

Sorry to hear you didn't get new deal.
Got a silly question though, if you have good credit, why such a high interest rate? Then again, depends on what you consider a good rating too.

G

9.99 % is outrageous!!

dallison

maybe it was for a used car that wasnt certified, dealer prob came to him with the offer of 9.99 for a reg used car from a bank

it depends on how good of a shopper he is and if it was the 1st car etc etc.

Motohip

Well...my credit score it 633. That's not great, but it's okay I think. It's the first car I financed myself and I didn't know 9.99% was high.

Motohip

Right on the money.