I have bad credit,still owe on my car,want to trade it in,get something with lower payments.Can I and how?
Question by wheekie1: I have bad credit,still owe on my car,want to trade it in,get something with lower payments.Can I and how?
My car payments are too high,but current.I do have bad credit though.I still owe on the car.I’d like to refinance to get lower payments or trade it in and get something cheaper.Is it possible to do either of those things in my situation and if it is,…how do I go about it?I’m really in a bind!
Answer by mree
It depends on what your looking for. I would refinance the loan to get a lower interest rate(if you can) and lower your payment. Watch out though you may not want to refi at a longer total term. I.E. if your initial loan was 5 years and you paid one year on it, don’t refi for 5 or 6 years you’ll be paying longer than the initial loan. You could try trading in but make sure that you know the interest rate and amount to be financed first and try to get approved through your bank as a back up. If you go back to the finance manager and your rate and payment are out of your budget don’t go through with it. Tell them it’s too high and you can’t afford it.
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