Monday, October 26, 2009

HELP!!! My APR 18.9% on my car loan...?

Im only 19. My stepmother signed a car loan for me in 10/05 (which was very nice of her) but I had no idea about percentage rates and crap like that. I've been paying for it of course. My payment is $306.00 a month and only like $100 of it is going toward the principal the rest of it is going toward the interest. I don't know what to do.l haved tried a couple places to see if I could refinance it in my name but I've been declined. If I pay this whole loan off I will be paying almost $7000 dollars back in interest and my car was only $10,000. I don't know what to do or how to go about doing it. Can someone please guide me?



HELP!!! My APR 18.9% on my car loan...?

You need to check your loan to find out how interest is calculated and how extra payments are treated. For example, with my loan interest is calculated on a daily basis. Every payment first goes to interest and then to principal whether it is a normal or extra payment. If your loan is like mine you will benefit greatly by making extra payments. More of your extra payment's amount will go to principal, thus paying down the loan faster and lowering the effect of interest on subsequent payments.



After enough time you should be able to refinance the vehicle in your name. After you've paid the balance of the loan off enough to be significantly lower than the value of the car it will be less of a risk for the bank to sign a loan in your name. They'll be comfortable with the fact that they'll be able to get they're money back by repossesing and selling the car if you don't pay.



HELP!!! My APR 18.9% on my car loan...?

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HELP!!! My APR 18.9% on my car loan...?

welcome to the real world......



at 19, you don't have much established credit....so, you're basically stuck with what you have...



pay this one off though, and watch what happens to the next loan you get !!



HELP!!! My APR 18.9% on my car loan...?

file for bankruptcy your still young



HELP!!! My APR 18.9% on my car loan...?

You must have bad credit or no credit....



You're to young to have a new car...



You should have bought an inexpensive car to get you where you need to go.



Do the math again.....



I think your wrong......



HELP!!! My APR 18.9% on my car loan...?

You definitely need to transfer that loan to a better lender with a lower APR. Keep looking. There has to be something for you. Maybe your Stepmother could co-sign for that one to help you get it. It would be the same thing since the original load would then go away.



HELP!!! My APR 18.9% on my car loan...?

I would again talk to your step mother to see if she is willing to re-cosign, If you have been paying on the current loan, it shows some responsibility and you should be able to get a lower rate I would think. Another option is to take her to car dealers in your area again if she is willing to recosign you can possibly trade that car in for another one that has a lower intrest rate.. for $306.00 per month you should be able to get a pretty decient car. ..



Also credit unions, usually give better intrest rates if you can find one to join.



good luck



HELP!!! My APR 18.9% on my car loan...?

Have you tried the Capital One Direct website? They offer really good rates. But if your credit is horrible or nonexistent, they will turn you down, like anyone else. If you cant refinance, there isnt a whole lot you can do except keep on paying. Paying early would be a good idea, if you can manage it. One other thought is if you can somehow join a credit union, they usually have pretty good rates, and might be easier to get a loan from since you are a member, so that might be worth a shot.



HELP!!! My APR 18.9% on my car loan...?

Basically you can wait for about a year after you have established good credit with this loan and then you can look for refinancing. Make sure you pay on time because a refinance after you establish reliability can lower your payments quite a bit.



HELP!!! My APR 18.9% on my car loan...?

hmmm ..



bankruptcy is not an option anymore because the will go after your house or anything else you have .



That is why I don't trust sell man and neither should you, they just want their comission and they don't care ripping people off ..



HELP!!! My APR 18.9% on my car loan...?

something's not adding up here



are you sure about your numbers



anyway, you're pretty much stuck w/this. you should have checked the terms %26amp; conditions and rates before you got the loan.



payments during the beginning of any loan are going to be applied mostly toward interest. as the life of the loan progresses and the value decreases, the payments will be applied more toward the principle.



HELP!!! My APR 18.9% on my car loan...?

If you don't have an account with a credit union start one and get your car refinanced through them after about 3 months (the 3months will show them you are a responsibe account holder) and they can get you a far lower loan interest rate because of that fact and loans are easier through credit unions than banks.(And the best part no more cosigners needed) .....



HELP!!! My APR 18.9% on my car loan...?

You must be black(lol)...seriously go back to where you purchased the car and ask to get it refinanced, by law they can't deny you that option(after a 12 month payment). If you have never been late on your payments the odds are in your favor, but if you have been late dont worry because they still have to let you refinance. Even if it stays in both of you guys names the interest should be lowered depending on your payment history. Stay on top of your payments and try to pay more than your note to get that principle down. Remember, you cant do this until october or november of this year, good luck!



HELP!!! My APR 18.9% on my car loan...?

check your documents, in the UK we have something called %26quot;Termination%26quot; where if you have paid back a certain amount of the loan back you can terminate the agreement by handing the car back!

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