Overhaulin'

How can I refinance my car loan if it is under $7500?

I purchased my car ( a 2002 chevy cavalier coupe with 71000 miles) 5 months ago and did not realize what I was getting into. I was told that my interest rate was 20.55 (outrageous) for 60 months. i want to refinance the loan for a lower rate and possibly less months I purchased the vehicle for $5869.95. I keep searching but everywhere it says the minimum is $7500, what can I do? My credit is not great either, I have what they call insufficient credit.

Public Comments

1. I think you need to take this as a learning lesson. refinancing will only make it worse, you really need to understand how credit and interest rates work before you agree to barrow any $, so you don't get taken advantage of, sorry but just pay of the car as quickly as you can,
2. With a car that old, I doubt that you will find a willing lender. Since your credit record is "not great," you probably wouldn't find much of a better rate anyway. What you need to do is pay the loan off much faster than 60 months.
3. You might be able to poll local credit unions (that have open enrollment) and see if they would be able to help out in this situation (auto-loan refi, personal loan).
4. As others have said, you have to suck this one up as a learning experience. Your car isn't worth enough for a company to allow you to refinance at this time. Your best bet is to: 1) Make all your payments on time and improve your credit rating. This will take at least 6 months of paying bills on time & working. 2) Pay off as much of the principal of this loan as you can. Call the lender and see how you can get out of this early. 3) Next time do more research before you take a loan... did you know this was 20.55 going into it?
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