Greenface
New Member
Cash: $ 0.80
Posts: 4
Joined: 23 Feb 2012
|
What a horrible rate!
I would not accept it for any loan.
quote:
Originally posted by oldguy
Try a credit union, you might get a slightly better deal. A 730 score is getting closer to acceptable, they might talk to you.
This is the most appropriate way, with your current 710 on average score they would be able to help.
Another way is call your credit card company and ask them to low your interest, this might be silly but you can ask them and state about you are already solve your debt, making payments on time, etc.
|
Sun Mar 04, 2012 7:57 am |
|
|
Kolerik
New Member
Cash: $ 0.80
Posts: 4
Joined: 27 Mar 2012
Location: new york
|
| hello |
 |
|
How exactly does a car loan work?
I bought a 2007 Toyota Camry last August. It is still appraised at $21,900 in the blue book. However, I have not so great credit so I still owe $28k on my loan from Citi. I have been thinking about trading in my car and getting a used car that is about $13k or so. Is that stupid? Any help would be appreciated. Thanks!
|
|
Tue Mar 27, 2012 5:18 am |
|
|
Kolerik
New Member
Cash: $ 0.80
Posts: 4
Joined: 27 Mar 2012
Location: new york
|
| hello |
|
|
How exactly does a car loan work?
I bought a 2007 Toyota Camry last August. It is still appraised at $21,900 in the blue book. However, I have not so great credit so I still owe $28k on my loan from Citi. I have been thinking about trading in my car and getting a used car that is about $13k or so. Is that stupid? Any help would be appreciated. Thanks!
|
|
Tue Mar 27, 2012 5:19 am |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
| Re: hello |
|
|
quote:
Originally posted by Kolerik
How exactly does a car loan work?
I bought a 2007 Toyota Camry last August. It is still appraised at $21,900 in the blue book. However, I have not so great credit so I still owe $28k on my loan from Citi. I have been thinking about trading in my car and getting a used car that is about $13k or so. Is that stupid? Any help would be appreciated. Thanks!
You usually aren't charged for full loan intere$t when you pay off the loan early. Call the bank to get the true early payoff amount; which is usually good for 30 days. Then go to edumunds.com to find the "trade-in" value and average "retail value" of the car. Then do the math. Sounds like you might be upside-down in the loan, which means like you may owe more than the car is worth.
Interest rate is higher for used cars. Buying a 13K car and still underwater 8K on the Camry, would mean that you should keep the Camry. I'd throw extra chunks of cash at the loan every month to try and knock it out; and drive the car till 200K miles. Many folk buy 2 or 3 year old cars and drive them to 200K miles (frugal).
...
Last edited by eastmn on Tue Mar 27, 2012 3:04 pm; edited 5 times in total |
|
Tue Mar 27, 2012 12:52 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
You are mistaken abut the car's value, 2007 Camrys sell for about $14,000 to $16,000. As for buying a 'used car' - you already have about what you would get (a $13k used car).
The damage was done when you purchased the car - you apparently over-paid and accepted a 'not-so-good' loan.
The good news is the car itself. Camrys typically provide over 200,000 miles of trouble-free service, many 300,000 mile Camrys are still in service. They are known as 'bullet proof' in the car business. So - it's only 5 years old - maintain it well, keep it for about 10 more years.
|
|
Tue Mar 27, 2012 1:33 pm |
|
|
lohanroy357
Member
Cash: $ 2.20
Posts: 11
Joined: 26 Apr 2012
Location: london
|
Whether you want to buy a new or an old car, you can always choose an option of financing through different banks. Interest rates are the most important aspect of any loan as because on the basis of it equated monthly installment (EMI) will be calculated. Every bank has their own rules and norms to follow with different proceedings.
|
|
Tue May 01, 2012 6:18 pm |
|
|
instantautotitleloans
New Poster
Cash: $ 0.45
Posts: 2
Joined: 03 May 2012
Location: FL
|
| Car Title Loans |
|
|
You can take advise form instant Auto Title Loans by visiting their website as they offers Auto Title Loans. They may help you out.
|
|
Fri May 04, 2012 4:47 am |
|
|
jennaberry
New Member
Cash: $ 1.20
Posts: 6
Joined: 10 May 2012
|
The interest rate is so high, didn't you have a better choices of a loan company back then? the best thing you could do now is to go to a credit union for help they will give you an advise on what possible solution you could do for your problem.
|
|
Fri May 11, 2012 2:41 am |
|
|
|
