So I bought a 2020 Chevy Malibu last year in October because I really needed a car and I did not have any other options as far as getting one. At the time I didn't have an established credit score, and the dealership offered it to me for 20,000 with a seven year loan at a 20% APR rate. I accepted it because this would be my only solution, and everyone I know told me it was a good idea.
At the time the car only had 60,000 miles on it and now it has 100 K because I lost my job and I was forced to do DoorDash with it to make a living. I am in a better spot now, as far as work goes, so I don't need it for DoorDash anymore. I am paying basically $500 every month for this car which is getting pretty expensive. I have tried to see if I could possibly refinance it now that I have a more developed credit score but as far as that goes, I have been denied since the car has such a high mileage and a lot left on the loan. I was thinking about selling it and then pulling out another loan to pay the remainder but that is not gonna be a good idea since the car is only worth $7k now. Which basically means I would be left with 13,000 to pay out of pocket. am screwed, and I really do not know what to do as far as my car situation goes because it is already starting to have mechanical issues, and there is no way that it'll last me for another five years.
The $500 that I am paying every month for this car is basically as far as I can go so I don't really have the option of paying it off early since I have limited income. My car situation has literally been tearing me apart, and I need to figure out what to do . :/
Submitted August 31, 2023 at 08:45PM by 1unamarie https://ift.tt/SXsBdUf
