My wife and I, shortly before we got married last year, got new (used) cars. Our credit was not good, and we got them from drivetime with AWFUL interest rates. Our credit is still not good, but I didn’t have much debt; just bad history and not had much in the way of credit cards and loans. I paid off my debt. I’m using a secured card now and making the monthly payments to keep another credit line open, but obviously my credit didn’t immediately turn around.
My question is this. Being upside down in a car loan with a horrible interest rate, is there any way to demonstrate value to refinance, without the value in the car? I got “pre approved” for a loan that would have almost halved my interest rate, but they were uncomfortable with the value of the car. Do I just have to eat it through the length of this loan?
Submitted March 30, 2018 at 04:03AM by cuzimsochill https://ift.tt/2GneBQd
