As the title states. I bought a car 4 months ago at 19 years old(currently 20) financed thru West Lake Financial Services with an awful %21.19 interest rate. Amount financed was $20,476 and the term 66 months. I didnt have credit and needed a car. 4 months later i realized i made a huge mistake. Monthly payment amount: $532.24 How do i get out of this? My idea is to pay off the loan as fast as possible putting in an extra $2000 a month. I was thinking about refinancing too but i dont know how to and my credit score is 634 according to credit karma and 641 according to chase.
I have 2 credit cards. One secured from capital one and one unsecured from chase freedom unlimited. I make $15/hr and getting $700-900 a week. Expenses: $280 gas monthly.(moving in a month so gas will be significantly reduced) $180 medication monthly(i have scars but thinking about cutting it and deal with them later) $200 insurance for the car.(im only 20 and they killing me. Thinking about finding a better quote, im in my family plan) And around $100 a week on food that i spend with my girlfriend(im moving soon so i wont spend as much anymore for a few months).
I didnt go for any crazy car. I bought an used 2017 honda civic sedan ex-l with 67k miles on it(currently 73k cause i drive a lot to go to work)
How do i approach this? If i pay an extra $2000 a month how long will it take me to get rid of this car loan and finally own this car?
Im not giving up on it so selling it is not a choice i really need a car
Submitted August 23, 2021 at 08:50AM by Ok_Albatross_103 https://ift.tt/3mrnBf0
