Question: Obraining a auto refinance loan?

(Posted by: .....asdf on 2009-07-27 00:13:44)

Im currently 19 years old and am employed by target. I bring home about 1200 a month. Last year i bought my first car and since i had no credit i got stuck paying a obscene interest rate. 17 % , im 14 months threw the 60 month loan and am ready to refinace. I have a decent credit score at 675 for a 19 yr old. Problem is i owe about 9800 principal left on the car. I put alot of miles on it and the car is no longer worth the amount that i owe. Car is prabably worth 7500. Would amy bank refinance me given that i owe more than its worth? Its a 2002 toyota camry 107, 000 miles great condition to rusty. so if i qualified but it be better off to simply get a 3 year personal loan for 10k to pay the car off and id still save about 1500 dollars in interest and a year off the loan

Posted by: rusty_266 on 2009-07-27, 00:20:00

Go to kelley blue book to get the loan value. Unless you have something else to offer as collateral then that's the approximate amount you will be able to borrow. Probably not what you wanted to hear, but that's the deal. On a 60 month loan even at a good rate, expect to be upside down during the majority of the term.

Posted by: MadMan on 2009-07-27, 07:37:50

No, you will not get a new loan.