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How can I get a car loan fast?

My car is now worth less than the amount I owe. How can I get rid of the car/loan?

  • I own a 2000 Nissan Maxima. At the time that I got into the loan I got into a 22% interest rate. Needless to say 3 years later my situation is completely different and the car is worth much less than what I still owe on it due to me paying a crazy interest rate. How can I get rid of the car or get out of my loan without having the car reposessed?

  • Answer:

    First of all there is no way anybody is going to refinance your loan. There isn't a bank anywhere that would loan you more money for a car than the car is worth. You only have one option if you want out of the loan and get rid of the car. Sell it ands take the lose. You will need to finance the balance that you owe on the loan. Say the car is worth $15,000. You owe $20,000. If you sell the car for $15,000 you still owe the bank $5000. Get a $7500 loan andpay off the Maxima loan then take the additional $2500 and buying you a decent used car. Paying off a $7500 loan at a reasonable interest rate is better than $20,000 at a high rate. That is assuming your credit is repaired enough to get another loan.

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Other answers

take the loss , roll it into a new car at a better rate , keep your payments & credit up

klunk

Either keep making the payments and pay it off, or sell it and pay the negative equity out of your pocket. If you trade it, you're going to be even more upside down in the new car. That's the only way to get out from under it, other than a repo.

Scott H

most of us are in the same boat. try to refinance the loan or trade it in. the minute you drive your brand new car off the lot you owe more than its worth.

cotton candy

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