admin

Question by vintageohana:
How can I lower auto loan interest rate without refinancing?
It shows that the minimum payoff amount in order to refinance a automobile is $ 7500 in California. Currently we owe $ 6800 some odd dollars on the car. We have 34 months left but the APR is at 19% because at the time we got it a little over 2 years ago, our credit was pretty bad. Our credit has recently improved. We do not qualify for auto refinancing apparently even though we’ve paid on time every month for over 2 years. The only reason we can’t apply is because we owe too little!

Is there a way we can work around this? Should we ask our current auto lender for a lower interest rate or should we refinance, saying we owe $ 7500, and then get back the remainder? I do not know how this works.

Thanks
Also, the automobile is worth more than we owe. Just wanted to say that. We just want to get the interest rate lowered and hopefully cut down the monthly payment.
Our payoff amount to our lender is $ 6800 but we cannot refinance our automobile because the minimum to refinance is $ 7500. We looked everywhere and it says you have to owe at least $ 7500 in order for them to do a loan for you. We do not owe enough money to our lender.

More >