How can i get rid of my car?

Question

I have a car that i've been paying for 2 years. When i first bought the car i had horrible credit. I have an interest rate of 16% and 72 month term. At the time i had no choice and bought the car. now 2 years later i have worked hard to get my credit score to go up. It's now in the 700's. I want to get a better interest rate and a shorter term. how would i go about doing this? If i trade my car in will i be able to just start brand new with another car? I have a 2007 toyota camry if that helps.

Answer 1

Refinance your car loan.

Answer 2

You should definatly refinance....Try going through a credit union bank. Shop around and see who has the lowest interest rates. With your credit score now you should have no problem getting a good deal. I wouldnt suggest getting a new car and starting over with the rate you have now, your pay off amount would be high and you might end up having to roll over a lot of negative equity into a new loan.

Answer 3

you can refinance.  Keep in mind when determining your terms that some banks have the same interest rate no matter the term.  My Credit Union right now offers 4.5% for 48 months AND 4.5% for 60 months.  You're best going ahead and doing the longer terms for the same rate so that in a month where you may be a bit short you can make that standard payment.  But in other months you make the extra amount in your payments.

Answer 4

you can refinance your car loan, or trade that car in for a new one.  be careful though, don't trade in your old car if the dealership isn't going to pay off the full amount of your old one.  if they don't, you will be stuck paying the extra amount that is still due and you can end up paying the same amount that you are now.

Answer 5

You can do a private sell...or re-finance it   You can try Capitaloneautofinance.com   to re-finance....If you sell it you may be able to put a good down pay on a new vehicle, if your not upside down on the loan. If you trade it your monthly payments will probably be more money without putting additional money down.

Good Luck!