Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
Jerrymiah73

2 Contributions
2 People Helped
Between a rock and a hard place
I am stuck in a very bad situation and I think I have no way to get out except to maybe loan some money from someone.
Situation: I have a high interest auto loan (18%) that I cannot refinance. Bank will not approve my refinance app because I am not eligible - due 2 reasons. My car is older 2007, and there is more than 133000 miles on it. Everywhere else I have applied to, all gave me the same 2 conditions (2008 or newer and 133000 or less). I have $11,000 left to pay off. Does anyone know of a bank or financial institution out there that can refi with a 2007 car and a milage of 133210 miles on it? Or is there any other way I can get out of this rut - besides a personal loan to pay it off?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1132 People Helped

I highly doubt that you will find a lender to refinance the loan. Unless you have Very Good to Excellent credit a personal loan is going to cost you just as much, but I suppose it wouldn't hurt for you to check. The best advice would be to get a part time job, or work overtime at your current one, sell what you don't need and get the loan knocked out as soon as you can.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.