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Posted in Auto Loans
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asdfjklaidfjnern

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Should I Get a Balance Transfer Credit Card for my Auto/Student Loans?
I got my car loan about 3 years ago when my credit score was bad - I mean really bad - 480-520 bad. This left me with an APR of 26%. Flash forward to now, and I still have $16K to pay off and payments of $460/mo. for 39 more months. My credit has drastically improved, and rising at a rapid rate thanks to Lexington Law. (Currently at 660+) I've looked into refinancing but even at 3-6% APR my payments would somehow be HIGHER for a 36 month plan. Anyone have any recommendations? Should I get a balance transfer card? I'm not quite sure how this works. I also have $11k left in student loans. Any advice to get this weight off my chest is welcome :)

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Unless you are making a hundred grand a year, I doubt you would ever get a credit line close to covering the 16 grand for the auto loan. Balance transfer cards can give good introductory rates, but that would only last for a year and a half at most and I doubt you would be able to pay off the full balance in that short of time, and when the intro rate expires, it goes to regular credit card rates. All that said, a balance transfer card is not your answer. I suggest looking around for a loan company that would do a refi for longer than three years, or check into a debt consolidation loan and bundle the auto and school loans together. Just check to see when you could get your auto title back, you wouldn't want them to keep it for the life of the loan, if that would be the case, then just do a refi on the auto loan and don't bundle the loans into another loan. Set yourself a better budget if possible, get extra hours at work or a second job, sell things that you don't need, sell the car (if you are not too much underwater on the loan) and get a cheaper car. There are many options that you have, you will have to figure out what can work and what won't.

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