Help With Car Loan

23 years ago

We have a 1998 Dodge Ram 1500 4x4 with 55,000 miles.It is really nice but the interest rate at the time we bought it is high. I called to check into refinance and we are upside down on the loan. What can we do?

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Comments (6)

User
23 years ago
So you owe more than it's worth?

If you have the money, paying down the loan until it's no longer "upside dopwn" might get you a refi. And pay that sucker off as FAST as you can.
johndeere
23 years ago
If you could pay it off you would owe a lot less then the amount with the interst added.Or sell it if you can for what the payoff is.Then buy something new with the low interest offers.
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NebrJewel
23 years ago
Okay - dumb question - what does "upside down" mean? Does that mean you owe more than it is worth?
vipldy
Original Author
23 years ago
Means we owe more that it worth. Problem is a new one is like $25,000 + and we don't want to go in that deep. I guess all we can do is make larger pmts or sell it.
NebrJewel
23 years ago
We have gotten several credit card balance transfers in the mail for 3.9% and 4.9% for the life of the loan. You could literally use a credit card to pay off the truck. You just have to make sure that you don't use this card for anything (tear up the card) but making payments on this truck.
joyfulguy
23 years ago
Google Search for "low interest credit card" will show several credit card sources.

But check to see whether there are annual fees, or other, e.g. transfer, administrative fees, etc. to move the debt.

You don't want surprises.

I would suggest cutting up the card as well, ....

*unless* you have the will power to use it only for *genuine* emergencies, e.g. blow a motor in the vehicle, get laid off, etc.

A *real* emergency, as very different from something that you think that you want, right now. Or later - until the full amount is paid off.

An advantage to that is - you can use almost all available cash to pay down the loan now. Less principal to pay interest on.

If a real emergency arises - you can use the card for emergency fund.

If you can't manage that kind of self-discipline - NebraskaJewel is right: cut it up.

It figures - most Nebraskans are smart like that, aren't they? Salt of the earth.

Good wishes for skillful loan management, all,

joyful guy/Ed

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Help With Car Loan

Comments (6)

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johndeere

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