How do I lower my car payment with poor credit?

Question by SJ AnthonyUSN: How do I lower my car payment with poor credit?
I joined the military(first real job) and bought a car last year, it was my first loan and my first car I ever took out and I didnt have credit because I never had a credit card before. Long story short I took out a $ 19000 loan at 19% interest i used the dealership bank US Bank because the dealer said they would finance me, now I have a $ 487.00 a month car payment along with student loans, the car payment is what kills me, i dont make very much money, everytime I make a payment I overdraft my bank account and have nothing left. I tried refinancing it through Navy federal but I was denied due to my credit score. I tried refinancing through the bank I have the loan through and I was also denied. I dont know what to do, if i sell the car i will still owe about $ 6000 with the same car payment and no car. I was naive, but from what people are telling me the dealer took advantage of me. What options do I have?

…i cant get my car repoed because I will lose my clearance.

Best answer:

Answer by Ryan M
Your ONLY option is to get a great co-signer and refi. Outside of that, it’s impossible.

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2 thoughts on “How do I lower my car payment with poor credit?”

  1. Nothing, People don’t get car loans refinanced even with good credit. Only chance would be a personal loan to pay off the car at a lower rate; and those require good credit.

  2. I would second what Ryan M said.
    If no bank will approve you on your own, find someone with good credit who will cosign for you and try to refinance that way. From there it’s just shopping around for the company that will give you the best rate.

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