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.
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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