Ziay Chat Forums

Ziay!

General Discussion Forum

I took out a 15,000 loan for a car.?

This is a discussion on I took out a 15,000 loan for a car.? within the General Chat forums, part of the Main Category category; Now though I am several years into the loan and still owe 7,000 on the loan or a bit ...





Go Back   Ziay Chat Forums > Main Category > General Chat

FAQ Members List Mark Forums Read
Old 07-02-2008, 05:00 AM   #1
Junior Member
 
Join Date: Jul 2008
Posts: 2

Now though I am several years into the loan and still
owe 7,000 on the loan or a bit under. The car I got is now worth less than 7,000.
Any suggests on a way out or a way to trade in and get
another vehicle?

dolan
eightbfan is offline   Reply With Quote
Old 07-02-2008, 05:23 AM   #2
Junior Member
 
Join Date: Jul 2008
Posts: 1
Default

If you trade it in at a dealership they usually take care of the old loan, do all the paperwork to close it out, etc. Of course if you owe more than the car is worth its not going to help you much towards the purchase of another one. Research your next car and pick out one with better residual value.
Vita is offline   Reply With Quote
Old 07-02-2008, 05:28 AM   #3
Junior Member
 
Join Date: May 2008
Posts: 25
Default

What interest rate are you paying on it?
You may be able to refi the rate. Try http://www.peoplefirst.com I think that is now part of Capital One. Try to hold on to the car for a few more years. If you can keep the car for a year after it is paid off, you will be able to save some money. Also shop around on your insurance.
529s.com is offline   Reply With Quote

Powered by vBulletin® Version 3.7.1