How often do auto loan interest rates change?Rolling 6G negative equity into new loan/ Best trade in
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When I got my auto, I had good credit, interest rates were low-6.9% Now my credit isnt good, I relied on credit cards to help me out & I am going to get approved for auto loan, but the int. rate is 17.9%. How long after improving my credit will it take to get a good score again? Could I refinance my auto loan in 3 months if I pay down on cards (I'm owed quite a bit of money for being a subcontractor--just not sure "when" it's going to be paid). If everyone paid what they owe me today, I'd be $9,000.00 better off, and I'd have my credit cards at zero balance. However, I do need a reliable vehicle to get to and from work, and this new one would ensure no worries (w/ optional extended warranty) If I keep driving the vehicle I have now & any unexpected repairs are needed, I may be putting money into it along with monthly payments. I plan on paying off new one in 14 months. But the interest on that would be $5,000. Pay off $11,000 loan in 1 year, or go w/ new loan/safety of auto??
How often do auto loan interest rates change?Rolling 6G negative equity into new loan/ Best trade in value.?Just today I bought a 2001 Mazda MPV van with 88000 miles for 4000. Lot and list is around 7000. I did this by not having a car payment. I drew a line in the sand that I would not owe on my vehicles.
I hated the idea that if I couldn't work that someone could come to my house and take my car from me. I originally had a car payment. I sold that car and with a little savings bought a little better car for cash. So instead of paying a car payment I saved that payment. That allowed me to have cash on hand to pay for the small repairs and even major ones without it being a crisis.
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