We just got a car at 18% (we don't have the best credit), but we put a lot down 12,000... so our payments aren't too terrible.
We talked to our bank, who we have our mortgage through and were told that it would be best to make 12 payments (1 year) before attempting to refinance for the best possible interest rate.
Do you think you could hold out another 7 months at the payment now? Or you could call your bank and look into refinancing earlier.
Have you worked out how much you can afford each month?
Sorry you're in this situation. We have had a car repossesed far in the past and let me tell you it is something you want to avoid at ALL costs. I was a co signer on my DH's loan and it really ruined both of our credit and still affects us to this day.
Good luck to you! |