The Perils of Car Financing!

Hi Tony,

My girlfriend referred me to your website. I wish I knew about it before I bought this car! I just bought a new car Saturday without thinking clearly. I was in the dealership for hours. My old car was about to give out and was a gas guzzler.

I made a stupid and naive mistake purchasing this car. It's my first new car in my name. I have no credit cards (therefore no real credit history), and 3 negative marks on my credit report. My original loan amount is $15,317.70. I am paying an enormous interest rate of 17.5% which almost doubles the amount of the loan, with $9,703.74 in interest if if keep the payments of $347.52 per month for 72 months!

I know I can lessen the interest paid, if I make larger payments and pay it off faster, but I am not able to do that at this time. I tried to take the car back today, but I signed the contract and there was no going back.

So I am stuck with this until I can find a better solution, and I hope you can help me. The finance guy at the dealership said I have 45 days to refinance this car... is this true? If I refinance, can I reduce the interest rate with using a co-signer?

Thank you,

Brian H.

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Hi Brian,

First of all the Finance Manager is giving you a line of bull. You can refinance your vehicle anytime you want. You just have to find a lending institution that will do it for you at better terms than what you presently have.

Check with your local bank and credit union for starters. Also visit the following page on my website for more tips and financing resources: http://www.insidercarsecrets.com/financing.html

Whatever you do don't ask the Finance Manager at the dealership for any advice. He clearly does not have your best interests at heart.

Good luck . . .

Tony Iorio

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