romadstud Posted November 9, 2008 Report Share Posted November 9, 2008 ok, so a buddy of mine is having diffuculty paying his auto loan and was wondering if there was a way to reduce his monthly payments. his interest rate is pretty crappy, so i suggested refi... but is there any other decently swift ways to accomplish this... his credit is fair-good, depending on which of the three you pull... he is desperately trying to avoid repo... any suggestions? Link to comment Share on other sites More sharing options...
cap1kid Posted November 9, 2008 Report Share Posted November 9, 2008 How old is the car?Is he upside down on the loan?Re-finance is definitely an opton- it's only financially viable during the early stages of the loan- unless he wants to really extens the lenght of the loan- if he does that- he will pay way more in interest- but the monthly payment will be lower Link to comment Share on other sites More sharing options...
romadstud Posted November 15, 2008 Author Report Share Posted November 15, 2008 07 fusion.... i believe he has had the loan for almost a year... and he is waaayy upside down on the loan... Link to comment Share on other sites More sharing options...
romadstud Posted November 19, 2008 Author Report Share Posted November 19, 2008 **bump** Link to comment Share on other sites More sharing options...
Fairy Enchantress Posted November 19, 2008 Report Share Posted November 19, 2008 I think this article may help you and your father.How to get out of an auto loan or leasehttp://www.bankrate.com/brm/news/auto/20020731a.aspIt has many options of what you can do. Link to comment Share on other sites More sharing options...
romadstud Posted November 20, 2008 Author Report Share Posted November 20, 2008 thanks FE i'll have my friend look into this... i really appreciate it... i'm sure he will as well Link to comment Share on other sites More sharing options...
romadstud Posted December 6, 2008 Author Report Share Posted December 6, 2008 i checked with him and that's something that he already saw... ah well... i guess i will just have him call his creditor and see if they can arrange something... or just possibly refi with another placethanks anyways Link to comment Share on other sites More sharing options...
Recommended Posts