Need advice re: car payment with high interest rate**UPDATE on page 3** | TigerDroppings.com

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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
4860 posts

Need advice re: car payment with high interest rate**UPDATE on page 3**


Quick background info: my fiancé has bad credit that she's working to repair. She bought a car a year ago and has a sky high interest rate (22% and financed thru Sandantar). Because of this, most of her monthly payments go to interest and her balance barely changes.

My question: if I was able to co-sign (I have very good credit), how much could that potentially drop the interest rate?

Are there any other options? I've also thought about putting the car in my name to bring the rate way down. I want to say you can do a "gift" thing and put it in somebody else's name?

Any help is appreciated!





This post was edited on 7/17 at 3:30 pm



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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

She bought a car


What kind?


quote:

22%


OMFG

quote:

if I was able to co-sign (I have very good credit), how much could that potentially drop the interest rate?



What's your score?


quote:

how much could that potentially drop the interest rate?



Possible 20%.


quote:

Are there any other options?


Sell it, how much does she/you make?


How long until y'all are married? What's she doing to better her credit and what made her buy a car at 22%???






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rpg37
LSU Fan
Walls, MS
Member since Sep 2008
16510 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

22% and financed thru Sandantar).


I just refinanced my car last week to 2.4%. I didn't know APRs like that existed? My God!






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El Josey Wales
LSU Fan
Greater Geismar
Member since Nov 2007
22710 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


Did she buy it on a credit card?





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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

Did she buy it on a credit card?



Are you the poster who is now married to a woman who did that?








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BACONisMEATcandy
LSU Fan
Not a State
Member since Dec 2007
40925 posts
 Online 

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


Lets go ahead and decide she will not be in charge of the family finances





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El Josey Wales
LSU Fan
Greater Geismar
Member since Nov 2007
22710 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


No.

That is Zach.






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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
4860 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


2010 Mazda 6

My score is 770ish

We will be married in six months and she is paying off debt. What other ways could she rebuild credit if she can't get cards?






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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


If you think you'll stay together, refi on your name if that's allowed. I almost shite my pants when my now wife had a 7% auto loan. She only had 4k remaining.

How much do y'all make combined? My wife and I actually combined accounts 8 months before we married. I control the finances since that time and it's worked out great for us.









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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
4860 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


Good advice.

As far as combining accounts, that will hurt my credit, won't it? Since hers is bad. If it doesn't hurt it, I agree that we should and let me control it. However, if it would mess up my credit, I'd rather hold off until her credit is rebuilt so that I would at least be able to get a house in my name, etc.



This post was edited on 7/9 at 11:58 pm


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GaryMyMan
USA Fan
Lower Garden District
Member since May 2007
10564 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

2010 Mazda 6

So, like $10k? At 22%? How'd she get such bad credit, Nigerian princes failed to send her lottery winnings?






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wope
New Orleans Pelicans Fan
Member since Aug 2011
4858 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


I would join a credit union and refinance it under both of your names. If I recall correctly, they will use whoever has the highest score to grade your credit. I have a lower score than you and qualified for their best rate, which is 1.99% - 3.49% or so depending on the length of the loan.





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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


I don't think so, credit scores aren't effected by marriage/ combining accounts.

My score is north of 750, wife's was low 600's. Her score is mid to high 600's now.








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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4480 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

22%


Good to know that Western Sky also finances automobiles.






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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4661 posts
 Online 

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

As far as combining accounts, that will hurt my credit, won't it?


Look into making her an authorized user on your credit cards. Also look into a credit builder loan at a credit union for her.






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man117
LSU Fan
Los Angeles
Member since Jul 2009
192 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


I know someone who just bought a vehicle at 20-22%. I think it's an 8 year old vehicle...... people actually sign up for these loans.





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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4480 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


Shit, I need to get in on buying $100K worth of clunkers and then making loans on them at 16-18%.





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Tigerpaw123
USA Fan
P'ville
Member since Mar 2007
9073 posts
 Online 

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


go to penfed . org, it is a credit union, both of you sign up to be members, talk with them and tell them the story, refi the loan with you and her as co borrowers, get a 1.9% rate. just beware that as cosigner you are 100% liable to pay off the loan, irregardless of what happens (yall break up, car gets totaled and insurance does not pay full amount, someone steals the car, the transmission blows and the car is worthless, or any other scenario....you are on the hook for the full balance until payed off)





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tirebiter
LSU Fan
ATL
Member since Oct 2006
5128 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


quote:

Look into making her an authorized user on your credit cards.


You guys are trusting souls, no way I would do that with someone who has questionable money management skills at best and not even married. Hey, woman, what is this $14k charge on my CC???






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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
4860 posts

re: Need advice re: car payment with high interest rate**UPDATE on page 3**


It's not like she went and joy shopped to get in debt. She had medical bills with shotty medical insurance that didn't cover a lot.





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