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Started By
Message
Need advice re: car payment with high interest rate**UPDATE on page 3**
Posted on 7/9/13 at 10:56 pm
Posted on 7/9/13 at 10:56 pm
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!
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 7/17/13 at 3:30 pm
11
Posted on 7/9/13 at 11:05 pm to King of New Orleans
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%???
Posted on 7/9/13 at 11:08 pm to King of New Orleans
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!
Posted on 7/9/13 at 11:11 pm to King of New Orleans
Did she buy it on a credit card?
Posted on 7/9/13 at 11:13 pm to El Josey Wales
quote:
Did she buy it on a credit card?
Are you the poster who is now married to a woman who did that?
Posted on 7/9/13 at 11:19 pm to King of New Orleans
Lets go ahead and decide she will not be in charge of the family finances 
Posted on 7/9/13 at 11:21 pm to wegotdatwood
No.
That is Zach.
That is Zach.
Posted on 7/9/13 at 11:27 pm to wegotdatwood
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?
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?
Posted on 7/9/13 at 11:52 pm to King of New Orleans
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.
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.
Posted on 7/9/13 at 11:57 pm to wegotdatwood
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.
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 7/9/13 at 11:58 pm
Posted on 7/10/13 at 8:22 am to King of New Orleans
quote:
2010 Mazda 6
So, like $10k? At 22%? How'd she get such bad credit, Nigerian princes failed to send her lottery winnings?
Posted on 7/10/13 at 8:58 am to King of New Orleans
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.
Posted on 7/10/13 at 9:58 am to King of New Orleans
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.
My score is north of 750, wife's was low 600's. Her score is mid to high 600's now.
Posted on 7/10/13 at 11:52 am to King of New Orleans
quote:
22%
Good to know that Western Sky also finances automobiles.
Posted on 7/10/13 at 11:58 am to King of New Orleans
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.
Posted on 7/10/13 at 11:59 am to iknowmorethanyou
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.
Posted on 7/10/13 at 12:08 pm to man117
shite, I need to get in on buying $100K worth of clunkers and then making loans on them at 16-18%.
Posted on 7/10/13 at 2:39 pm to King of New Orleans
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)
Posted on 7/10/13 at 5:01 pm to JonTheTigerFan
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???
Posted on 7/10/13 at 5:15 pm to tirebiter
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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