The 370z that never was

crazy4oldcars · 06-12-2017, 08:35 PM

Yeah. I got nothin'.
Oh, what the hell. I got a few minutes to waste.
Your car. The one with the outrageous loan terms. My guess is that you owe more than the trade-in value, i.e. you're upside down. That difference gets added to whatever new loan you get.
Credit rating. Your's just took a hit when you bought your car. It takes time for your credit rating to recover. Given the terms of your loan, I'm guessing 1. You don't have a long credit history, and 2. You were pretty close to your "credit limit", the point where your income gets overwhelmed by your debt.
(Don't give me that BS about getting better terms later. If you could get a better deal, you would have.).
Until you pay the loan down to where it's below the value of the car you have, you're only option is to put enough down ("buy down" the loan) to make it affordable. It is actually smarter to do that, since debt grows faster than savings. Smarter is relative.
Smart is not getting in over your head in the first place.
Good luck.

Kirk B.

06-12-2017, 08:35 PM	#18 (permalink)
crazy4oldcars Enthusiast Member Join Date: Aug 2016 Location: SE Texas Posts: 448 Drives: '16 Nismo Tech Rep Power: 28413	Yeah. I got nothin'. Oh, what the hell. I got a few minutes to waste. Your car. The one with the outrageous loan terms. My guess is that you owe more than the trade-in value, i.e. you're upside down. That difference gets added to whatever new loan you get. Credit rating. Your's just took a hit when you bought your car. It takes time for your credit rating to recover. Given the terms of your loan, I'm guessing 1. You don't have a long credit history, and 2. You were pretty close to your "credit limit", the point where your income gets overwhelmed by your debt. (Don't give me that BS about getting better terms later. If you could get a better deal, you would have.). Until you pay the loan down to where it's below the value of the car you have, you're only option is to put enough down ("buy down" the loan) to make it affordable. It is actually smarter to do that, since debt grows faster than savings. Smarter is relative. Smart is not getting in over your head in the first place. Good luck. Kirk B.