It sounds like your rate is probably about "market" for you given your
credit history. I don't know that refinancing would lower it
significantly. If you belong to, or can join, a credit union, I find
that they often have better car loan rates and can be more forgiving
of past credit problems than some other lenders. Of course YMMV with
any particular credit union.
You mentioned possibly trading in the car. Or you could sell it. The
trouble is that if you bought it two years ago, and financed the whole
amount, you are more than likely "upside down", meaning you owe more
on the car than it's worth. If that's true, you might be able to
negotiate with the lender - if they think you are about to default on
the loan, they might be willing to work with you (e.g. "I will turn in
the car to you, without you having to go to court or repossess it, if
you agree to accept it as payment in full for my loan and not go after
me for a deficiency").
I do not mean to be harsh but it sounds like you have made some bad
financial decisions in the past and this looks like it is, frankly,
another one. If you do let the car get repossessed or simply stop
paying, it will be a black mark on your credit - but you already have
several, what's one more? Or you could file for bankruptcy and get a
fresh start. These options should definitely be explored with an
attorney before you consider doing any of them.
Finally, I would urge you to be very careful about future financial
obligations so you do not find yourself repeating this pattern again.
It sounds like you have made the same financial mistakes several times
and it might be worthwhile to consult a credit counseling service, or
financial planner, to help you learn how to better manage your money
and credit.
Good luck! |
