I traded in a car with negative equity for my evo. I have a crazy monthly payment. ANy i deas on how to make the evo more affordable. Or am I just stuck with the car and payment?

 

How long ago did you trade it in?

 

get a better paying job... jk, whats your APR, if its high, you can try refinancing a little ways down the road

 

Should of sold your previos car outright. You can refinance it to try and get a lower rate to save you a few bucks but you should probably wait a at least six months or more.


How much is your payment? How much did you have to roll over? How much do you owe total now?

Should of thought of all of this before signing papers

 

Unfortunately you're probably skrewed for a while - but you knew what you were getting into, I presume, when you signed the deal.

Live and learn and don't let the stealership skrew you next time. Shop your financing around to the lowest bidder (I went to my local credit union and got a 5.5% APR), private party sell your car even if it means being without a car for a few days to a week, and deal with the salesdroids via e-mail or phone - NEVER step foot on their turf to talk to them until you have a written deal / offer you can agree to and NEVER talk monthly payment - always just the price of the car.

You can refinance though - talk to a few of your local credit unions.

 

Take any and all extra money you have and apply it towards the principle of the loan.
It takes it off the top of the total amount owed and not only will lower your monthly's slightly but save you some interest in the end.

 

You oviously got into a bad deal on your previous car. You always need to place a big enough down payment to keep yourself from going upside down. The only way you have to get your payments down is a better cosigner or a higher down payment. Good luck,

 

Thanks for the feedback guys. What makes it worst is that I had a lot of porblems with the car. Blow engine, leakey main seal, oil pump gear who felt like leaveing half way through a shift and now in boost i get some smoke out the tailpipe. Looks like excessive blowby. But I rolled over 4000. Payements are like 729 a month. I think its a 10% apr or something. I kinda knew what I was getting into, but after all the problems I have a lotta regrets now. I was thinking of trying a credit union. Do you think they could drop my payemnts conciderably. Or could I take a loan out and sell the car and maybe get another one. I think I owe now like 37000, which I know is crazy you guys are gonna probably flame me for life on this board but I was stupid. I have an 05 with ssl. Please go easy before flaming. I wish to be a evo owner for many many days to come. Always was a honda guy until I drove the evo. I mean picture getting out of your 2002 civic si and test driving an evo. Wouldnt it be hard to say Im not taking this ****ing thing home. Anyway it will be a year in nov that i was making payments and a year this month I had the car.

 

I am gonna guess you have a simple interest loan. Your best bet would be to seek other means of financing. Rolling over negative equity from one loan to another is just stacking up interest . Try to find a lower APR either from a Credit Union as you said or take out a personal loan, home improvement loan or home equity loan and pay that thing off. Good luck.

 

Dont have a home to take out a home improvement loan for. And dont personal loans usually have higher interest rates. Just trying to see if I can get some help on this. Thanks.

 

My bad I should not have made the assumption on the house thing. Go to your credit union and ask they should be very helpful and informative. How is your credit as this will of course be the #1 most determining factor. Bottom line ask the person or institution that is actually gonna lend the money, everyone is different.

 

Thanks thats cool, maybe I should concentrate on owning a house before japanese super cars but I was thinking maybe having my mom help me out or something. Maybe get a super loan and consolidating all my debt.