Help With My 1st Auto Loan
Back in Nov, 2024, I got my 1st auto laon from Carmax; It went through Exeter Finance. I had no idea how to do my research, nor the time to do so because I needed transportation ASAP.
• The original amout finances was $14,313.32
• @ 23.79% APR
• I recall sticker price being just below 10k
• Payments 375.16/mo
• No Dealer ADD-ONS
• Got my own plates and everything
• Went in with $2k - ($1,500 down & $500 tax)
• Current vehicle value only $5,900
• Payoff amount in $12,533.16
• I've already paid $6,752.88
My original plan was to get a "not so good" rate and refinance later on. Problem is, I had no idea how difficult that would be.
I just want to get this loan re-financed to a better rate so I'm not paying over 20k for a car worth 6k. My other thought was to maybe try and trade it in to somehow get out of the loan. However, with me owing so much more than the value, I am not fully confident that will ever happen. My local bank denied me for my credit score, and Navy Fed denied me for credit age.
Thus far, I've taken out a Secure Cash Back Credit Card from Navy Fed to try and help build my credit. But it's been a process...
Needles to say, any advice on the subject would be greatly appreciated. Thanks in advance!