Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question Are banks willing to re negotiate car loans? Have a 10% car loan and 2 years left. Bank not prepared to negotiate. Are we better off to trade vehicle for a new vehicle with better terms even with bad credit? By Eb Posted on 09/30/09 Total Answers 5 Answers- DO NOT trade the vehicle. The dealership will end up putting you into a car that will cost you way more than what you are already paying or what you have left on the loan to pay. Answer by : nicole On Date 2009-09-30 14:06:40 pay it off as fast possible. never borrow money to buy a car again. use cash to buy a used car. quit letting others take advantage of you. you get in control of your finances. Answer by : David Z On Date 2009-09-30 14:07:04 You can get a pay off amount and take that info to a title loan agency, and they may be able to work with you. You would just have to pay that agency instead of the bank, and you may save money by extending the loan for longer than 2 years. I do agree with the previous poster tho, you should try to pay off the balance as soon as possible and start saving so the next time you have to buy a car, you can pay cash. You will get a much better deal that way, plus no interest and no payment every month. And possibly better insurance rates. Answer by : Mandie On Date 2009-09-30 14:14:12 No. Answer by : wg0z On Date 2009-09-30 15:22:41 If you are saying that your monthly payments are too high then get a second job, either evenings or weekends or both. It's true that banks will not negotiate a car loan. If you are having a problem with your loan now then to trade it in on a NEW car is silly. When people want to pay less they get a beater clunker car. If you try to buy a new vehicle you'd have to have stellar credit (great looking credit report) and a long work history with income ample to pay for a new car plus increased insurance payments. Even with a house loan when you renegotiate it you'd look for the interest rate to be several points lower since you'd be paying for the renegotiation fee the bank would charge. Even with buying a beater you'd need upfront money. I'd say just cut your home expenses, eat cheaper, get an additional job and keep what you have. Answer by : sophieb On Date 2009-09-30 16:07:20   Go Back To Search Results