Stuck in a High Interest Car Loan? Here’s What You Can Do
It sucks to pay more than you have to. But in some cases, you put on your big-boy pants and do what’s necessary. That’s usually how people get stuck in a high interest car loan. It’s stuff like spending indiscretions on a credit card from years ago, getting laid off and missing bill due dates, or family problems that chew up all the money. But while you’re in a high interest car loan right now, you might have options. From repairing your credit to refinancing your loan, you have a few choices that could help save you money either now or in the future.
What You Can Do About Your High Interest Car Loan
Pay It Off Early
You can save yourself hundreds or thousands of dollars in interest charges if you’re able to pay off your high interest car loan early. It really does make that much of a difference! Granted, if you’re like most people, you don’t have the money to pay off your car loan early, or you wouldn’t have as large of a loan as you do.Refinance Your Car Loan
If you’ve been good about your finances, you might have a shot at refinancing your car loan. You’ll need to be current with your financial obligations and have proven you can be trusted with money. That means your credit cards are paid up to date and any bills you have are current too. The lender may not be too keen on refinancing your high interest car loan, though, so you might have to shop it around. Buy a New Honda
If you’ve been thinking about a new vehicle anyway, or you’d entertain the idea, buying a new Honda could be the solution. If you’ve caught up with your bills and have some positive credit history, it could be easiest and best to buy a different car. And if you’re approved, you might have a brand new Honda, a lower interest rate, and possibly even lower car payments than before. If you’re stuck in a high interest car loan, you may have options. Call or visit Jay Wolfe Honda and we’ll help you get approved for a new Honda now! 
