Refinancing a car...not so good credit...?

Ok, I own a 2007 Toyota Solara SLE *with all the bells and whisles*, my boyfriend crashed it and cause 9,000 in damage, it is currently being fixed, but since I did not want to deal with the hassel of having problems later, and dealing with a rental car I could not afford, I decided to get a new car. so I purchased a 2005 Toyota 4Runner Sport Ed. of course i have a super high interest rate on my 4Runner cause I have two car loans, I plan to sell the Solara as soon as I get it from the shop. once it is sold, and it reflects on my credit, I plan to refinance my 4Runner to get a lower finance rate (is currently 20.9%) the loan amount for the 4Runner after all the warrenty%26#039;s, GAP, alarm and Low Jack is $27000.0 the KBB on the 4Runner is about 24,000.00 (car price was 21k without everything else) I have heard that I will not be able to refinance because the value of the car is lower than the loan amount. Also, when I sell the Solara, I hope to get some money to put down towards refin.

Refinancing a car...not so good credit...?

Ok - I%26#039;m not trying to preach but why did you do this. You couldn%26#039;t afford a rental car so instead you BOUGHT a $24,000 car with 20.9% interest? that doesn%26#039;t make sense. why didn%26#039;t you buy a %26quot;beater%26quot; car. One for a few thousand to get you where you needed to go. then after you sold your wrecked car go buy another. Or better yet drive the %26quot;beater%26quot; car a few years and save up enough to pay a large chunk on a new car so you would only have to finance a few thousand.

Refinancing a car...not so good credit...?

Unless you own that Solara outright and hold the title, you can forget about getting any profit out of it when you sell it.

A car that has sustained $9000 worth of damage was hit hard and the value of that car will plummet the day you pick it up from the Body Shop.

I think you also made a really bad deal on that 4Runner too. 21% interest is obscene. You%26#039;ve got a $27,000 loan (at 21% !!!) on a car that might be worth low 20%26#039;s.

You won%26#039;t get the 4Runner refinanced for a low enough interest rate to make any real difference and you%26#039;ll lose money on the Solara for sure, you%26#039;re gonna be in car payment

h e l l for many years to come.

The only wise thing you did was buy GAP insurance on the 4Runner. Maybe your boyfriend can go wreck that one too.

Refinancing a car...not so good credit...?

You could try to google it ,here is some direct resource might be helpful.http://carloan.featured-resources.info/i...