How to get rid of my car loan
How long before you can get rid of a car loan?
Hi all, I just recently purchased a vehicle about 3 months ago, and had it financed for 18.5k with 1.5 down. It booked for 22k but I got it for 20 since I really hassled the dealers into getting me out of their hair and giving me a discount. I would like to sell it for 800 over what I bought it to recoup the licensing and dealer fees. My credit score at that time was somewhere in the 720 range and I got a credit union to finance me at 6.5% with only a couple years of having a credit card. Since that time I have been making about $50 over the minimum payment every month(not sure if it helps but I am also trying to save on interest costs as well) and have my credit card paid off.
Hind sight is 20/20 and I could have planned it much better but after 3 months of realizing that it will take a 5 solid years of making payments over minimum and that with my other bills, it won't be feasible much longer. The only way I can continue is to get a 2nd job, but
I am trying to avoid burning myself out. I don't really want to go in and ask the loan manager this without maybe getting some good feedback here first, but is getting rid of the vehicle in the next 2 or 3 months really going to screw me? I have a pretty decent commute so I absolutely need to have a reliable vehicle but I have been doing a lot of research and have found a few good older ones for the 8-10k range.
This would require me to finance another vehicle and I am not sure how keen banks are to doing something like that after a person has only had their current car loan for less than a year. I can still make the payments for another 3-4 months but I don't want to go much longer over that, but on the flip side I don't want my credit in the toilet after I worked my ass off to build it up.
As far as getting rid of the vehicle, would someone go to get financed at their bank and that bank would pay mine, and mine would cancel my loan? I won't take it to a stealership to buy since they just rip people off.Source: www.city-data.com