Bad Credit Agency

Can i haggle with my finance company to pay off my car loan?

We bought a car in September of 2005, and we have a god aweful 22.75% interest rate. it was a 60 month loan We currently owe about 7700.00 on the loan We have sold our house, and im in a position to just pay it off. Can I haggle down to not pay so much of their interest, or what? or shoudl i just sock the money aside (we are terrible savers) and auto pay the payments each month, to rebuild our bad credit Im not sure, but it seems like if i dont just pay it off, im paying them a lot of unnecessary interest Thanx

Public Comments

1. If you don't pay it off you will be paying so much more in interest. Usually if you pay it off they give you a break. Just ask them!
2. If you pay the loan off in full, all you owe is the balance of the loan. Interest does not come into play.
3. It is so funny how we Americans never ever try to haggle. It probably will not work but there is absolutely no harm in trying. Try haggling next time you make any big purchase like a TV ... or ESPECIALLY furniture. It can actually work and even when it doesn't the stunned look on the salesperson's face is priceless!
4. yes, pay it off & you CAN hagle over the intrest and paying it off will still improve your credit rating
5. you won't be paying intererest on the amount owing if you pay it all off you have to get a payout figure and that will reflect the change in the balance
6. While it is always good to pay off any outstanding debts, you really need to take a look at your loan to make sure there are no early re-payment penalties. Sometimes it is in the fine print people don't see and get blindsided with it. There is always room to negotiate with the finance company because afterall they DO want your money any way they can get it. I've attached a link that may be helpful - I believe it contains the rules finance companies must adhere to. You also mentioned you just sold your house and are not good at saving your money. May I suggest you speak with your bank or other financial institution regarding saving options or you may want to try 6-12 month CD's. This is a way to save and make a small amount of profit on the side - it is also a deterent from spending your money for 6-12 months. Just something to thing about!!