Hello, I wasn’t sure what subreddit i should post this in but i saw a lot of auto-refinance posts here so i figured i would give it a try. For some background, I am a full time student who makes their money from part time job and financial aid. About 8 months ago in July, I got my first ever car from Carmax. It is a 2014 white Toyota Rav4, and it was about 20,000☹️ it now has 104,000 miles.I probably should have looked around a bit more, but I didn’t have any guidance at the time and felt pressured by the dealership. I got a loan from Carmax with a rate of 19% APR… the payments each month are killing me . I am a student and $440 a month is way too much right now, especially since i’m trying to limit my costs so i can find an apartment. The guy at the dealership recommended i make the payments for 6 months and go to Suncoast and get my car refinanced. I go in january, and get denied. I hadn’t been working long enough apparently (i’ve been working since last june) and i didn’t have a lot of credit history. i got told to come back again in a month. i opened a student credit card with them and began to work on my credit, as they advised me. My fico score is 700 , transunion and equifax at 675. i went again last month and got denied again. my credit card was opened too recently, and i need to wait longer. i’m not sure what to do anymore i feel like i keep getting screwed over and given the wrong advice and i just need some good advice… i need to lower these payments somehow because i have to find a place to live because my current living situation is expiring, and i can’t afford to keep paying this when i need to pay rent. please help!
original posted by GasFinancial7639 to r/personalfinance on Thu, 14 Mar 2024 15:46:32 GMT.