urgent question about trading in options

[only1bb]

Hi,

I have a nissan 350z 2006 model with about 18,000 left in payments. I wanted to trade in the car for a cheaper car like the altima, but my dealership told me that I'd have to pay $5000 more for downpayment plus 25% interest because my credit score came out low. My credit isn't even that bad but I don't know why. Is there anyway I can work around this somehow? I'm hoping to get a cheaper, fuel efficient car with easier payments cause this Z is getting too expensive to maintain.

[Ray paulsen]

You cannot work around this problem without knowing the facts about your credit score, 25% interest is about as bad as it gets, how you can make the statement your score isn't that bad is beyond me.

Moderator 97ventureowner mentioned in some other posts how to get your free credit report, hopefully he or someone will read this post and submit the link so you can address any corrections to be made.

Have you considered to approch the current lender to re - finance for a longer term to suit your budget ?

['97ventureowner]

Originally Posted by Ray paulsen

Moderator 97ventureowner mentioned in some other posts how to get your free credit report, hopefully he or someone will read this post and submit the link so you can address any corrections to be made.

Have you considered to approch the current lender to re - finance for a longer term to suit your budget ?

That link is https://www.annualcreditreport.com/cra/index.jsp .
Also, you might be able to shop around your area to possibly refinance your current loan. Start at your current lender and see what they can do and then if you aren't satisfied try other lenders in your area. Credit unions are your best bet for something like this, and don't be discouraged if no lender is willing to offer better terms on your current loan. There are many people in the same boat as you and the current banking industry "issues" don't make things better along with the present state of the economy.