I wanted to share my experience with a secured vehicle loan I took out 2 years ago from One Main Financial. It was a 4.5-year loan, and I was in a tough spot back then. Thankfully, I’ll be done with it by November, and there’s no way they’re getting $10,000 from me once it’s paid off. Seeing a lien on my car registration was rough, but I’ll have my car back in less than a month!
How did I manage to pay it off early? I got a second job and stopped gambling.
Feel free to ask any questions, and don’t make the same mistake I did!
Good for you on getting this sorted! When I bought my car, even with great credit, they tried to offer me a 9.2% rate. We decided to pay in cash, even though it was tough. And by great credit, I mean no late payments, no repos, nothing bad on my report.
When did you get your car? I got mine 2.5 years ago. A friend with good credit was offered 15% at a dealership recently but got a much better rate through a credit union. Wondering if that’s what’s normal now.
Just over a year ago. I checked with 3 different banks for pre-approval, and 9% was the lowest. They said even with our good credit, rate hikes made it tough for everyone.
I pay $387 per month, but only about $180 goes towards the actual loan. It’s frustrating. I’m planning to pay it off by the end of the month, depending on how much I make.
It’s rough when you see how much goes to interest. I pay $307 monthly but split it into $160 every payday. Once I clear some other small stuff, I’m aiming to bump it up to $500 a month.
Same here. Most of the payment just covers the interest. It’s my biggest debt and they keep saying the payoff amount is more than what’s shown. Can’t wait to be done with this.
I also have a secured loan with them, worst decision ever. Once I pay off my credit cards, I’ll focus on clearing this in the next couple of years. Congrats on getting out of your loan!
Last time I bought a car, I had half the price as a down payment and the rest was financed through a credit union. It was my dream car. Didn’t tell the dealer about the down payment upfront, so I negotiated the price. The dealer wasn’t happy when they found out I had the rest lined up with a credit union loan! They even tried to upsell me on unnecessary stuff, but I walked away with my deal.
They even tried to upsell me on unnecessary stuff, but I walked away with my deal.