I just bought a 97' F-150 . I got it from my father (he was about to lose it).
He bought this truck in 97, and this thing isnt even paid off yet! I believe he owes about 10,000 for it still. U guys think that I should get it refinanced and try to pay it off or should I just trade it in and let the dealer pay the loan off?

*edit* I think its worth about 8500 - I didnt find out his interest rate yet either - im pretty sure its the highest allowed by law ... lol

Thanks in Advance
Earl

 

hehe ... thats what I thought.

I just found out that the interest rate is around 24%


Im gonna go ahead and see if I can pay the principal amount on it (give them about $2000) and then trade that bi*ch for another mazda


Earl

 

Why in the world did your father agree to pay that much interest in the first place? good god, thats higher than any credit card interest rate i've ever seen.
He's probably paid more than the sale price of the vehicle so far and he has anothe 10 grand to go (assuming he made all his payments on time. since you said he "was about to lose it" i have a feeling that may not be the case).

if you can get it refinanced and you need a truck then do it.
theres no reason ANYONE should be paying that much interest on a vehicle that old and cheap.