: Car financed at 24.90% -- what can I do? The car dealer told me the car worth 00.00, I am paying him 9.17 for 19 months. That's 04.23. Am I getting ripped off? If so, is there any way to fix it?

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If you are a subprime borrower, that may not be an unreasonable rate given the risk they are accepting. In any case, it's what you agreed to.

As others have said, you could/should have shopped elsewhere for the loan.

In fact, you can still shop elsewhere for a loan to refinance that vehicle and thus lower the rate, unless the existing loan has equally obnoxious rules about that.

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You could look into refinancing with a bank or credit union. But to weed out options quickly, use a service like LendingTree, which can vet multiple options for you a whole lot more quickly than you could probably do yourself. (I don't work for, or get any benefit from LendingTree.) Whatever you do, try to do all the applying within a short span of time, as to not negatively affect your credit score (read here) by creating extraneous inquiries.

Then again, if your credit sucks, you might not qualify for a re-fi. If you are turned down, make your payments on time for six months or so, and try again.

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Anytime you borrow money at that rate, you are getting ripped off.

One way to rectify this situation is to pay the car off as soon as possible. You can probably get a second job that makes 00 per month. If so you will be done in 4 months. Do that and you will pay less than 0 in interest. It is a small price to pay for an important lesson.

While you can save some money refinancing, working and paying the loan off is, in my opinion a better option. Even if you can get the rate down to 12%, you are still giving too much money to banks.