So, I got myself into a very bad loan on a truck. I was naive and decided to go by myself and buy a truck that was a 2010, very low mileage and good condition. I somehow failed to negotiate or even ask what the payment was going to be just got the credit app back and he said I was accepted, never saying a payment/ interest rate. Was really excited about the truck and my first big purchase. Stuck in a 23% interest rate for four more years since people don’t refinance anything older than 8-10 years, have 15k to pay off, and the truck is worth about 10k. California gas prices are skyrocketing and I have no need for a truck anymore. (Changed jobs). I now have about an hour commute and it just eats gas, so was looking to get a slightly used Corolla, for about 18k. Way better on gas, shouldn’t have problems like my truck has been having, etc. I know I’ll have negative equity but might still be saving money. Gas bill for my truck is like 500 a month, and it would be about 220-250 a month for the car I want. I have much better credit, a 700 currently vs a 500 when I bought the truck a year ago. Want to get out of the insane interest rate. What do you guys think I should do?
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