Is 722 worth it?

[midnight]

Got approved for a 722 for my current car. Owe 21,000 on it, it's worth 11,500 (Kia). Right now I pay 11% at 455 a month with GAP. 722 said they could give me a loan for 11,500 at 24% for 378 a month for 60 months. Or 428 a month for 48 months. I know the interest rate is high, but because the high has lost a significant amount of value, if we trade it in a couple years we wouldn't be as upside down as we are right now. What would you do??? Probably will keep for 4-5 years (that's the plan anyway).

Oh, I talked with Wachovia, they could lower the rate to 7%, but obviously will not change the dollar amount of the loan.

BTW, does all this have to be done before discharge? I probably have three weeks to go before discharge.

[HHM]

First, yes, I believe it must be done before discharge. (but not 100% sure)

Next question, how many months are left on the existing loan?

All things being equal, that is the best deal, regardless of interest rate.
Take the $428 for 48 months.

[LimpDisc]

Every time I see this question asked, HHM gives some of the best advice.

Find a online payment calculator and crunch the numbers to find the best case scenario. You can also refinance in a couple of years to get a better rate.