<prompt> Human: I get paid 11 an hour and she get paid 10.50 an hour. She is part-time and Im full time. But I have 200 taken out for health, dental and vision insurance taken out of my paycheck every month. It hurts to have that much taken out. It covers both of us. Back in June of 2011 our car died. We did not have thousands of dollars in our savings and really bad credit due to the bankruptcy that was finalized the year before in 2010. It was mostly due to medical bills not credit cards. So in July of 2011. We walked into a car stealership and walked out a few hours later with our 2008 Mazda Tribute and a car loan. I really really really wish did not do that. But we werent sure what to do. No money in savings, we couldnt get anyone to let us borrow their car. We actually were surprised that we got approved for a car loan. Here are the harsh details of the car loan: 14.4 interest rate. We still owe 12,000 on it. The car is valued at the low end 5,000 and at the high end 8,000 dollars. The car loan is through Capital One Auto Finance. Capital One Auto Finance WILL NOT let us refinance through them. Oh by the way if the finance manager at the stealership tells you that you can refinance a year later with a better interest rate and a lower monthly payment. Its LIE!!! I wont be making that mistake ever again. Because our next car WILL NOT have a car loan attached to it. We did try to refinance with our credit union about six months ago. Due to our bad credit but mostly because the car loan was upside down. What do you recommend that we should do?  <response>: This is actually a good rate for someone with no credit history. If its any consolation you could be much worse.The finance manager was sort of right. You could refinance if you owed less than the car is worth. But no one will loan you 12k if the car is only worth 5k. Typically you need to have 25 equity before you can refinance. So you will need to pay down the loan to 3.5k before you can refinance.You probably dont have a credit card with 12k in credit that would give you a low interest payoff period. If your credit is bad, you probably dont. I havent seen a 01 rate until payoff in a few years and my credit is ok.Your best bet is to pay as much extra per month until you get the loan down. Its unpleasant, but you may want to add on a part time job to get an extra 75-125week just for this loan. 