refinancing question
refinancing question
Registered User
Joined: Dec 2004
Posts: 293
refinancing
depending on your situation, the easiest way is just to go to your bank, and ask what programs they have for automotive loans. You can't refinance through a dealer unless you buy a car there. There are some online banks that will refinance auto loans too.
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From: Funtown
Car Info: A limousine with a chauffer
Refinancing a car loan will help you only if:
1. You have a REALLY high interest rate.
2. You refinance the car for a longer term than you have currently.
Otherwise you'll probably see little to no difference, and a lot of banks will require that you take an additional, minimum amount over the refinanced amount, as cash (a lot of banks set it at $1,000).
If you make a huge lumpsum payment, or are way ahead of your payments, ask the bank to restructure your payments through the life of the loan. They should go down that way, and you won't have to refi.
1. You have a REALLY high interest rate.
2. You refinance the car for a longer term than you have currently.
Otherwise you'll probably see little to no difference, and a lot of banks will require that you take an additional, minimum amount over the refinanced amount, as cash (a lot of banks set it at $1,000).
If you make a huge lumpsum payment, or are way ahead of your payments, ask the bank to restructure your payments through the life of the loan. They should go down that way, and you won't have to refi.
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