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refi or trade?
i have had my car loan for about 7 months now and it is almost 30 days late. Can i refi the loan to lower the payment or could i traded it in for a cheaper car and better gas..If there is a good refi company that works with poor credit, please tell me...
I have already talked with the finance company and I CAN NOT GET A EXTENSION...so please don't suggest that I have checked already.......
If there is a auto loan specialist out there, please help.....
- 1 decade agoFavorite Answer
Most people know that they can refinance their house, but fewer know that it's possible to refinance a car loan, too! It's become extremely popular in recent years. And it might seem like a silly idea, since most car loan terms are short--typically three to five years. If you got your car loan when rates were high, you may be able to get a lower rate now. Or perhaps, when you first obtained your car loan<!--your credit was less-than-perfect. If you've managed to improve your credit score over the past year or so, you may now qualify for the lower rate. And a lower interest rate means less cost to you over time. Even dropping your rate by 1-2% can mean significant savings over the life of your loan.
Many car loan lenders that will refinance your loan don't charge any fees. That means no application fees, no fees for paying off your first loan early, and no other extra charges. So in many cases, refinancing your car loan won't cost you anything at all! And if you refinance for a lower rate, that's like saving money for free. Although most lenders wont-->charge you any fees to refinance your car loan, it is possible you'll have to pay to have the title of your car changed. So ask about any of these extra costs first to ensure the savings is worth the expense.