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Could I kind of re-finance my car to make the payments less?

Our interest 9% I think. Could I go through a bank and get a personal loan or something for the rest of the money owed on the car at a lower rate? Would that make the payments lower?

I think my sister did that, I just don't know if I could find a lower rate. We are having trouble with our bills and even just $20 less a month would help.

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Asked by Anonymous at 4:00 PM on Sep. 8, 2009 in Just for Fun

Answers (2)
  • You can do it. My dad cosigned on my car when I bought it because I didn't have any credit. After a year of making payments all by myself I went down and put $1000 "down" and refinanced, so my interest rate went from 4.5% to 3.2% VERY nice. :-)

    However, my payment isn't any less, it just makes it so that I won't be paying on it as long.

    Answer by Anonymous at 4:09 PM on Sep. 8, 2009

  • It's possible, but the car is worth less than it was when you got the loan, and if you're having money troubles, it's more likely your credit is worse than it was when you got the loan. If you owe more than the car is currently valued by NADA, probably won't happen at all. If you owe less, it's more likely. Try the loan company first. They may be willing to refinance you or to extend your loan by deferring some of the principle with lower payments for a set period. You'll end up paying more for the car overall, but have smaller payments in the meantime.

    Answer by NotPanicking at 4:16 PM on Sep. 8, 2009

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