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can you refinance an auto for a lower rate?

I have 2 more years on my loan but i've had nothing but prob. with my current lender (they won't even send me statements or a payment book) my percentage rate is like 12.something. can or should i refinance.


Asked by Anonymous at 6:28 PM on Nov. 17, 2008 in Money & Work

This question is closed.
Answers (3)
  • Yes. However DO NOT extend the life of the loan out any more than the 2 years that is already left on it. It may be tempting when they can lower your payments significantly to put it on a 4 year loan. But that will end up making you majorly upside down in your car. I have refi'd 2 cars. One I refinanced 30 days after buying it (as soon as I got the title) because my local credit union gives me half the interest rate the dealer does. I had no fees involved. My last refi, I kept my payment the same but knocked over a year off the payoff date by cutting my interest rate in half.

    Answer by Anonymous at 9:56 PM on Nov. 17, 2008

  • yes you can as to if you should that depends completely on you.

    Answer by mamakirs at 6:37 PM on Nov. 17, 2008

  • yes, although sometimes there is a fee involved. so you need to weigh that fee against the money you'll save to see which is worth it.

    Answer by pugmama at 9:42 PM on Nov. 17, 2008