Is there such a thing as car loan refinansing?

lolo asked:


I’m halfway down on my car loan and I’m wondering if I could refinance it for another five years in order to have lower monthly payments. I do not know if such things are done at all?

Jack

Tags: Car Loan, Lower Monthly Payments

This entry was posted on Monday, July 20th, 2009 at 7:00 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

5 Responses to “Is there such a thing as car loan refinansing?”

1. ***~*** Says:
   July 23rd, 2009 at 5:34 am

   Kevin

   Yes, and you usually get much better rates. I did. There are also some more. Check out and you can see the rates. Or try something like Eloan and they can compete for your business.

2. rooster_cruzer Says:
   July 25th, 2009 at 12:05 am

   Jamie

   Sure, we just refinanced our car last week, got a lower interest rate and lowered our payment by $100.

3. countryguyhfc Says:
   July 25th, 2009 at 7:01 pm

   Georgia

   Yes they can be done but I don’t know if your lender will do it or not. They will usually only loan up to the value of the vehicle and vehicles tend to loose value fast.

4. speedraver18 Says:
   July 28th, 2009 at 11:32 pm

   Henry

   Yes. As long as you qualify (based on credit rating and income, etc.) and the value is in your car (you can book it out on kbb.com) then your financial institution should be able to extend the loan a certain period of time in order to lower your monthly payments/possibly lower your interest rate.

5. doobie725 Says:
   July 31st, 2009 at 4:22 pm

   Veronica

   yup.