Comments on: How and when can you refinance a auto?

By: mslex

mslex — Fri, 22 Aug 2008 19:03:05 +0000

You may not be able to cash out when you refinance your auto. Becuase it has a declining value the only thing you would benefit from is smaller monthly payments by shopping for a better rate and getting a longer term. I am curious about the mortgage you have. You may be in the wrong product. There are so many mortgage options availbale that you could refinance to have a more suitable payment plan for your current financial situation. Feel free to email me if you have any questions or are looking for details geared towords your situation. Just remember you have to decide if your priority is a lower monthly payment and higher interest in the long term.

By: Joe K

Joe K — Wed, 20 Aug 2008 14:37:04 +0000

Refinancing a car is a very bad idea. The value depreciates faster than you can pay it off. If you refinanced it after 3 years into a 5 year payment plan, you might be able to get a lower payment but you would be paying more in the long run.

By: g_neva

g_neva — Sun, 17 Aug 2008 17:10:38 +0000

there a strict rules on refinancing vehicles depending on the lending company - such as age, mileage, etc. you should try to lower your interest rate by at least 3 points, but you don’t want to extend your term either. try citifinancial auto, they do refi’s and you can do it online