can anyone tell me some info on re-financing a vehicle?

Question

I have a carloan right now on my 1998 Pontiac Transport, but my payments are outragious and I am thinking about re-financing, but I don't know enough about it. I was wondering if someone could give me a good site or some info on the process and whether or not it's a good idea.

Answer 1

what I did was...I paid off about 2K of my loan...shopped around and went and got a new loan to pay off the old. I went from 16% interest to 9%...I know this is high, but I was young...although it helped me a lot- If your credit is good enough to simply get another loan....do it ( the most important part is paying off a chunk first, usually a year or so of payments)

ps- dont always trust the critics who always suggest the "politically correct" thing to do....do what helps you the most so you can move on.....see ya

Answer 2

Don't do it!!!!!! Refinancing a depreciating asset is a horrible idea.

Although, quite frankly, I doubt very seriously you'd be able to. On a vehicle of that age, the most you'll get refied is NADA trade value.

What they do is this, they look up the value of the vehicle, and say, that's how much we'll refi, and it'll be at x rate. It's based off of a figure known as Loan to Value, or LTV. My guess, is that what you owe on the vehicle, is GROSSLY higher than NADA trade.

Answer 3

I don't recommend it unless you can keep the remainder of the term you have in addition to a lower interest rate. When you finance a vehicle, the bulk of the payment goes toward interest.

Answer 4

heres some info for ya GO TO THE BUY AND SELL OR THE OTHER SECTION im so dam tired of seeing out of place questions, THIS IS CAR AUDIO unless your trying to finance a sound system leave us alone

Answer 5

There are several site is you search car refinance on Yahoo!

Here's one example:

http://www.rategenius.com

Refinance will allow you top lengthen the term and lower your payments. It's your decision if you want to make lower payments longer.