i have a car loan to a certain company which i found that their interest rate is quiet high compare to other, can i transfer that to another credit company?
2006-08-24 09:09:26 · 7 answers · asked by tinytots 1 in Business & Finance ➔ Credit
You would have to apply at the other company and see if they will approve it. Usually, it's hard to "refinance" a car loan because you'll have negative equity - meaning you will owe more than the car's worth. If you don't qualify for a refinance loan, you're probably stuck paying the higher interest rate for awhile.
2006-08-24 09:14:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-26 08:49:31 · answer #2 · answered by Wendy 3 · 0⤊ 0⤋
Yes, you can refinance a car loan, but keep in mind it will be like paying for the car all over again. Say you've paid 3,000 on a 15,000 car-It will be refinanced for the full $15,000 and you'll have to start all over again. Not worth it for a few points of a lower interest rate.
2006-08-25 11:16:44 · answer #3 · answered by Big Bear 7 · 0⤊ 0⤋
Yes - kind of. You would have to refinance the loan through the new company. There will be some closing costs to pay, but you could get that rolled in to the loan costs. If you will save enough money, it will make sense to refinance the loan and pay the closing costs.
2006-08-24 10:15:55 · answer #4 · answered by Think.for.your.self 7 · 0⤊ 0⤋
we've done it in the past and it worked out well for us....we belong to a credit union and their rates were lots lower, but it would depend on the status of your current loan. good luck!!
2006-08-24 09:35:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes - shop around for auto loans- they will "buy" the loan from your present company and then you just pay your new company. good luck
2006-08-24 09:15:52 · answer #6 · answered by cranky_gut 5 · 0⤊ 0⤋
Depends on your payoff vs. what the car is worth. I tried the same thing (knowing I wouldn't get it), but owe too much to refi.
2006-08-24 09:14:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋