Can i refinance my car loan into smaller payments if the payments have become to much for me to handle?

Question

i only have $13,000. left on a $43,000. loan and i don't wanna lose my car

Answer 1

You should be able to refinance your vehicle if you credit is good

However if you have paid off most of your car and have a simple interest loan then it would not be a good idea to refinance since you have paid off almost all the interest if not all of it. and refinancing would cause you to have to pay more in interest.

Explanation on simple interest loans..... payments are 500.00 per month

In the beginning of your loan your payment of 500.00 is divided up like this say 50.00 goes to the principle of the car and 450.00 goes to the interest..

Toward the end of the loan the 500.00 payment is divided like this 50.00 to the interest and 450.00 to the car

it depends on what your interest rate is and what you can refinance at.

Answer 2

Yes, you can refinance at anytime.....First you'll have to find a loaner....which mainly depends on your credit. And when you do find a loaner, one that will reason with you, they will usually give you the loan for the lower payment that you desire, but you'll end up paying more in the long-run than what you're paying right now.
If your monthly payments are too high and you don't mind paying a little more for the car (total), then refinance. It's a win-lose situation, that's as best as you're going to get it. Just remember, your credit has a lot to do with it.
Hope this helps.

Answer 3

The problem with refinancing is you get smaller payments for a longer period of time and end up killing yourself with the interest over the 7-10 years of financing. Concentrate more on increasing income or decreasing your expenses to get that loan paid off. You've made it this far into the loan... Nike says, "just do it!"

Answer 4

it may or gained't be nicely worth refi'ing at this factor. if so, i'd examine for no fee refinancing. it truly is round, yet you should seem for it. only ascertain they don't look to be rolling the fee of the refi into the deepest loan. you do not favor that. because the abode is a house, many lenders gained't lend to you with out 30% down. regardless of if it grow to be your regular position of abode, many places gained't personal loan immediately with out a minimum of 10% down, many favor 20%. As for putting the further earnings route of the most, i does no longer. i'd placed the money aside in a good mutal fund. this delivers help to maintain the money up alongside the way and if some thing were to take position, you are able to tap the mutual fund on your resources. otherwise, you'd be money unfavorable and asset wealthy which does no longer help you once you want earnings a hurry (new furnance, and so on).

Answer 5

Just refinance your vehicle and add a few years. Like, if you have 2 years left, you might be able to get a 3-4 year loan for the same amount- and thus lowering your MONTHLY obligations.

Answer 6

Yes, you can refinance if it is a newer model car. You can ask the lender you financed it with if they will let you refinance it through them. If they won't, just do a Google search and you will find banks that do auto refinances.

Answer 7

Yes you can. It would just mean having a new loan to pay on from scratch. But good for you to ask because so many people get in over their heads. This way, you can keep your car AND you won't ruin your credit.

Talk to your bank ~ they can help you.

Good luck!!

Answer 8

If you have made regular payments, the bank will probably refinance it or go somewhere else. You might get a lower rate.

Answer 9

If you can find a a lender who is willing to make that loan. Some will depend on your credit history.

Good luck.

Answer 10

yes you can but you know that refinancing is just pushing the rest of the money to the back of your loan and you will have more car payments i know i have done it.