Can you refinance cars?

Question

My husband and I are trying to lower our monthly notes and are wondering if you can refinance a car loan like you can a home loan?

Would I visit a bank or Nissan Motor Acceptance Corp. which is who we have our loan with?

Answer 1

Yes, you can refinance an automobile. You must be careful. Examine your goal. Are you coming out ahead during the refinance period and at the completion of that same period? Avoid refinancing an automobile if you do not come out ahead. Automobiles haven't equity like other property.

Refinancing may reduce interest costs, by refinancing at a lower rate or refinancing may reduce ones periodic payment obligations, by taking a longer-term loan.

Credit Unions can be more useful than banks.

Answer 2

Yes, but if it's more than a year or two old the interest rate is likely to be higher and the term shorter than what you have now.

Check with a local bank or better yet, a credit union. The auto manufacturers' captive finance arms won't give you the best rates most of the time and many don't do re-fis at all.

Answer 3

You pay only 305 with the high interest rate you didn't mention if you bought the car brand new like I bought a brand new 2013 ford escape base model with very low interest rate & my monthly payment is $309 with my $11k trade & 3k down, but if you don't like the car then refinancing with a new one is the good idea otherwise you payment is low & could go up if you refiance/purchase price Tags license fee all that well good luck...

Answer 4

Yes you can - If your credit is decent, and you owe less than car is worth, it is easy - visit the bank where you do your banking

Answer 5

sure you can, usually at a higher rate, so it will defeat your purpose, your best bet if you have good gredit is a consolidation at the lowest rate possible, that is the only variable

Answer 6

Yes, you can!