I am three months behind on my car payments (I'm not a bum. I go to school full time and have 3 jobs). I called the bank and they said I could refinance. What does that mean? Is it a good deal? Thanks.
2007-12-06 06:21:21 · 5 answers · asked by meeko6811 2 in Business & Finance ➔ Personal Finance
Means you are going to owe more money.
They will extend the loan to lower your monthly payments.
2007-12-06 06:25:11 · answer #1 · answered by Fred F 7 · 0⤊ 0⤋
If you think that you are paying a higher repayment amount for your existing car loanyour monthly costs. Secondly, you may avail a competitive interest rate. Thirdly, you could be getting a flexible repayment period. Overall, you will be managing your loan a lot better.
2007-12-06 06:43:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Maybe you should sell your car. It is clear you can't afford it. Refinancing it isn't going to help.
2007-12-06 06:42:19 · answer #3 · answered by dubak00 2 · 0⤊ 0⤋
in your case yes -- go to the bank and work out the deal!!! good lunc!!! your payment will be reduced but the time owe will be longer!!!
2007-12-10 02:36:13 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋
ANYTHING IS BETTER THAN REPOSSESSION..THAT WILL RUIN YOU FOR A FEW YEARS..REFINANCING WILL EXTEND YOUR TERM AND PROBABLY RAISE YOUR RATE A BIT..BUT YOU WILL KEEP YOUR CAR AND MORE IMPORTANTLY YOUR CREDIT.
2007-12-06 06:24:19 · answer #5 · answered by junebug 3 · 0⤊ 0⤋