I just purchased the car in November, but I happened to get laid off my second job two weeks after i purchased the car, although I can still afford the car I wanted to lower the payments
2007-12-08 02:36:02 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
I don't think there is a particular waiting period but you may have a problem if you bought a new car. The problem is that the bluebook value of the car is probably now way below what you owe on it, thus you will not be able to get a new loan for the whole amount.
You'd just have to check with the lending institution you got the loan with. You might be able to just change the terms of the loan. From 3 years to 5 years, for example. But you'd most probably have to pay a higher interest rate for the longer period and probably a fee for converting the loan. But this may be easier than getting and entirely new loan from someone else.
2007-12-08 02:41:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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RE :How long to wait before I can refinance my car?
I just purchased the car in November, but I happened to get laid off my second job two weeks after i purchased the car, although I can still afford the car I wanted to lower the payments
Follow 7 answers
2017-01-20 07:21:52 · answer #2 · answered by Averell 6 · 0⤊ 0⤋
This Site Might Help You.
RE:
how long to wait before I can refinance my car?
I just purchased the car in November, but I happened to get laid off my second job two weeks after i purchased the car, although I can still afford the car I wanted to lower the payments
2015-08-07 19:20:29 · answer #3 · answered by Silva 1 · 0⤊ 0⤋
If you have other debts you may want to consider a consolidation loan. It may not be feasible to refi the new auto loan and help you out. There are other variables that would determine if this would help (how long is the current term of your auto loan and will the bank extend the terms to provide you the debt relief your looking for). If you own your home a second mtg may afford you much more payment reduction and the interest you pay may be tax deductible
2007-12-08 02:44:40 · answer #4 · answered by ironmen75 2 · 0⤊ 0⤋
For the best answers, search on this site https://shorturl.im/awC4F
If you can get a better financial deal there is no reason to wait. I refinanced once the following day.
2016-04-08 01:38:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Don't do it. I refinanced a new car. The payment dropped from
$390 a month to $260 a month. It added YEARS to my payments. Five years of payments became nine. DON"T DO IT.
2007-12-08 02:43:07 · answer #6 · answered by runner1 6 · 0⤊ 2⤋
Good arguments, but I am not 100% sure
2016-09-19 06:44:16 · answer #7 · answered by ? 2 · 0⤊ 0⤋
YOU CAN DO IT RIGHT NOW.
2007-12-08 04:04:48 · answer #8 · answered by Anonymous · 0⤊ 0⤋