Should I refinance my car?

Question

I'm trying to cut down my monthly expenses because my income is falling short of the cost of my expenses.

Answer 1

It depends on how much you owe and how much MORE it will cost you in the long run. If it is going to add money to your loan, I would not do it.

Good Luck!!

Answer 2

No you should cut other expenses or earn more money. Refinancing cars is a recent thing nobody did that until a few years go. It means you will be paying on the car long past when you wish you could replace it. They usually start with a 6 year loan now so you could be paying payments on a 10 year old car if you aren't careful.

Answer 3

If you refi your car it will cut down the amount of the monthly payment but it will lengthen the term of the loan....you will only be able to refinance if you are halfway thru the loan or better...If you have paid at least half of what you owe you may want to look into refinancing ....A used car is also an option but sometimes you inherit someone else's problems....
Good luck

Answer 4

Then you should get rid of your car. And buy a good used car for CASH. You should never finance a depreciating item.