Overhaulin'

how to lower my car payments and i am upside down on my loan?

i really need to lower my car payments. i am upside down about $4000 on my car loan. my payments are $522. and i am trying to lower my payments about $100 a month. i did call the company that handles my loan to extend the life of the loan a few months to lower my monthly payments, but refuses to help and i can not afford to pay off the difference to refinance my loan. is there anything i can do.

Public Comments

1. If you have contacted the company and they're not being very helpful I'd suggest looking at refinancing your loan elsewhere. If you leave it much longer they will reposess your vehicle. This is normally done once you are 3 payments behind. The only other option is to look at selling the car, paying off the debt and buying a more appropriately priced vehicle.
2. Some lenders will refinance for a little over the value of the car, but not much. Try another lender or broker who can shop your loan out to several lenders. It will all depend on factors like your credit and the status of the car as to what you can save. Best of luck!