Overhaulin'

I have a high interest car loan, should I refinance my car loan? My credit is better now, so should I trade in

My car is finance through a personal sales car lot, should I trade in with a different place since my credit is better?

Public Comments

1. You are probably now paying the highes interest rate allowed by your state laws, and could probably do better by getting a new loan from a conventional source such as a bank or credit union. However, you problably owe more on your old loan than the car is actually worth, and you may have trouble getting a bank to loan you the entire amount you need. You don't have to trade your car to get a new loan. You get a new loan to pay off the old loan. Simple. I suggest you go to a couple of banks or credit unions to see if you can get approved, and at what rate. Based on what you learn, you can make your decision.
2. If you CAN refinance, do that. But a word of strong advice: Keep the term the same as the remaining number of payments! In other words, if you have 36 payments left, do NOT take a 60 month loan. You will lower your payments, but still not make much headway to paying off the car. Trading it may put you in a bad spot depending on how much you owe, and the car's value. Talk to your bank or credit union about a lower interest loan. Try places like eloan, lendingtree.com or other online lenders. Good luck!
3. Yes, if you have a high interest rate and still like the car, refinance it. The best place to start is your credit union if you have one. If not, then go to one of the companies below for the best rates from top lenders. 1. Rate Genius 2. eLoan 3. MyAutoLoan 4. LendingTree
4. Hi, I used "Credit Solution" to settle my loans.They managed to reduce my loans up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here: http://d6b0.easyurl.net