Overhaulin'

Can I refinance a car loan?

Can I refinance a car loan? For instance... I bought a car with all cash. Now I need to have cash on hand and would love to just have car payments every month. Is this possible? THANKS!

Public Comments

1. its called a loan. you use the car as collateral. if you dont pay the loan back, they repo the car.
2. As long as the car isn't to old then you can get it financed.
3. well, you didn't finance the car in the first place, so no. you can't refinance it. go take a loan out. don't use the car as collateral. you already paid for it, so don't screw with it. just get a personal loan and make payments.
4. yep, but the intrest will be high.
5. This could be a problem and one that I have recently asked myself. As far as I know, it is an individual thing with a bank and they may not do it (more likely not to than will). They may do it if they know you. Go see your bank manager or bank loans officer and pose the question right to the "horse's mouth"...I know that, if you traded it", they would on the new one! Banks are only interested in making money! They are the biggest crooks after the oil companies believe me!! P.S. Watch out for "sharks" or you will lose your car and get no money honey..stay with people and banks you know and not people that "pop" in front of you after reading your post..I know a guy in Africa that sends me e.mail all the time telling me he wants to transfer money into my account but I have to send him my bank account numbers..get my drift?
6. One of the best ways to do it is to sell your car to a lease company and have them lease it back to you. A couple of companies that I know about are Primelease.com and Leasecompare.com.