I have a 2007 Saturn financed through GMAC for 5 years. Been paying 2 years. I am not upside down in the loan. Can I refinance for another 5 years through my credit union, to lower my payments?
Related Post :
Other post:
- Car Title Loans - Info Barrel
- How do I find a guaranteed home loan for bad credit with no down payment and amount of loan not limited?
- Can I get an auto loan with bad credit-past due child support?
- bad credit loans. . . . anyone dealt with this website before?
- What is the current "national auto loan rate average"?
You have 3 more years to go why start over again. I would just continue to pay the loan amount and not refinance.
That is up to your credit union. I do not make their decisions so I cannot tell you if they will approve you or not!
Yes, you can refinance. I just helped a family member do that because of their income getting cut. They needed a lower payment for a while, so refi’ed for 5 years. Loan payment went from 340 to 180. Once they get back to normal cash flow, they can always go back to paying what they did before and pay it off faster since there’s no prepayment penalties.
Yes you can refinance your loan. But keep the loan term short otherwise it will cause an upside down on car and try to get a lower rates than lengthy loan term.