Can I refinance my auto loan?

Mar 25th, 2010
by admin.

I have a 2002 acura with 98k on it. I want to refinance my auto loan. I owe 11k on it and I have a 72 month term at 8%. I want a 60 month term at the same rate. Who will allow me to do this?

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4 Comments

  1. Paint♥Pastel♥Princess says:
    March 25, 2010 at 4:00 pm

    Ouch 98K and still owe 72 months!! Yes you can I would try your personal bank first!!

  2. Rush is a band says:
    March 25, 2010 at 4:54 pm

    Of course you can refinance an auto loan.

    Banks go through a similar process to funding a home loan when they look at the property they are giving a loan for and your level of indebtedness when deciding on whether or not to give you a loan and at what terms.

    You don’t really give us enough info to help out. You owe 11k and have a 72 month term, but did you get this loan yesterday or 4 years ago? You can always accelerate the payments yourself and finish the loan early.

    You aren’t likely to get a much better interest rate because you financing and ‘old’ car. Six or Seven models years old with almost 100,000 miles. The rate is likely to be unattractive…

    good luck!

    ps – why is this in the renting and real estate section?

  3. Kayley says:
    March 25, 2010 at 5:53 pm

    If you think that you are paying a higher repayment amount for your existing car loan