Refinancing a car loan question.

[shanker]

How exactly does it work? I've decided to go back to school so I have to give up on most of my overtime and want a lower payment. I'm assumming that it would be the balance of the loan refinanced for a new time period right? It's through Fifth\Third Bank. I'm going to call them to find out but I wanted to see if anyone had done it and what to expect.


Or should I start whoring myself out to dirty old men? They pay better than fat chicks.

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[Racerx66]

Couple of things to consider. First how long is your current term (3, 4, 5yrs. etc.). If you have a shorter term, then you can refi for a longer term.
Second, the bank will only refinance up to the current value of the car. If you owe more than the current value and decide to do the refi, you will have to pay the difference to bring it down. If your current payoff falls within the current vehicle value, you're OK. Also, if you're a home owner, consider doing a Home Equity Line of Credit and payoff the car loan. The rates are much lower.
I hope this makes sense.

 

[GLADIATOR]

Start whoring.