An unconventional question, but...is it possible to refinance a car loan for a longer period of time? For instance, if you have 48 months left on your loan, can one refinance w/another company for 60 months to simply lower the payments for the immediate future? Thanks!
Refinancing car loan for longer period?
Yes it%26#039;s possible but only if the lender you%26#039;re financing with offers a competitive, the same or lower rate than the one you%26#039;re financing thru right now.
Refinancing car loan for longer period?
It *is* possible to refinance a car loan, but it%26#039;s almost never financially advantageous. Refi rates for car loans are *much* higher than what you would get when you initially buy the car. I suppose the reason for this is that usually the only people who tend to need to refinance their car loan are people in financial trouble.
Refinancing car loan for longer period?
Yes you can refinance but you did not include the key to your question which is the model year of vehicle.
here is a guideline in effect by some lenders.
Current or up to 2 model years old - 72 to 84 months
up to 5 model years 60 months, beyond that it drops to shorter terms and some prime lenders will not consider loans for vehicles beyond 6 or 7 model years old.
why don%26#039;t you contact your current lender before shopping around and see if they will extend for lower payments, and then shop and compare the interest rate. good luck
some - guidelines
1 ) the newer the model the longer the term
2 ) the newer the model the lower the rate
3 ) the older the model the shorter the term
4 ) the older the model the higher the rate
5 ) the higher the amount the lower the rate
6 ) the lower the amount the higher the rate
Refinancing car loan for longer period?
based upon your status,I believe you should find something useful here.http://loan.online-supporthome.info/lowe...
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