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Posted in Auto Loans
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CCROCKS

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I have a high interest auto loan. I have 30 months/$9000 left and 5 months ahead on my payments.
I have a high interest auto loan. I only have 30 months/$9000 left on it. I'm ahead on my payments 5 months. I tried to refinance but they wanted to raise the interest and extend the loan to 60/72 months just to drop the payment. I explained I'm not interested in dropping the payment, I just wanted to lower the interest. I ended up with a hard inquiry and no refinance. Should I trade it in to get a lower interest rate, or just suck it up, and pay it off in a couple years and try for a lower interest loan later.

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Do some research on other lenders to refinance with, there is more than one. Just take the time to thoroughly research any company before applying with them, make sure that you read the reviews on the company. Make sure that you have a chance of being approved for what you want before you apply so you are getting Hard Inquiries for nothing. If you are unable to find a lender that will refinance to your needs, then it may be time to re-evaluate your credit and see what you need to do to improve it. Keep in mind that the majority of the time that you trade an auto into a dealer you are going to be getting far less than what you could selling it to a private party. 

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