Is there a place to refinance my car?

Question

I need to refinance my car but I have bad credit what should I do

Answer 1

You haven't given any details for a direct answer.  So, speaking in generalizations I will tell you that refinancing a car is almost always a hard thing to do. I assume you want to refi so you can lower your payments?

Well, if you have bad credit, the APR is not going to go down.  So, the only way to lower the payments is to extend the term.  Assuming a bank is willing to do that, I would still say its a bad idea.  You wind up paying for the car much longer, and spending even more for it because you are paying longer and more interest.  Add to that, the fact it will be very hard to sell or trade out, because you will be upside down on the loan much longer.  

Refinancing the car is a short term solution to a bigger problem.  Tighten the belt and manage your budget.  Find ways to cut expenses - no more Starbucks, no pizza night every week, no more movies - when you concentrate on it, you will find many ways to trim the budget.  Then pay off the car as originally agreed and drive it til the wheels fall off.  You will be way ahead in the long run.

Good luck.

Answer 2

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