When is it a good time to refinance your vehicle?

Question

When is it a good time to refinance your vehicle?

Answer 1

Why would you want to do that.? You will end it up paying and owing much more than it's worth. Sell it, get a cheaper car that's paid off. Save and buy a new one with cash.

Otherwise, you end up in debt you can't get out of, like our government. And you're not allowed to steal it at gunpoint like they are.

Answer 2

I would say half way of the loan period. Also when APR's are low like now. If you can sale it to your wife or other relative, would be better with your credit history.

Answer 3

Why would you sell it to your wife?  A relative or friend I can see...

If you really want to keep your car, refinance it when rates are low like now.  You'll end up saving money if you can get a better rate than what you have now.  Try going through a credit union since their rates are usually lower than banks.  I know of one in Texas where the rates are starting at 4.5%.  

Or if your car has a lot of miles, problems, and is depreciating in value...trade it in for a new one.

Answer 4

It almost never makes monetary sense.  The only strategy that works is to pay off the vehicle and that is tough because it takes cash and effort.