Hey guys im right now well.. i dont know how to put it except capitol one is holding my car title. I do monthly payments for my car and i was wondering is there anyway i could refinance to pay less? I really want to keep the car but i dont have any left over money to spend. Only enough to pay for car payment and insurance. I REALLY do not want to see the car go i would literally die. But has anyone had any past experience on this and could help me that would be really nice.

 

there is interest on my loan though and its high too

 

yeah, i think you are talking about a loan, not a lease. if its a loan, yes, you can refinance....but with refinancing, if you are changing banks, its good to have a decent down payment. how is your credit? thats what it all comes down to.

 

With a lease, you can roll it over into a loan, but you will pay the interest that you hadn't been paying during the lease period. When I rolled mine over, I ended up with having to pay the residual and then DMV tagged me with $1800 to register the car in my name, not the lease companies. I wasn't expecting that.

 

It sounds like you can't afford the car. Sorry, but it's not worth ruining your credit over a car.

Sell the car, save your money, buy another one someday.

 

nahh i cant do that. Love it too much. I will just have to go on paying what i have been paying. Work + School sucks but everytime i see my car and get in it goshh.......wat a relief.

 

You are talking about a loan which you can easily refinance. If you can drop 1%, its definitely worth the time.

 

how would i go on with doing that though? GO to another bank and ask them for refinance?

 

Yes you can check out a local bank, or an online bank suck as eloan. Fill out a consolidation form and wait to see if they will give you a worth while rate.

 

1% isnt going to make an appreciable difference in your payments. only lengthening the pay period will.. .but given thta its a refinance of a used car... chances of extending the period is zilch. additionally, taking into account the 5yr rate trend, theres a very good chance you wont be able to decrease your rate