Refinance a Car Loan?

[Luvgcz]

Is there such a thing as refinancing a car loan? A friend of mine has had a minor cash flow problem recently and needs to somehow lower her expenses. I thought she might try to refinance her car loan. She has blemishes on her credit and the car is currently financed with a 'tote-the-note' car lot in Ft Worth. I have seen threads on buying cars, but never on refinancing one.

Thank you for your suggestions.

[skirtchaser79411]

good luck with that, it wont happen

[TexasCowboy]

Does she need some help with the bills on the side.....Really like the concept of FWB....Not trying to sound sarcastic or harsh but being honest....

TexasCowboy

[texan4life]

Refinancing a car loan is possible and is usually done in a falling interest rate environment. Rates aren't really falling anymore so this isn't something you see much of right now. If she is upside down on the car and has a few dings on her bureau then it will be very tough to get it re-fi'd.

[HNIC]

If she is with a tote the note outfit at the moment, chances are the interest rate is fairly high so she will likely save $$ by refinancing...thats the good news

The bad news is that no one who can obtain traditional credit would go the tote the note route...those guys are lenders of last resort, hence the high interest rate to make up for the risky credit. While on paper it sounds like she would save through refinancing, its highly unlikely that she would qualify.

Good luck

[jtex2009]

Go to the credit union. I just refinanced my truck at eecu and got my payment from 850 to 550. I did put some down with it but not much. They have really good interest rates!

[rubberbiscuit]

Tell her to go to the dealer and ask if they can refinance the note. Most tote the note dealers will work with you if your payments are up to date. They want their money not the car back.

[Zippo1000]

Major dealerships will not have the finance company for it & highly doubt credit union will approve her.... Things to consider...If someone buys a car from "Buy here, pay here.." It normally doesn't have decent credit to start with, and won't be able to build credit rating from these places.... therefore she will just be digging deeper hole for the soon near future.... she is in a tough spot right now... I am really sorry.