How can I refinance my auto loan so I can lower my payments?

my payments are 270 a mo. now and I want something like 175 a mo. I still owe like 12,000 dollars tricky is'nt it? Or is this even possiable?

How can I refinance my auto loan so I can lower my payments?
It's possible, it will just depend on the term and rate you can get approved for. Call local small banks, or Credit Unions. They tend to have better rates, and may not base your percentage off of your credit score.





I've found some good information here too...





http://auto.deal4-you.com





Best of luck to you.
Reply:My guess is you financed 100% with poor credit, so you basically owe more than the car is worth, now you want to put yourself further down in equity? If you are upside down and still have poor credit you will not lower your payments especially by $100 a month. You will only make things worse. Never, Never refinance a car bad thing to do especially since in a year or two you will want to or need to get a new one, then you will be paying even more.
Reply:Glad that you are making this first step . First try to find a different loan company that offers better lower rates. How good is your Credit score? 740 and up is considered as excellent and below that as Very Good.


Your local credit union provides the lowest apr compared to other banks or lending company. ASk them or go to their website and im sure they usually list their rates.


270 to 175 is pretty steep but its not possible. There are so many criteria that depends according to your job history, credit score, how many debts you have and your monthly income etc if your qualified to refinance.


and yes its possible! good luck
Reply:depends on how old the car is if they can finance it for more months