Is there a way I can refinance my existing auto loan to make smaller monthly payments?

2005 Buick Rendevous has 39000 miles and I owe 19000.00. My payments are 459.00 per month. I need them below 290.00 a month or I'll have to let it be repocessed. Is there any kind of finance company out there that will help my needs???

Is there a way I can refinance my existing auto loan to make smaller monthly payments?
Actually, probably not. Usually they on finance a vehicle for 4 or 5 years, and not a used one.





A comparison to whats available is good too..





http://www.surveyland.org/jump.php?link=...





All the best to you.
Reply:Car loans don't get reamortized to lower the payments, and especially not as much as you need it lowered. You are simply overextended with what you owe and what you pay. You can try to get re-financed somewhere else, but that will be very tough. A car is not a good bet to refinance because they drop in value so quickly that the loan companies never get the value of them back. You owe too much on this car---far more than it is actually worth--to get a good loan without adding in all the money you NOW owe to the loan and making your payments even higher (negative equity.)





Your only recourse is to contact your car loan company and tell them what you need, and see if they have any suggestions. I can tell you up front however that they will most likely say "sorry, too bad."
Reply:It's possible to refinance your auto loan for a longer term, but in order to make the payment as low as you want it, your loan would have to be refinanced for a period of 84 months, which is very difficult to do with a used auto loan.





Your best bet is with a credit union. If you are able to finance $19,000 at a 6.9% rate for 84 months, your monthly payment would be $286.
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When applying for a poor credit car loan you have to realise that you are never going to get the very lowest of interest rates that others have the luxury of securing but if you go with a specialist they will be able to get you the lowest among loans associated with a poor credit rating.
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Reply:See the bank you have the loan with. They may be willing to drop your payments to the amount you desire, although the length of the loan would be increaesed. But this can be done.


They don't want to reposess your car, they'd rather work with you.
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Reply:the only way that will happen is if a company is willing to add probably 2-3 yrs onto the loan term - no way will lowering the int rate cut the payment down that much - just call auto finance companies and ask
Reply:Contact the lending agency that holds the loan on your automobile.