Can I refinance my new auto loan?

I want to refinance my current new auto loan which I've had for 8 months now. My interest is 16% for $14,538 loan over 5 1/2 years. I've never been late and my credit score is average. No one has co-signed with me. I've had the same job for the past 4 years and only $150 on credit cards. I want to get my first apartment within the next 3-4 months but I can't afford to keep paying $334 for my car and by the time I finish paying off this loan, it will be around $21,000!.





Does anyone know if I should try refinance or just sell the car all together and hopefully get a new loan for probably cheaper car.

Can I refinance my new auto loan?
With 8-payments made as agreed, you should try you own local bank or credit union, they will always beat the rates you get from the dealers.
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Good Luck Report Abuse

Reply:Yes in some cases even your own bank will refi after 6 months.





I would recommend going to a credit union in your area, they have very competitive rates for consumers. You are right that you will need to have your debt ratio to be low in order to get into any loan or lease agreement. A refi will definitely help.





Debt ratio is your monthly liabilities(on your credit report)divided by your monthly income.





Good luck and congrats on your new apartment.





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