Has anyone here ever refinanced a loan on a car? Do you have any advice? My situation:>bought new car four years ago>have two years to pay it off>have been paying $780 a month for car payments no prob>life hits (ex cheated on me and ran off with the kids, ugly custody battle for over a year now)>last thing corner I can cut is my car paymentSo, what I want to achieve is get my car payments down to $395 and from what I have researched the only way to do that would be to refinance my current loan and extend that from 30 months to 60 months. How likely would it be to achieve that? my current loan is through wells fargo and I have read that usually you have to go to a credit union to get refinances like that. what do you all think?
this is bait nobody on /o/ would ever get a 72 month $780 car loan
>>28937077You probably can extend the loan with a longer term refi. It will depend on the specifics of your credit and the car. Expect to pay a should more interest though; you have shittier collateral (older, higher mileage) then when the first loan was written, you'll have even shittier collateral when it's paid off, you'll have more time outstanding in total and interest rates have gone way up since four years ago.
>>28937082>a should moreA shitload more. Duck phoneposting.
>>28937077Just pay it off early Extended refinanced loans only cost more money in the long-term.I know it sucks, but I was also paying $750 a month on a Lexus.Tempted to refinance I instead worked every bit of OT available.Cut all unnecessary spending Sold a bunch of shit online.And got it paid off on 7 months.I will never finance a car every again.
>>28937080NTA but my white trash ex financed a used Kia Borrego that already had 80,000 miles for $650 a month, 72 months.
Subtle pepe
>>28937077>another sucker got scammed by marriage I won't help you, you're too dumb.
>>28938127even if you can't hack it, try this for a bit, as it'll still bring down what's left on the loan before you bite the bullet and refinance. you're going to be paying through the nose on interest by going this route still, but yes, the current loan provider will likely allow you refinance and extend the terms, unless you've been delinquent on payments in the pastchalk this up to a learning experience and maybe don't buy a 55k car next time if losing 400 per month of income will break you>>28937084>Duck phoneposting>
Do you have investments? You probably have access to margin, and if you don't have access to low interest margin now then it's trivial to transfer an account to a brokerage with low rates. Pay off the current loan entirely, then pay interest-only for as long as you need. Alternatively, trade your car in for a used car with lower payments if you have any equity in it.
>>28937077This is probably a fake post to get (you)s What car is it? Its /o/ so your ex and lawsuits aren't really interesting here. If you can close out some investments or change up something else in your living expense to just keep that loan that'd be best. If you flat out cannot you're extending the pain of paying that loan and then giving the bank an even bigger tip. You're basically ruining tomorrow's finances (3 years of tomorrows) because of poor planning 4 years ago culminating in today's dilemma. Typically during refinancing they either roll the costs of that refi into the overall new loan, or they demand cash from you today. You're turning a 4 year old car into a $60k+ spend when it probably stickered for $45k. I'd use that revelation; how much more are you willing to spend on this aging car that is only going down in value?
>>28938313>close out some investmentsyou have immediately stopped whatever growth they can experience, don't do this
>>28938339>you have immediately stopped whatever growth they can experienceIt sounds like he's running a budgetary deficit. Spending into the red while you have money earning a -potential- 8-12% doesn't seem financially sound.
