I am in the market (and need) to refinance my car. I have 9 months of good solid on time payments. Recently I have come into a bit of a struggle and would like to refi to save money. The original plan was to try and refinance after my year but is 9 months of good history enough? Ive been told that I can also take out the loan for MORE than the car amount and use that extra towards car repairs (God forbid I need them) or other bills that I need to get down to a zero balance.
I owe less than 10K on the car. I was thinking of asking for a refi of about 15k. Does this sound ridiculous?
Any and ALL advice is welcome.
The car is a used 2008 Nissan Altima with 50k miles. 13,500 with 3500 DP.
Ive researched that already. The average between the trade in and personal sale of my car was $10, 838.50. I still owe about $10,044.52 on the loan (December payment doesnt come out til the 16th) so I will be well under the value of the car as far as the loan is concerned. Im not even sure if that matters or how, I just crunch number in hopes of one day making sense of it all.