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Questions regarding REFINANCING

Frequent Contributor

Questions regarding REFINANCING

Hello all.

 

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. 

 

God bless!Heart

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Message 1 of 6
5 REPLIES
Frequent Contributor

Re: Questions regarding REFINANCING

Anyone?

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Message 2 of 6
Member

Re: Questions regarding REFINANCING

Was the car used to begin with? What did you pay at start?
Current myFICO Score: 747 as of 12-1-2012
Message 3 of 6
Frequent Contributor

Re: Questions regarding REFINANCING

Hi!

 

The car is a used 2008 Nissan Altima with 50k miles. 13,500 with 3500 DP.

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Message 4 of 6
Member

Re: Questions regarding REFINANCING

Assuming you refinance and they look up the kelly blue book on a 2008 altima base with no extras in excellent condition its only worth $10k to them. In Fair condition is only $8, 200. They wont refinance you for much more then its worth. Make sure you arent upside down on that loan or you may have to pay the difference.
Current myFICO Score: 747 as of 12-1-2012
Message 5 of 6
Frequent Contributor

Re: Questions regarding REFINANCING

Ive researched that alreadySmiley Happy. 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.

Just keep swimming...just keep swimming...just keep swimming, swimming, swimming....
Message 6 of 6