Questions regarding REFINANCING

[currentlywinning]

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!

[currentlywinning]

Anyone?

[Cox0924]

Was the car used to begin with? What did you pay at start?

[currentlywinning]

Hi!

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

[Cox0924]

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.

[currentlywinning]

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.