Refinance question??? HELP!?!?!?

[Anonymous]

Has anyone ever saved up and put a large downpayment and kept the same term; lower the overall monthly payment in the process.  My monthly payment is 371.06 with a 4.9% interest rate. However,  do I have the ability to put down a large lump sum to a different lender and refinance the remainder for 60 months to drastically lower not only my interest rate, but my monthly payment as well.  I plan on keeping the car till the wheels fall off, but I do have a feeling my financial situation is about to change in the later part of next year?    Any help, questions answered would be greatly appreciated.

[Anonymous]

Other info  :767 FICO 
DTI ratio is nothing.  Hence the ability to save.

[Skye12329]

Im not sure if thats how refinancing works, only because i think they just pay the remaining amount owed on the car. I think you would need to pay the lump sum and then refinance which should essentially lower everything still. I could be wrong though.

[Anonymous]

Yeah, why go through those hassles.

I would just apply that lump sum to your existing loan then refinance.

It would effectively be the same thing without the strangeness of applying for a refiance with a downpayment.  The refinance company would probably suggest the same thing: apply that to your existing loan so they would see a lower LTV.