Who can refinance?

[Anonymous]

I bought a car in 4/06 for about 10,000 with 260/mth payments. My credit was really bad so I ended up with 24%!!! With the balance being around 8500, I refinanced in 4/07 and got 18% still 260/mth. Now balance is around 5800 and my interest is still 18%. No one will refinance under $7500 and my car is a 2001 no one will refin a car over 5years old. But it is a nice car, comes from Florida so there's not any problems with rust or paint coming off from ash or salt. Only has 58,000 miles and new alarm system. I have been trying to get a company to refinance. My credit is slowly rising but still only in the mid 600's (I'm battling some ex boyfriend issues). So I can't qualify for a personal loan. Any suggestions?

[Anonymous]

Are you a member of any credit unions? You may want to inquire with a local one or national one you are eligible for because they might be willing to take on a smaller loan or to give you a personal loan.

[Anonymous]

Ti get it refi'd you might have to look at short term loans due to it's age.  Cars that are over 5 years old are a larger risk for lenders because if they break down, people may not have the money to fix them and pay the payments.  Also, it is unwuse to extend a loan on that car out more than probably 3 years or so due to it's age.  Assuming your other car loan is a 4-5 year note, even if you get a lower rate, the only way to get a lower payment (if that is the goal) is to extend it out more.

Try local CU's but they will likely want some history in their system.