I have a really high car payment and no income. The car absolutely cannot go back. I had to trade in two vehicles because I signed (not cosigned) for my mother in law to get a Smart car, and she died.
My father in law did not want to keep making payments and pay insurance so we traded in my car and the Smart car. My SUV is financed for 6 years at a 4% rate I think. It was the lowest I could get. The car is in my father’s name, and I cosigned. We both have great credit scores. I am curious about refinancing.
What are the financial ramifications of refinancing? How is it done? Will it have any negative impact on our credit scores? Will it lower the payment significantly enough to be worth the trouble?
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.What Are the Ramifications About Refinancing My Car Loan? - Jessica by Steve Rhode