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I Need to Refinance My Really High Car Payment. – Kevin

Kevin

“Dear Steve,

Started a New Job with Signifigatly lower pay. Need to refinance high car payment to more affordable payment.

Are there many options to refinancing a vehicle I’ve had for about 2 years to get a lower payment when I owe almost double the value for it?

Kevin”

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The Answer

 

Dear Kevin,

While there are options for refinancing a car payment like those through eLoan or LendingClub, I think the major hurdle is going to be if the loan is affordable, even refinanced, on your new significantly lower salary.

In order to lower the payment on the car you will need to extend out the financing from the term you have now. You’ll wind up paying for more years and pay more in total interest but it might make the payment affordable for you now.

Big Hug!

I Need to Refinance My Really High Car Payment.   Kevin
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P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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