I Need to Refinance My Really High Car Payment. – Kevin
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Kevin wrote to me through the GetOutOfDebt.org site and asked the following question. 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.
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“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”
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.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.
Source: I Need to Refinance My Really High Car Payment. – Kevin
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