Feb
12
Jesse H asked:
I have a 2007 Saturn financed through GMAC for 5 years. Been paying 2 years. I am not upside down in the loan. Can I refinance for another 5 years through my credit union, to lower my payments?
Douglas
I have a 2007 Saturn financed through GMAC for 5 years. Been paying 2 years. I am not upside down in the loan. Can I refinance for another 5 years through my credit union, to lower my payments?
Douglas
Comments
4 Responses to “Can I refinance an auto loan to lower my payments?”
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Steve
You have 3 more years to go why start over again. I would just continue to pay the loan amount and not refinance.
Lisa
That is up to your credit union. I do not make their decisions so I cannot tell you if they will approve you or not!
Shawn
Yes, you can refinance. I just helped a family member do that because of their income getting cut. They needed a lower payment for a while, so refi’ed for 5 years. Loan payment went from 340 to 180. Once they get back to normal cash flow, they can always go back to paying what they did before and pay it off faster since there’s no prepayment penalties.
Rose
Yes you can refinance your loan. But keep the loan term short otherwise it will cause an upside down on car and try to get a lower rates than lengthy loan term.