Refinancing car loan ... good idea?

[buyaka]

I have a ridiculously high monthly payment on my car ....

I took out a 5 year loan that costs 800 per month .....

I'm about 2 1/2 years into it and have approx 26k left to pay ....

At the moment I'm finding it and my mortgage etc a bit of a struggle ...

My house and my girlfriends house are both up for sale and as soon as one of them sells I'll be able to clear the car loan completely ....

My question is ...

Is it possible, and would it make sense to ask the lender to refinance the remainder of the car loan over 5 years, thus bringing my monthly payments down to a more managable amount for a while/

Any help very much appreciated!!

 

[Thrifty]

If it's a hire purchase agreement i'd consider whether its better giving the car back under the half way rule and getting another cheaper car. Look at your original contract.

 

[Guest117]

It is possible - depends on company involved

I had a friend in a similar situation a few months back and his finance company would not entertain the idea so he had to sell his X5 and he bought a Santa Fe.

 

[buyaka]

On what basis would the finance company refuse to entertain this idea do you know?

The loans with Lombard if that helps

 

[Guest117]

On what basis would the finance company refuse to entertain this idea do you know?

Don't have the specifics - maybe I phrased it wrongly - might have been more to do with the terms they offered for re-financing - in any case he did not re-finance

Your best bet is to just come straight out and ask Lombard what you have asked us here

Good luck