How fast should i refinance my car loan?

Monday, January 19th, 2009 at 08:53

Mark asked:

Car loan is 17000 dollars apr is 17 %.
Dealer told Buy Generic Levitra me that i can refinance in 4-6 months, but i think he lied to me. Bank told me that i can refinance only once.
So 4 months passed.
SHould i try to refinance it or wait at least 12 months???
Thank you.

Reply:

At that apr and assuming the 17000 was the value of the car, you will be "upside-down" for 2-3 years, i.e., your car will be worth less than the loan balance. Make double--even triple--payments as you can, or you will need thousands to refinance.

Finance your car here onsite if you need help buying one of these beauties :)