Can i refinance my car loan to pay off credit card debt?
Written By: admin on June 10, 2009
One Comment
I want to refinance my car loan to pay off about 00.00 in credit card debt. I currently owe around 00.00 on my current car loan. If I go to my credit union will they be receptive to refinancing, or is it not possible to do this?
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Tags: car loan, credit card debt, Refinance, refinancingTags: car loan, credit card debt, refinancing
I agree. What type of car do you have? Look it up on kbb.com and see how much the trade-in value is. Take that, and subract out the amount you still have to pay on the car. That's how much you can get from the new loan. But really the focus of refinancing is going to be reducing your money payment or interest rate. If you can do both of those, then go for it.
Once you refinance the amount you OWE on the car, take the money saved and apply it directly to the high interest cards. Pay the minimum on the car until the high interest car dis paid off.
Always pay off high interest things first with any extra money you get.
So overall is it possible? Yes, but it depends on your financial situation, what kind of deal you can get, and what value your car still holds.