When financing a car can you talk the bank into lowering the monthly payments by stretching it out?

Posted by admin
car talk
God’sStrength asked:


I’m trying to lower my monthly payments by adding on a couple of extra years on to my financing. Instead of 5 years at a price, like 7 years but less a month. I don’t want to give up my car, and I’m willing to still pay for it if possible. Can banks do this for you through auto financing? I mean they’re still going to get their money. Can they work with you on this situation?

Cars
Share and Enjoy:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • DotNetKicks
  • Fleck
  • LinkaGoGo
  • Wykop
  • Xerpi

This entry was posted on Thursday, October 30th, 2008 at 2:41 pm and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

« How do you talk a used car salesman down on a price?
Which luxury car is the most expensive to maintain? »

9 Responses to “When financing a car can you talk the bank into lowering the monthly payments by stretching it out?”

  1. Christina Leah Says:
    October 31st, 2008 at 1:56 am

    Don’t know good question?

  2. NATIVE NEW YORKER Says:
    November 1st, 2008 at 10:59 am

    UH -BANKS ARE NOT YOUR MOMMY

  3. The Anthwer Man Says:
    November 1st, 2008 at 8:04 pm

    If you have good credit I don’t thee why not.

  4. Bear Naked Says:
    November 2nd, 2008 at 5:34 am

    All financing is open to negotiation. Shop for the best deal before you shop for the car!

  5. Mary Smith Says:
    November 5th, 2008 at 12:35 am

    yes you can

  6. WiSdOmWeEd Says:
    November 6th, 2008 at 2:17 am

    Yes….u lose money in the end but lower ur monthy payment-try to find a bank that will give u a lower rate and refinance

  7. beerpond Says:
    November 6th, 2008 at 9:32 pm

    With some institutions you can refinance…but you will have to check. If not you should be able to refinance through another bank. But realize that you will pay more interest in the long run.

  8. retired military wife Says:
    November 10th, 2008 at 9:17 am

    I know people who have done it. They refinanced the car. But you have to have good credit and it usually means a higher interest rate.

  9. vanity planning Says:
    November 11th, 2008 at 5:23 am

    You can….the longest car loans allowed in (IL at least) is 72 months. But creditors are allowing people to refinance their cars now. So I guess if you wanted you could make car payments indefinitely. I’d recommend the sooner it’s paid for, the better. If you are in a tight squeeze ask about 72 months instead of 60 and see how much it lowers the payment. It wont by much maybe 20 bucks