Auto financing question, can I trade or lower my payments?

I was new to credit, well I didn%26#039;t have any. So when I bought my car I got really high payments. I was told after a year I can go back and with the good credit, I can get lower payments and/or trade. But, the dealership I bought my car closed down. I pay Ford Credit for my car, it doesn%26#039;t tell me on the sight how I can get lower payments or refinance. What do I do?

Auto financing question, can I trade or lower my payments?

You can refinance, but the bank may require a down payment. You may end up owing more than what the vehicle is worth.

Auto financing question, can I trade or lower my payments?

Call up and find out your payoff from Ford Motor Credit then go to your local bank or credit union and ask them to refinance the loan. You will lower your interest rate and payment. Most banks will not require you to put additional money down unless your are very upside down.

Auto financing question, can I trade or lower my payments?

You can go on-line and apply for a refinance loan through websites such as e-loan, or go directly to a Bank like HSBC, Americredit or Capital One.

Your best bet is if you qualify for membership with a credit union, you will get treated best by the credit union and get the best rates around.

You can also try getting your vehicle refinanced through Ford Motor Credit directly. Call customer service with the number on your bill.

If worst comes to worst and the above is not how you want to go, then you can always go to another car lot and let them know what you are trying to achieve. You will have to trade in your car and get another car, but if you are looking to get a better rate it helps to trade in your first car and get a new loan. If you love your car and do not want to trade it in then, go with a credit union. Even if you do not qualify for the loan right now with a credit union usually the loan office will let you know exactly what it will take to get the loan done. Many times that will just be more time making payments and establishing your credit rating. If you have credit cards get your balances below 30%, if you can, before you try to refinance your vehicle. Hope that helps.

Auto financing question, can I trade or lower my payments?

you have several options and i think everyone who responded provided the answers: 1) you can do the refinance (get the payoff from Ford and pay it off by using another bank that will give a lower payment). 2) you can go to any car-dealer (they will work with you no matter what and they usually try to get you into a lower payment if that%26#039;s what you want). * one thing to consider, you might be lowering your car payment but on the flipside your contract term might be extended.

Auto financing question, can I trade or lower my payments?

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