I have had my 2003 Chevy Trailblazer for almost three years and owe $10,000.

  • Thread starter Thread starter dimebagfan76
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dimebagfan76

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Would it be wise to refinance? The payments are over $400 and it is hard to keep up on them. Would it be okay to refinance for another 5 year contract?
 
You should keep it, and just pay it off. The first payments are all interest, and you are to the point where you are paying the principal off at a higher rate since you have had it a while. If not, trade it in for something less expensive.
 
Extending the payments another 5 years is a really foolish thing to do. All that extra interest you'll pay isn't worth it. Plus in 5 years that truck will be 9 years old and you'll still owe the bank money.

If you can't afford the truck, sell it and downsize.
 
No, especially since you're well over halfway into the contract. Why would you want to add another 5 years just to lower a payment?

You also have to consider that the bank is probably not going to go 5 years on the term. This is already a 6-year old car.

Keep in mind the amount of cash you've already put into the vehicle. If you've been paying on it for 3 years, that's almost $15K you've put into the loan. If you're trying to refinance for 5 more years, add up how much more you'll be paying on a vehicle that will be 11 years old when you're done.

I'd pass on refinancing.
 
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