It shows that the minimum payoff amount in order to refinance a car is 00 in California. Currently we owe 00 some odd dollars on the car. We have 34 months left but the APR is at 19% because at the time we got it a little over 2 years ago, our credit was pretty bad. Our credit has recently improved. We don’t qualify for auto refinancing apparently even though we’ve paid on time every month for over 2 years. The only reason we can’t apply is because we owe too little!
Is there a way we can work around this? Should we ask our current auto lender for a lower interest rate or should we refinance, saying we owe 00, and then get back the remainder? I don’t know how this works.
Thanks
Also, the car is worth more than we owe. Just wanted to state that. We just want to get the interest rate lowered and hopefully cut down the monthly payment.
Our payoff amount to our lender is 00 but we cannot refinance our car because the minimum to refinance is 00. We looked everywhere and it says you have to owe at least 00 in order for them to do a loan for you. We do not owe enough money to our lender.
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