Refinancing car loan?

[Anonymous]

What are the basics?
I have exactly two years left on my car loan. Its $330/month and my budget is so tight right now- that $300+ is killing me.
My interest rate is 6% which I thought was awesome at the time (3 years ago), but now I cringe at the thought.
The loan is through TD Bank Auto loans. My primary concern is that I want to get a lower interest rate. I know if I make my payments lower, it'll just stretch out the length of the car loan (clearly)- so I don't necessarily want that, but because my money is so tight right now I'm wondering if it's something I should explore.
Has anyone been in a similar situation?
Would I do this through the same lender? Or approach other banks/lenders?
Is stretching the payments out even an option?

[Anonymous]

I think that the challenge of refinancing a car loan, unlike refinancing a mortgage, is that the value of your car is likely less than the amount you have left to pay. Refinancing towards the beginning of the loan, when your car still decent resale value, maybe easier than refinancing now that you've had the car for a handful of years.

But here's an article that offers some suggestions on how to do it, including some lenders to check out:

http://www.chicagotribune.com/classified/automotive/used/chi-auto-refinancing-20120327,0,5760339.story

Is selling the car and going carless for a while an option at all? Not only will you save on the payment, but you'll save on all the associated costs of car ownership -- insurance, gas, maintenance etc.

[Anonymous]

Thank you! I wish I could ditch the car, but we are already a 1-car family and I just got a new job that isn't by public transportation.

[Anonymous]

USAA will let you refi and even extend the time at a low rate of around 3%

[Anonymous]

Can you refinance through you're current lender? Like "hey, my rate is 6% but see you are offering 2.5-3% on your website. Is there anything you can do for me?" -- Or does that not even make any sense?

[Anonymous]

I'm poster 11:14 -- I just got an email from my credit union offering to refinance my car at a lower rate (certain restrictions apply, of course.) Do you have access to a credit union? Other CUs may have similar deals.

[Anonymous]

OP here. I am a BOA customer but that's it. I saw they have auto loans and refinances on their website and even a discount for current BOA customers - but I've heard from many people that BOA sucks.

[Anonymous]

Bank of America does kind of suck. But, refinancing a car loan shouldn't involve a great deal of work on their part -- doesn't hurt to ask, anyway...

[Anonymous]

You hold definitely do it. Check out pen fed

[Anonymous]

Pen Fed is around 2 percent. You don't have to be military to join, you can donate to a special fund and become a member.

[Anonymous]

OP here.
I am not in DC- is PenFed just for government employees and military though?
I just got the specifics on my loan. I owe just under $11k, and the car is worth between $9.5k and $11k (depending on if you go through a seller or sell privately -- kelly blue book).
Will I not get refinancing if I am "under water"?