Question by crazy: Should I refinance my car?
My mom financed a car for me last year. She is the primary person on the account, and I was a co-signer, because I had just graduated from college and didn’t have a good job yet. Now I am finacially settled, have good credit, and have paid all but ,200 of the ,000 loan back. The monthly payment is 0.00, but I have been paying at least twice that every month since I have been working because there is no early repayment penalty and the car loan has the highest interest rate of all my debt at 6.0%. She wants to sell the home I grew up in to buy an empty nesters townhome for herself. She wants to take out a mortgage for this, and I am worried that the loan she took out for me will affect her ability to get a good mortgage rate. Should I refinance my car so that it is in my name? Should I roll it in to a debt consolidation loan with my student loans (only other debt)? Is ,200 at 0.00/ mo too small of an amount to affect the mortgage rate that she will qualify for?

Best answer:

Answer by J-Rod
i would refinance just me…

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Question by Minion26: Can you refinance student loans after consolidation?
I consolidated my student loans years ago (when interest rates were high). Last year I called my lender to see if I could refinance and take advantage of the lower interests rates. I was told that I could not do this because I had already consolidated my student loans and you would not refinance without consolidation. Is there any way around this?

I am back in school and currently paying cash for tuition. If I instead took out a small student loan this term, could I then consolidate that loan with my other student loan and take advange of the lower interest rates that way?

Best answer:

Answer by KyFADirector
Your lender is correct. I would think the only way you could refinance and get a lower rate would be if you borrowed a new loan from a bank or an equity loan on your house and used those funds to pay off the consolidated loan.

Now if you borrow now you can reconsolidate all your new loans with your old loans but the interest rate will be a combination of the rate on the old loans and the rate on the new loan not what the old loans would be if they were not consolidated currently so unless you borrow a lot more it won’t drop your interest that much.

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