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Posted by: Kate on 2008-09-18, 07:32:17
It depends on how far upside down you are. Use something like Kelley Blue Book (kbb.com) to determine the value if your car. Take how much you owe and divide that by what it's worth. If that number (in percent form) is more than 140-150% then you are out of luck when refinancing. If below that, then you have a chance to refinance without making a large payment to balance everything out. Best thing to do is just apply and see what they say. Applying for refinancing is free (or should be) and you are never under any obligation to take the new deal. If you are turned down, you can always call and ask why and what you can do to help your situation. |
