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"Can refinancing a CNAC car loan save my fiancée money? "
"My fiancée can barely afford her CNAC car loan. I told her that I would help her refinance the car once we got married, but I am unsure if that would even save her any money.
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Saving money by refinancing a car is a possibility if the car’s value is greater than what is owed. However, it is important to make absolutely sure that the terms of the new loan will not put your fiancée upside-down on the car.
Depending on her current credit score and the value of the car, a better option may be to simply trade the car in for a new vehicle. Or better yet, she could sell the car privately for the full value and use the profit as a down payment. “
View full answer
- Gregory R.
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