refinance vehicle in a 13

[maddog2112]

I had to return our old lease 6 mos. into our 13 and the trustee allowed us to purchase a new vehicle at the same payment as the lease. I`m 24 months into our 13 and would like to refinance the loan if possible to a lower interest rate. I`m currently at 21% and have never been late on any payment, as I have checking account deduction. Anyone have any experience in this matter? I`m currently with drive financial.

[chloe0724]

You would have to get the Trustee's approval prior to doing this. And if the refinace reduces your payments, then you more than likely will have more disposable income to contribute to your plan.

[maddog2112]

Thats fine. What I`m looking for is the same payment, but a quicker payoff. If it`s worth it. The payoff would still extend past my 60 month payoff.

[HHM]

Since you are in a chapter 13, you are probably being "optimistic" about being able to refi.

Generally speaking, unless you can cut that rate in half or more, you won't really save any money in the long run vs simply paying off your existing note.