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Can I extend my car loan?
I want to extend my car loan to pay less each month. Is this possible? How do I extend my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good question! While you can’t simply extend your
car loan
, you can refinance your vehicle to pay less each month, which will still lower your monthly payments. To apply for refinancing or an extension, the process is the same as a traditional car loan, except you’ll also need information on your current car loan. If you have strong credit, income, and a decent debt-to-income ratio, you should be a good candidate for refinancing.
One important thing to note is that you will need to keep full coverage car insurance on the vehicle, even if you extend the term, which can cost you some extra cash. As a result, you definitely should compare rates with the
Jerry
app. We’ll get you personalized quotes in minutes so you can simply choose the best rate for your coverage needs.View full answer
- Gregory R.
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