Now that, my friends, is a frustrating situation. It's easily overcome however, if you just know what you're doing. First of all, you're going to have a tough time dealing with a local bank. They look at it like you're trying to get it refinanced because you can't afford your payments. If you can't afford your payments now, you might default and they'll be the ones left holding the keys to your car. Chances are, you owe more on your car than it's worth, which adds to the dilemma. The solution to this problem is to use online auto financing. What you do is apply for an auto loan online (much easier to get approved with an online lender), and then when asked what vehicle you want to buy, enter the information for the car that you're already driving. It's that simple. When the loan company issues the pre-approval draft, you simply send it to your current finance company that holds the title to the car that you already have. They cash in the draft and send the title to the online finance company. It's that simple. It's a change of lien holder, really. You can also use your approval draft to go trade your car in and get something better. It's up to you.nefit offinancing a car loan is that you don't need to pay any points or closing cos li would with a home loan refinance. You can lower yor iterest rate, your monthly payments and your total cost over the life of the loan by refinancing.
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