Dear Terry, We purchased a 2002 car about two years ago. We want to refinance for a lower interest rate. Is our car too old to refinance? -- CateDear Cate, No car is too old to refinance if the owner has good credit. You should have no problem finding a lender, but interest rates are likely to be higher now than when you bought the car two years ago, assuming your credit situation is the same today as it was then. Here are this week's reader questions:•Savvy shoppers may get car with card•How do I get rid of a lien holder?•Is my car too old to refinance?•Does my car endanger my life?If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter. advertisementRelated Links:7 best off-to-college carsNational auto loan averagesWhat changes auto loan rates?Related Articles:All new cars for 20105 steps to 'clunker' dealTake the 'cash back?'Read more Driving for Dollars columnsAsk a question
Dear Terry, We purchased a 2002 car about two years ago. We want to refinance for a lower interest rate. Is our car too old to refinance? -- Cate
Dear Cate, No car is too old to refinance if the owner has good credit. You should have no problem finding a lender, but interest rates are likely to be higher now than when you bought the car two years ago, assuming your credit situation is the same today as it was then.
If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter.
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A little research could save you BIG on interest.