No car too old to refinance


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.

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