Can I refinance my car loan for a lower monthly payment?

I did it with my car loan. I just went to a lender that I knew did car loans and they pulled up the value of my car using kelly blue book and then they told me sure!! They gave me a lower rate and a lower payment. Although, I did have to do some shopping for the right payment it was all worth it in the end :)

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Your problem isn't the loan; it's your spending habits. You say you need to lower your monthly payments because you can't afford it. What makes you think that you can afford to pay a lower monthly payment? Didn't you say something similar to yourself when you first bought the car? "I can afford that! I'll make those payments! Where do I sign?!" Sound familiar?

Forget about refinancing the loan. You'll just wind up in the same predicament a few months from now. Sell your current car and use whatever savings you have to purchase a used car (in full). If you get tired of that car, save up some more money and repeat the process. Before you know it, you'll be back in a great car but WITH NO DEBT.

I seriously doubt it. Not many lenders want to mess with refinancing car loans, since cars devalue so quickly. Dealers do it to make money, but not many other people can make money doing this, especially if they are trying to beat the dealers rate.

But.....if you own a home, use a line of credit or home equity loan to pay it. Talk to your bank if this applies. Try first to just get a line of credit on your house, since the fees will be MUCH less than with a home equity loan. The line of credit will be a variable interest rate, where the home equity loan will be a fixed rate. But both are tax deductible.

Use the equity line of credit to payoff the car loan.