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.
| Here are this week’s reader questions: | ||||||||
|
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.