refinance auto loan (credit card debt, debt, payments, financing)

[Bowling Nut]

Hello, I'm really thinking about refinancing my auto loan and add my credit card debt. I owe 7k on my car and have about 6,500 in cc debt i would like to add into the car loan. Do you think the lenders/banks will work with me on this?
Has anyone ever thought of this or even tried this? I know it would most likely cause my payments to increase which is fine if im able to pay off my cc debt with a lower interest rate. My car blue-book out with a value of 10k or so.

Im going to start looking and just posting for feedback/suggestions.

Thanks

[chet everett]

Won't work.

If your car is worth $10K you MIGHT be able to finance the $7K you owe on it but NOT MORE. The things that are CRUCIAL is what is your current RATE and what kind of credit SCORES do you have?

A car loan rate of about 7% or less is pretty good. If your credit score is above 650 you MIGHT be able to do better, but if you have less than 30 months or so to pay you are going to have a hard time making a refi work.

The $6500 in CC debt might be something to think of separately, and frankly I would be VERY CAREFUL about it right now. If you are making payment of more than the minimum and have a good rate (basically any CC debt at 15% interest or less is pretty good right now) it easiest just pay it down. Too many people end up paying ridiculous fees attempting to get a rate that is not really worth any transaction fees. Depending on how good deal you get AND HOW CLEARLY THE FEES ARE DISCLOSED you might be in the range where trying to do pretty much anything is going to cost more than you save. Ironically if you owed far more the interest rates could potentially be much more important and if you owed less you would probably be close to the just the minimum or maybe even "no fee" transfers" but generally lenders try to limit those to folks that owe less than $5K...

[Mike From NIU]

I'd be surprised if you find any lender that will give you a cash-out refi on an auto loan. So many lenders got into trouble doing this with the housing market, so why would they want to do so on a known depreciating asset? Why would you want to do this, anyway? You'd be trading unsecured debt for secured debt. If you can swing higher payments right now, go ahead and make those extra payments to the credit card company.

I can understand your overall desire (pay off debt with lower interest rate), but that is only beneficial if any new loan you managed to get doesn't raise the interest rate you're currently paying on the car. If that rises, too, it eats into a lot if not all of the savings on the credit card debt.