Car loan modification could possibly be the good option

You should look into loan modification on more than just your mortgage. Auto loans could be re-loaned too. In fact, pretty much any large loan can be re-loaned. Right now is not a bad time, either. Rates for car loans are fairly low. Auto loans could be low interest loans too. They do not have to be expensive.

You are able to actually refinance just about any significant loan

You can refinance a vehicle loan just like you are able to get mortgage loan modification. Auto loan rates are trending downward. You may not be able to afford not to refinance if these low rates keep up. According to the Washington Post, auto loan rates are trending lower. Lenders want to lend to re-stimulate their business. Dealers want to sell automobiles to re-stimulate their business too. That said, bear in mind that dealership financing, and bank financing are a bit different. One is usually more costly than the other. Banks offer lower rates than dealerships, as banks don’t get a bonus for loaning to you at higher interest.

What in addition could you know?

There is, as there always is, a small catch. Auto loans are tied to your credit rating; the higher your score, the lower the rate. Auto loans for a bad credit score may not be able to be modified. You may have to just sweat it out, if that’s the case. The same article in the Washington Post puts high credit rating auto loans at 5.7 percent, however those for low credit score borrowers are as high as 18.5 percent. There are also fees and conditions imposed by each individual lender, so make sure you do your homework.

This is a good time for you to refinance if you are able to

Unfortunately, credit is only being lent these days to people with good, almost unrealistically good, credit scores. Bear in mind things that look too good to be true often are. Especially be wary of offers for loan modification these days. Make sure to look into every person who you are thinking of enrolling in a loan modification program with before you commit to anything at all.

Find more information on this subject

Washington Post

washingtonpost.com/wp-dyn/content/article/2010/08/28/AR2010082800170.html