Money Talks

For a great rant about the search results for "high mileage auto refinancing" check out BlogSpot!

Pretty much every lender will welcome you with open arms - as long as your car is less than 10 years old and has gone less than 70,000 or 80,000 miles.

So what do you do if you have a car that doesn't meet their precious limits for their so-called "high mileage" auto refinancing?

There is no need to get down about it - you can still swing high mileage auto refinancing if you get a little creative.

It may not be called "high mileage auto refinancing", but a debt consolidation loan can certainly be a way of refinancing your high mileage auto.

It's a bit of lateral thinking, but if you do a debt consolidation refinancing just before your balloon payment is due, or before your existing loan comes up for repayment, you are effectively doing your own high mileage auto refinancing.

The thing is that you are now using your home as security, so the lender doesn't give a toss how old or well-travelled your car might be. That is no longer their concern. If you stop making payments, they won't be repossessing your car, they will be repossessing your house!

As a bonus, the interest rate should be significantly lower because it should be at mortgage rates, not car loan rates.

If you are buying an older car, you won't be able to consolidate before purchasing, so in that case you will need to go for cash out refinancing.

The benefit of that is that you have the joyous experience of telling the car-yard Nazis to take their high-priced finance deals and shove them, as you open a briefcase and pour a pile of cash on their desk ...

Yes, if you get a little creative you can actually find that high mileage auto refinancing can be quite enjoyable!

Photo: fabio pintiero