
To refinance or not to refinance? That is my question.
At what point does it become advantageous to refinance my car loan? 馃殫
Some background details: I'm sitting around approximately $6500 outstanding balance right now. The original loan was in 2017 for around $13000, and my monthly payment is $213.27. The loan is in my now ex-husband's name, and I'm an authorized user who makes the payment each month. He has attempted multiple times to take the car away from me (and actually succeeded last year for a few months - long story) because it's in his name and our divorce was less than amicable, to say the least.
I got my car back, but if I'm unable for whatever reason to make the payment I could risk him repossessing it again as long as it's in his name. I couldn't get it financed on my own during the divorce because my credit was awful and the loan balance was around $8000 at the time. Since then, I've worked really hard to restore my credit and I've even managed to get a month ahead on my bills. I'm still not quite to the point where I could get approved for the loan (credit is currently between fair and average) so it would be at least another year before I could get the financing. I'm just wondering if I should eventually refinance in my name and lower my monthly payment, or just continue to pay it off at the current rate while in my ex's name.
Has anyone else been in a similar situation? What would be the smartest thing to do in my case? Feedback greatly appreciated.