Should I refinance my car?

I'm 20 years old and I just bought a 2015 Hyundai Sonata from a dealer. I financed it and put $1500 down and trade in value for my old truck was another $1000. On the contract it says I still owe about $23, xxx I just want to know if I can lower that full price by refinancing or does refinancing only help lower the monthly payements. I feel like I rushed to get the car and didn't do much research but I can handle the payments (about 700 with the car not plus insurance) but the full price is what I think they took advantage of me with. Also, if I trade the car in for another new car is that possible if I still owe, or does the difference of what the trade in value and what the original price of the Elantra add on to the new car I want? The dealership I went to is a Honda/Hyundai that work together so if I could trade my car in I would want the Honda Accord or Hyundai Sonata, so any help would be greatly appreciated

I'm 20 years old and I just bought a 2015 Hyundai Sonata from a dealer. I financed it and put $1500 down and trade in value for my old truck was another $1000. On the contract it says I still owe about $23, xxx I just want to know if I can lower that full price by refinancing or does refinancing only help lower the monthly payements. I feel like I rushed to get the car and didn't do much research but I can handle the payments (about 700 with the car not plus insurance) but the full price is what I think they took advantage of me with. Also, if I trade the car in for another new car is that possible if I still owe, or does the difference of what the trade in value and what the original price of the Elantra add on to the new car I want? The dealership I went to is a Honda/Hyundai that work together so if I could trade my car in I would want the Honda Accord or Hyundai Sonata, so any help would be greatly appreciated Refinancing can't lower the amount you owe. In fact you will end up owing more because there will be some fees related to the refinance.

You only do this if you signed up to a crazy high interest loan, and now find you can get a better rate elsewhere. Then the lower interest should mean lower payments (or faster pay off) in spite of the extra fees.

You could trade the car, IF you can get more than $23K for it. Chances are you won't, because it's now a used car, and maybe worth $20K to trade in. Trading the car also incurs a cost, more finance fees, dealers mark-up on the new vehicle etc.

Seriously. You have a new car. Suck it up. Drive your new car and enjoy it. Trying to over analyse, what-if, and find an "angle" is just going to eat you up, until you end up hating the car and the dealer. Where as if you just relax, drive your car, and carry on with life, things will be fine. In 4 or 5 years you will own a perfectly good used car that you can either keep driving or trade on a newer one. Whether you paid $1,000 more than you might have been able to haggle is really nothing. If you trade in a car you still owe money on, you will be digging yourself an expensive hole. Pay off your first car before you go and get another one You have made a grave error. The car is now not worth what is owed. It all depends on the terms. That is something you need to figure out. An 8% rate is better than a 9% rate, but not if you do the 8% for 10 years longer. Then there are refinancing fees. You need to run the scenarios of your available options. Price out how much it will cost to keep, and how much it will cost if you refi. The only ways a refi would be better is if your credit is better, the lending agency is more egar now, you are able to pay a higher monthly (and thus pay down your principal sooner); after you factor in whatever paperwork fees they require. Wow. You have a lot of learning to do about finance and loans.

If you trade in a car you still owe money on, you will be digging yourself an expensive hole. Pay off your first car before you go and get another one

You have made a grave error. The car is now not worth what is owed.

It all depends on the terms. That is something you need to figure out. An 8% rate is better than a 9% rate, but not if you do the 8% for 10 years longer. Then there are refinancing fees. You need to run the scenarios of your available options. Price out how much it will cost to keep, and how much it will cost if you refi. The only ways a refi would be better is if your credit is better, the lending agency is more egar now, you are able to pay a higher monthly (and thus pay down your principal sooner); after you factor in whatever paperwork fees they require.

Wow. You have a lot of learning to do about finance and loans.