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Message: <blockquote data-quote="Chloe" data-source="post: 2365316" data-attributes="member: 211496">lowers my payments? In a period of 2 yrs I bought a new car, new house, and became self-employed. I want to refinance my car, which was origainlly an $18000 loan and now I only owe $10000 on it. The bank said since I am maxed out and don't have enough proof of self-employed income yet, the rate would be 10%. HOWEVER. It would lower my payments from $375 a month to $250. Is it stupid to do that? I don't plan on paying the car off, and would only be paying $500 more in interest. yet someone told me it will bring my credit down to refinance at a higher rate. Is it a bad idea?</blockquote>