I hear ya'. I can't wait to get our other car paid off myself. Brand new car payments can be a killer. Next to massive credit card debt, your car payment can be the cause of you falling into debt. At the time my wife and I bought our last two cars we were completely debt free other than our mortgage and I can probably trace back that the combined car payments of $1,300 may possibly have been the beginning of our current financial situation.
We did pay my car off in two years, but the remaining $600+ on my wife's car is driving me nuts. Not even can car payments be overwhelming you have to think about registration fees, insurance and maintenance. If you have a big car like my wife and I have, you will easily pay $50 or more in gas a week. With gas prices going up again filling up can be just as much a killer as the payment itself.
There are times I have thought of selling one car and us just getting by on the other. But with the one car paid off, we would really only be saving the subsequent costs. However, if you have trouble with your finances, selling one of your cars may help you significantly.
Another option you may not know about is that it usually is easier to refinance a car than it is to refinance a mortgage, especially, these days. One difference is there isn't an appraisal fee on an auto loan like a home loan and usually there are no other fees other than transfer of title fee, which usually runs about $20. If you think this option might work for you, the first thing you need to do is check the the Kelly Blue Book value. You can do this at your local library or on the Internet at http://www.kbb.com/. If you owe less than it's worth, you have a good chance you will be able to refinance your car loan, but if your credit is shaky that could be a problem. If you are upside and your credit is less than stellar, you should ask your creditor if they would be willing to reduce your interest rate or extend the payment terms. If your credit is good and you have equity in your car, shop around for the best loan. Credit unions usually have the best rates for car loans and a several online lenders. Check out BankRate.com for the best rates nationally and in your area.
For me, only one more year and our second car will be paid off. After that I would like a breather from car payments.
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