Can i refinance my new car to get a second used car? And should i?

Hi, last year my wife and i got "a first time buyer loan" form ford credit with both our credit scores in the low 600's and me having the only income. Now, my wife is starting a new job and a second car is needed. I believe our scores have gone up since then because i have two credit cards both with low balances(around 54 and 183 dollars), no late payments and can be paid off at any time for my savings as well as my wife's credit cad. My currant car payments are $320 a month with 64 months to go and a pay off of $17,000 with i think 6.9 interest and no late payments. Do i have a good chance at refinancing to get a second car? Or will this cost me more in the long run?

No. If you refinanced to a lower rate, the term would be shorter because the car is now a used car, so you would not get any extra cash flow to put toward a second car. {But it would save you interest expense in the long run.}

>> And pay off those credit cards! You are just wasting money by paying interest.

Sounds like you and your wife will have to carpool. The upside is more time together. The downside is less time at home.

Normally you would just buy the second car separately and have a separate payment… Depends on your income and other debts as well as credit score to get approved.