Can I refinance a car loan in Canada if I’m upside down on that auto loan?
You typically shouldn’t refinance a car loan if you already owe more than what your car is worth (which is what being upside down on your car loan means). Lenders will usually charge you higher rates since your asset won’t cover your loan payments if you default.
You may want to consider waiting until your payments catch up to the value of your vehicle. If you just want to get rid of the debt quickly, you can also consider selling or trading in your vehicle for a less expensive one and using the difference to pay the remaining balance that you owe.