Hello,

I was wondering if someone could give me some advice regarding refinancing a personal loan.
I took out a personal loan in July 2005 for 4900, I have paid this account with monthly payments of 124.00 since then with no late payments. My remainder is roughly 1500 presently.
August of 2005 I took out a car loan. I fell behind on payment, and I voluntarily gave up the car for repossession. The loan is now in collections and I owe roughly 3900 on the loan.
I have paid off all my other debts that were in collections and I am beginning on the road to rebuild my credit.
Would it be best to pay off the personal loan and continue making payments on the car loan through the collections agency. OR
to refinance the personal loan, and use that money to pay off the car loan that is in collections?
Any help you could render would be greatly appreciated.