As the title says. I need to get this broken bolt out of my transmission so I can put the new threads in. I bought a drill bit but it is to large for my drill. What do I do to get the broken bolt out , any tips??

 

First, you need to drill into it using a left hand drill bit. Drill right down into the center of the bolt. Next you need to use an extractor set. Go to a tool supply place like sears, or snap on. The drill bits and the size of the extractor co-ordinate w/ each other. Wear goggles while using the extracting bit, because if it breaks, it normally shatters. Also, you will need the driver for the extractor bit. it is the same as a tap handle.