I am 14 months (13 payments) into a 7 year auto loan at 9%. I have been offered the opportunity to refi at 6% with a different financial institution.. What pros and cons are there to consider. I can afford the current payments but am interested in paying less interest of course. I intend to keep the vehicle for a long time.
Auto Loan refinance question?
This is a complex mathmatical question. Since you have a long term loan, you're probably better off refinancing. I just refinanced, but from 16% to 7%. No question in my case. I had to pay a vehicle title transfer fee also. Check out the fees you will have to pay and compare your monthly payments. Mine dropped from $270 to $185. Check out this link. It seems to be sponsored by two finance companies, but it gives good information
http://www.carbuyingtips.com/refinance.h...
I found a new link.
http://tinyurl.com/m3oam
This link is great. Should answer your question.
Auto Loan refinance question?
If your comfortable with the payments and all you care about is long term interest then you should pay %26quot;double payments%26quot; so you can shave your seven year down to a few years less because dam girl a seven year loan is hella long time Report It
Auto Loan refinance question?
Visit this webguide : Auto Loan Guide: http://autoloans.autoloanassis...
Good Luck Report It
Auto Loan refinance question?
Auto Loan Guide: http://autoloanguide.automobil... Report It
Auto Loan refinance question?
You will save an enormous amount of money go for it!
Auto Loan refinance question?
Sounds good- make sure the offer is legit--you don't get auto finance offers like this often.
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