Best plan for auto loan

[Anonymous]

Checking to see what peoples thoughs are on this plan.  Will be freeing up All but the car loan and mortgage by the end of the year.  This will give me an "extra" $659/mo.   I say "extra" because expenses just went up and income down having a baby about 3 weeks ago.  Anyway right now I have $18935 on the car loan.  I'm paying $535/mo @ 8% and have about 42 months left.  Thinking about refinancing to 24 months once the other bills are paid off at a much lower interest rate.  My credit is MUCH better and 24 months has some pretty good rates.  Payment would probably be $650-700/mo.  That would give me much less interest, faster payoff and be less than $150 more each month.

BTW credit in the next few months should go over 750.  Less than 2 years ago it was 618.

[mross1080]

I would say not to refi and just take any extra money you have and put it towards that loan and pay it off sooner, you never know when you hit a rough patch and need to make a lower payment. You interest isnt the best but it certainly isnt horrible. Thats my 2 cents.

[Anonymous]

New baby....yeah  unless you have 6 months in emergencey cash saved up...that needs to be you concern over everything else.

[Anonymous]

Thanks.  Taking each day as it comes (will revisit Sept) but trying to get $50k saved up before she is 5 years old so we can move into a better school district and its easier with the car payment gone.  I had almost $10k but it dried up with the hospital/doctors.  Maybe I do the car when I'm back to $15k or so.