Had to leave the garden to do an auto-refinance. Would you blame me?

[KneelBeforeZod]

Hey FICO Campers!

So, I've been gardening for the last few months.  I realized that compared to two years ago when I bought my car with a crappy rate, my score has gone up over 180 points.  It made me think about refinancing my car that was with Capital One at 14.2% APR.  Yes, I know it's high as hell which is why I decided to refinance.

I have no problems whatsoever with making payments on time.  But I know that I could save money and probably pay the car off early by refinancing.  So I went to my bank and I got approved for a refinance at 2.75% APR.  I can either take the 48 month option (I originally financed for 72 months) and lower my payments by $89 a month.  Yes, you read it right.  $89 a month.   Alternatively, I could pay an extra $13 a month and go with a 36 month option and pay it off in less time.

So, do you think I was justified in leaving the garden for this?  I kinda think so, but wanted your feedback if you think this was completely worth it.  I had one person tell me to grin and bear it out with Cap One, but man I'm saving alot of money this way and I'm not extending the loan at all since I'm at the 24 month mark.  Admittedly, I'm proud of myself that I can get such a low rate.  I think I did the right thing.  $89 is alot of money.  That could cover my car insurance for the month, or two weeks of gas, or a cable bill, or some illegal aliens cutting my grass for me.

Your feedback appreciated.

Thanks FICO Nation!

Love,

KneelBeforeZod.

[Anonymous]

You definitely did the right thing? Whoever told you to "grin and bear it" does not have your wallet in mind. Why wouldn't you want to save money and pay it off early?! Who did you refi with, if I may ask?

[KneelBeforeZod]

I went with my local bank called Dollar Bank. I'm from the Pittsburgh area. Their advertised rate is 2.99% and for being a member they gave me a .25% discount so that got me to 2.74% (was off by .01 on my original post).

I did give Wells Fargo a try and they told me they couldn't get back to me by next Wednesday. It took my local bank where I have checking and savings less than 20 minutes to approve after I submitted an app online.

I'm definitely happy. I can continue to make the same payment and pay it off early if I want to say the big amount every month.

I'm glad this site is around that I can write freely about the things I got stuck with when my score was low. Good credit scores certainly have their merits. I was nervous at first because my bank has a reputation of being a "conservative lender". I really think that term is overused and abused personally. The same has been said about AMEX and Discover and they love me long time.

[Anonymous]

Lol, its a great feeling to have the banks love you, isn't it? Discover hates me because of a couple late payments during college a few years ago. However, AMEX loves me too for some reason. Congrats on the refi, btw. I would continue to pay the same amount to pay it off quicker and save even more money in interest charges if you could afford it.