How long should I wait to refinance my auto loan?

[Anonymous]

I bought my first car in February 2008 and I was so excited that I didn't read the terms of the loan. It was for 6 years at 19.75%. I do not wish to spend 6 years paying a $12,XXX loan, so I have been sending an extra $50 with my payment. Should I look now or wait until I have had my car for a year.

08/18/08 EQ 625 TU 631 EX 606

[emoticon]

Try to refinance right away.  You pay the most interest at the beginning of the loan.  Every day you wait costs you money.

[Anonymous]

Thanks for the advice! I went in to my local cu to open an account and apply for refinancing and was approved for a 48 mo loan @ 5.69%.

[Anonymous]

That is A LOT better.

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Chmarie wrote:

Thanks for the advice! I went in to my local cu to open an account and apply for refinancing and was approved for a 48 mo loan @ 5.69%.

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