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Is it worth refinancing?

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EAJuggalo
Established Contributor
‎02-15-2017 09:04 AM
‎02-15-2017 09:04 AM

Is it worth refinancing?

I bought a 2006 Ford Freestar with a $5500 3 yr loan from my credit union just over a year ago with a 10.9% interest rate and no credit score at the time.  I have since moved states and am considering refinancing with my new credit union.  Is this worthwhile when I only have two years left on it?

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Anonymous
Not applicable
‎02-15-2017 09:16 AM
‎02-15-2017 09:16 AM

Re: Is it worth refinancing?

@EAJuggalo wrote:

I bought a 2006 Ford Freestar with a $5500 3 yr loan from my credit union just over a year ago with a 10.9% interest rate and no credit score at the time.  I have since moved states and am considering refinancing with my new credit union.  Is this worthwhile when I only have two years left on it?

I'm going to go out on a limb here and say that unless you plan on replacing the vehicle, you're likley not going to be able to refinance it.  Most of the lenders I've seen have a minimum threshold of at least $5000 remaining on the loan to be able to refi...lower amounts just aren't worth the bank's time and effort to process the paperwork.

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