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OK, In 2006 I purchased a truck and Wells Fargo was my financer. During the time that I purchased it, I wasn't as knowledgable of my credit and just was happy to get a vehicle in my name. I did realize that my interest rate was high. It is 15.25% and the truck was finance for that amount. It was a used truck during that time and it had 40k miles on it when I got it. My credit score then was a 565. When I got the truck the cost of it was 26k plus the interest. I have 1 year an a holf left on it. The first year, I was paying late and after that I have been paying really good.....well sort of. I have been late a few times but never 30 days late but have been past the deadline. So on my credit report it shows that I have been paying on time. My question is, should I refinance or should I say is it possible for me to refinance this truck. My credit score now is 630 and above for all. What is your recommendation? I ask this because the interest rate is a killer.
Even if you refinance you will probably actually pay more in the long run. This is because Interest is front loaded on car loans. The further you get in the loan the more the payment goes to principal rather than finance charges. You will probably save the most money by making extra payments to the principal rather than refinancing. Your best bet would be to just get that sucker completely paid off ASAP and call it a lesson learned the hard way.
It is already too late to refinace since you have just a year and a half left. You have already paid most of the interest. Pay it off as fast as you can and learn from that as the other member said.