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Refi Question

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elim
Senior Contributor

Refi Question

I currently owe 16k @ 5% to USAA for my car.  Just got an offer from up2drive for 2.99% to take it over. 

 

It looks like this will save me about a thousand on the loan.  The current loan is 16 months old.

 

Are their any negative factors in refinancing the car? Are there any fee's or Taxes?

 

Edit: cost me an HP on EX.  I had EQ and TU frozen, Now all 3 are frozen again.

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Refi Question

taxes? no

fees? depends on the lender, but i would say it's VERY rare to have fees attached to a car loan.

Message 2 of 6
elim
Senior Contributor

Re: Refi Question


@Anonymous wrote:

taxes? no

fees? depends on the lender, but i would say it's VERY rare to have fees attached to a car loan.


  thank you

Message 3 of 6
RonM21
Valued Contributor

Re: Refi Question

How far into the original loan are you?


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 4 of 6
elim
Senior Contributor

Re: Refi Question


@RM21 wrote:
How far into the original loan are you?

  

Account NameOpenedclosedposAgeBalanceLimitUtilTypeStatus
USAA auto loanFeb-15 14.814.8$16,300$20,00081.5%
Installment
 
Open
 
Message 5 of 6
SouthJamaica
Mega Contributor

Re: Refi Question


@elim wrote:

@RM21 wrote:
How far into the original loan are you?

  

Account NameOpenedclosedposAgeBalanceLimitUtilTypeStatus
USAA auto loanFeb-15 14.814.8$16,300$20,00081.5%
Installment
 
Open
 

If you can get 2.99% now.... go for it.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 6 of 6
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