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Should I Refinance?

Regular Contributor

Should I Refinance?

I have had my auto loan since December 2008. It was originally for $17,000 at a 12.15% interest rate, because it was shortly after I turned 18 and had no credit history. My current balance is $5800 and hope to have it paid off by the end of this year, even though the maturity date isn't until December 2013. I can get refinanced through my credit union at either 1.99% or 2.99%. Would it be worth it to do so, and have another new, young account on my credit? Or should I just suck it up and finish paying it off? Thanks in advance!


   $1,500        $4,500        $1,000        $1,000       $13,500       $3,100        $1,000        $1,000        $15,000
     5/06           7/07            5/11            8/17            8/17           9/17           10/17         10/17          10/17

FICO 8 as of 11/4/17: EQ 674, TU 679, EX 665 | Gardening commenced Friday the 13th (10/13/17) | Next app: Oct '18 - 2nd AMEX

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Valued Contributor

nceRe: Should I Refinance?

refinance

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
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