cancel
Showing results for 
Search instead for 
Did you mean: 

To refi or not

Established Member

To refi or not

I recently bought a vehicle for $37,500 at 5.29% over 6 years. My out of state credit union offered to refi it at 3.99% over 6 years. The catch with them is because I don't live in their state, they can only approve me for $35,000. Is it worth paying $2,500 out of pocket to knock it down to $35,000? The monthly payment would be $547 compared to $609, saving $62/month.
2 REPLIES
Highlighted
Regular Contributor

Re: To refi or not

you would save a total of $1,220 over 6 years. It all depends on if you want to fork over 2500 now for $1220 over 6 years (total of 3720 over 6 years)

EQ FICO - 725 (9/11/13) TU FICO - 724 (6/27/13) EX FICO (6/30/13) 755 AMEX
Im my wallet - Cap1 Platinum MC(2000) Chase Freedom(1500) AMEX BCE (7000) Discover IT (8000) CSP (15000) Cal Coast CU (8000)
Mega Contributor

Re: To refi or not


vegas757 wrote:
I recently bought a vehicle for $37,500 at 5.29% over 6 years. My out of state credit union offered to refi it at 3.99% over 6 years. The catch with them is because I don't live in their state, they can only approve me for $35,000. Is it worth paying $2,500 out of pocket to knock it down to $35,000? The monthly payment would be $547 compared to $609, saving $62/month.

If you can afford paying the upfront money I think it is well worth not paying the extra interest.

 




EQ FICO 548 3/3/16