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Without knowing the APR and the amount refinanced, I would say the longer term and less payment. This allows the flexibility to pay the $450 a month if you can without the obligation each month, should life get in the way. If you maintain the increased payment you save a lot on interest by paying off the loan 2 years early. Just my 2 cents.
@Chezy1025 wrote:
Both had the same rate of 14.5. Which is sadly much better than my current loan. I was thinking the same thing. Choose the longer term so I can pay the 450 or stick with 305 if I need a little extra money. Thank you!
Yup, consider even paying more than 450 with that kind of interest rate. Choose the 60 month term for sure. If you pay 450, it will be done in 36 months, or may more and be done sooner.