Member
vegas757
Posts: 15
Registered: ‎08-11-2011
To refi or not

‎09-28-2012 12:50 PM

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.
(337 Views)
 
Contributor
tylaw13
Posts: 157
Registered: ‎06-28-2012
Re: To refi or not

‎09-28-2012 03:43 PM

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 - 699 (9/27/12) TU FICO - 709 (9/27/12) EX FICO (9/30/12) 725 AMEX
Im my wallet - Cap1 Cash Rewards(500) Cap1 Platinum MC(2000) Chase Freedom(1000) AMEX BCE (2000)
(322 Views)
 
Mega Contributor
LS2982
Posts: 14,458
Registered: ‎04-09-2011
Re: To refi or not

‎09-29-2012 04:40 PM

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.

 



Silver Spade Garden Club Member - Last App 1/6/13 - No Apps until 1/7/2015 / Diamond Inspired!
Starting Score: EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 689 / EQ FICO 659 / TU08 FICO 702 / TU98 FICO 672 / TU VS 709 5/23/2013
(276 Views)