topic financial question in Rebuilding Your Credit

financial question

newcredit — Sat, 07 Feb 2026 00:46:34 GMT

Current	LendingClub
Mo. payment $415	$327*
APR 10.34%	5.99%*
Term 57 mo.	72 mo.*
Loan amount $19,740	$19,740
Total interest $5,730	$3,808*

would this be beneficial in any way to refinance my car?just something i came across the apr is lower loan is longer but total payment come out to the same.. on the new loan what if i contiue paying 415 will it end up saving me money since the apr is lower? thanks in advance apr is confusing

Re: financial question

FicoMike0 — Sat, 07 Feb 2026 01:49:22 GMT

Making the higher payments sounds good. You need to check loan terms, make sure there's no prepay penalty. Also make sure they apply the extra to the balance.

Does lending club do 60 months?

I'd sure hate to have a car loan more than 60 months.

Re: financial question

newcredit — Sat, 07 Feb 2026 02:04:41 GMT

@FicoMike0 thanks for responding... and yea 72 months is terrible lol but if i take the new loan and pay what im currently paying will i be saving at all? im not sure how the math would work on that

Re: financial question

FicoMike0 — Sat, 07 Feb 2026 02:57:49 GMT

Here's a link to a loan calculator

https://www.thecalculatorsite.com/finance/calculators/loancalculator.php

I tried your loan with $88 in extra payment. It says your pay it in 55 months and save $756.

That assumes no prepay penalty and extra going to balance.

Some loans, like the navy and penfed ssl, apply extra payment to future monthly payments. I did a 7 year loan with pen, prepared 91%, but it's still a 7 year loan, I just don't have a payment until 2030. There was an option on the penfed app to apply to principle, which would have shortened the loan. I didn't select that, I wanted the loan to stay 7 years.

To save the most interest, you want to shorten the loan with each extra dollar paid. You may need to specify that when you make each payment.

Re: financial question

Patient957 — Sat, 07 Feb 2026 03:50:01 GMT

@newcredit wrote:
Current
LendingClub
Mo. payment
$415
$327*
APR
10.34%
5.99%*
Term
57 mo.
72 mo.*
Loan amount
$19,740
$19,740
Total interest
$5,730
$3,808*
would this be beneficial in any way to refinance my car?just something i came across the apr is lower loan is longer but total payment come out to the same.. on the new loan what if i contiue paying 415 will it end up saving me money since the apr is lower? thanks in advance apr is confusing

Assuming there's no fees for the new loan, a lower interest rate will always save you money. 5.99% << 10.34%, so the refinance should be the way to go.

That said, something about the numbers in your table doesn't add up. 57 x $415 = $23,655. If the loan amount is $19,740, that's $3,915 in interest, not $5,730.

Re: financial question

newcredit — Sat, 07 Feb 2026 04:29:44 GMT

@Patient957 yea your right i didnt notice that.... this is just a mock up from credit karma anyway ..with all the bad reviews i was seeing from the recommended sites ... i was thinking of just keeping my loan 🤔 my interest is high tho right around 10% im not struggling with it but i do know there are better options...i also dont want a bunch of inquiries on my credit report it is just now is starting to get better😅idk what i should do

Re: financial question

Patient957 — Sat, 07 Feb 2026 16:02:55 GMT

@newcredit wrote:
@Patient957 yea your right i didnt notice that.... this is just a mock up from credit karma anyway ..with all the bad reviews i was seeing from the recommended sites ... i was thinking of just keeping my loan 🤔 my interest is high tho right around 10% im not struggling with it but i do know there are better options...i also dont want a bunch of inquiries on my credit report it is just now is starting to get better😅idk what i should do

Well if you can save 4% on the rate, then that's the way to go. Well worth the cost of one hard inquiry.