Clearlane refinancing?

dsotm76 · ‎04-19-2018

Hey everyone!

Just got mail today from a place called Clearlane wanting me to refinance my car. I purchased it a couple years ago when my credit wasn't nearly as good, the less than 5% interest was nice to see. Given that my car is a 2009, both places I bank at (HomeTrust Bank in NC and Member One FCU in VA) won't touch it. MemberOne currently holds the loan, at almost 8%. So, I thought this might be nice and then double up the payments with the savings to pay it off quicker.

Anyone know anything about them or have any experience?

BCE AMEX ($16200) - Citi DC ($11600) - Chase Sapphire Preferred ($10200) - Nordstrom Visa Signature ($10000) - Best Buy Citi Visa ($9950) - Chase Freedom Flex ($7700) - NHL Discover IT ($7000) - Apple Card ($6000) - Delta Gold AMEX ($6000) - Hilton Honors AMEX ($5000) - Barclay View ($5000)

Closed - Capital One Secured ($500) - It is not in my wallet. :-) - Sony/Sync ($2400)

Goal - To get in with Chase.

(ACHIEVED!)

Kree · ‎04-19-2018

Clearlane is a loan broker, so there is probably a financing fee. Depending on what you owe, the interest saved could be less that the cost of getting the new loan.

If you can provide the following information I can give you a quick rundown on what interest you are currently paying. What interest you could save by double payments, and what interest you would pay with the lower interest.

Original loan amount

Balance remaining

Original loan length

months remaining

Monthly payment.

Exact % if you want more accurate than me using 8%

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Clearlane refinancing?

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