How much money would you have to save on your current auto loan to make refinancing worth it? My original loan was 5.99% for 60 months. Last September I took advantage of a DCU soft pull preapproval @ 3.49% for 48 months ($336/mo) which not only saved me money but also lowered my monthly payment. I currently have another SP preapproval @ 2.49%. If I refinance for 36 months, I'll save $722 total & pay $36 more a month ($372/mo). If I refinance for 48 months, I'll save $557 total & pay $54 less a month ($283/mo). Or I can do nothing. I'm not sure what the right move is here. Since there is no HP, I guess the only downside is that my account age will fall again. Also, I would normally go for the shorter term, but in these uncertain times, I hesitate to take on a higher payment. Any advice is appreciated, thanks!
@Kforce wrote:In the MyFico forum, members take a HP and lower AAoA for a CC that looks pretty or has a 200 Sub.
You can save a real 500-700.
Refinance for the longer loan.
Pay the shorter loan amount every month.
If times get tough you can always drop to the lower payment amount (Best of both options)
Yeah, I agree and that's what I'm leaning toward. But I need to double check on the numbers. I used a calculator on bankrate.com but it doesn't match numbers I came up with. Is it still worth it if it only saves me $179 - $344?
@KLEXH25 wrote:... If I refinance for 36 months, I'll save $722 total & pay $36 more a month ($372/mo). If I refinance for 48 months, I'll save $557 total & pay $54 less a month ($283/mo) ...
Win/Win. Flip a coin -- you Win. 
Congrats!
If you're refi-ing with DCU, you don't have to go with one of the standard monthly terms. When I did mine, I spoke to a rep who went through several different month counts giving me the payments for each.
I ended up picking 62 months, which was less than the remaining on my original loan and still within my comfortable payment range.
@Kforce wrote:From your numbers working backwards.
I believe you have about 12,900 to 13,000 left on your loan.
From this point on, with 13,000 as your debt here are approx numbers.
13,000 @ 3.49 with 336/mo = 812 interest cost (4yr) current loan
13,000 @ 3.49 with 375/mo = 726 interest cost (3.5yr) current loan
13,000 @ 2.49 with 285/mo = 672 interest cost (4yr)
13,000 @ 2.49 with 375/mo = 505 interest cost (3yr)
Yep. That's more like it. So the 4 year option only saves me $140 but lowers my payment. I just don't think it's worth the $140 in savings to bring my loan back up to 100%, and I definitely don't want to increase my payment to save $300.