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Looking for a lower rate. Refinance or get another car?

tag
masscredit
Senior Contributor

Re: Looking for a lower rate. Refinance or get another car?

Money was a little tighter when I purchased the car in 2011.  This is another way to look at the difference -

 

Origional loan about in 2011 - $12627.44, payment - $283.77 for 6 years,  finance charge over the life of the loan - $7804.00 (it hurts just typing this!)

 

Refi with DCU - $10770.80 (nope, I didn't get to far in 18 months), payment - $233.82 for 4 years, finance charger over the life of the loan - $452.21

 

Looking at the origional loan, all I can say is "whew... that God that's over!!!"

EQ - 698 / TU - 679 / EX - 689

Capital One Savor - $17000 / AAA Travel Advantage Visa - $14000 /Capital One Venture - $13000 /Bread Rewards AMEX - $9450 /Apple Card - $8500/ TD Cash Card - $7500 / TD Double Up - $7000 / Mercury - $5000 / Ally Master Card - $4300 / DCU Visa - $3000 / Capital One QuickSilver - $600
$89,350
DCU Auto Loan
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