cancel
Showing results for 
Search instead for 
Did you mean: 

Refi Car Loan with 18 months left on loan?

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Contributor

Refi Car Loan with 18 months left on loan?

Okay so here are the details. I have 18 months left on the loan @18%Smiley Sad my payments are just under $500. My fico scores are just over 650 right now. The payment is not a HUGE burdon but i know i can get a better rate. What should i do? Any help would be greatly appreciated!
Message 1 of 2
1 REPLY 1
Established Contributor

Re: Refi Car Loan with 18 months left on loan?

I would give it a try. When I refinanced it cost me $25-50 I think for a title change and that was it. I was playing with the calculator at bankrate and came up with some numbers.

Assuming $7800 balance left
18% for 18 months
$497 monthly pymt
$1158 interest paid over the 18 months

12% for 18 months
$475 monthly pymt
$761 interest paid over the 18 months

8% for 18 months
$461 monthly pymt
$501 interest paid over the 18 months

Even if you're not worried about lowering your payments, you can save yourself a few hundred bucks in interest over the rest of the loan. If you're worried about getting approved maybe you could work with a credit union and bring in your report prior to having them check your credit so they don't have to ding you if they wouldn't give you the loan.
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.