Refi

[SSH0126]

When you refinance do they add more fees and intrest to your current loan? 

[Creditaddict]

---

@SSH0126 wrote:

When you refinance do they add more fees and intrest to your current loan? 

---

I paid about $400 to add GAP-COVERAGE (Which unless you are WAY under value, I would ALWAYS take it if offered!

I think also paid out 7-14 days interest or something, it came back in check month or so later.

[pizzadude]

I didn't pay any fees at all with auto refinancing.........And as CA mentioned if you pay additional interest on your current loan then you'll get a refund check.

[SSH0126]

Additional Intrest!! I already have a 20% intrest rate and I would pay additional intrest? I thought it would automatically lower the payment but not the intrest and my loan term was for @ 60 months. at that 

[pizzadude]

Let me clarify - not additional interest, but overpaid interest would be refunded back to you.

If your loan is at 20% then I'd most certainly try to refinance it to a better rate.

[webhopper]

When I refinanced with nfcu they gave me a $250 bonus. Went from 7.5% to 4.09%

When I refinanced with chase there was no bonus but my rate went from 18% to 5.5%. I was heavily above water when I applied for that refi.

[SSH0126]

thank you all. Right now I am trying to decide whether to just pay it off for a yr which will be tight or to refi but I have had several lates on credit cards and my credit is lower now than when I got the car which is why I hadn't bothered refing and just accepted this as a learning lesson.

[CS800]

I did my refi with NFCU, went from 16.99 to 4.5. Lots of savings. But i contnue to pay the same amount so i hope to pay it faster.

[Shogun]

I did a refinance and paid no fees.  YMMV though.   It was through my local bank.

[SSH0126]

Can anyone with intitally high intrest rates tell me what your score was when you got the loan and when you put in an app for the refi and was approved?