Refinance Help

[DebtStinks]

Well, it's NEVER NEVER NEVER NEVER a maybe. 

Just give 100% accurate and true info and we won't be in this conversation.

No offense taken.

Have a good day!

[Anonymous]

Try Upstart Auto refinance. It is a soft pull to check the terms then hard pull to finalize. I did a fefi with them lat month, with a 559 TU score dropped my rate from 16.71 to 11.68 on a 3 month old  2020 Chevy Equinox. 

[Hutchman92]

The reason that they're likely not saving any money is because I imagine you've already paid most of the interest in the first 4 years. So basically if you refinance you'll have to pay additional interest to the new loan. Check how much your monthly payment is principal vs Interest. 

[Kforce]

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@Anonymous wrote:

Bought in 2017 - 2017 Kia Soul + Original loan $21,000 at 19.95% for 72 months. Now, it is $15,615 left on the loan

* $21,000 @19.95% for 72 months = $502.40 per month  = 28 months of payments to hit 15,600 balance, so 45 months left on current loan. (15,173 in interest if unchanged)

and 36 months at 17.95%, payments $491.

* Bad Numbers *

* That payment and interest would end up 45+ months and that loan length would require about 550/mo payment

* With real balance, interest and payment numbers we can calculate the savings

Got refinance offers from Capital One for the $15,615 remaining, 36 months at 10.97% with mthly payment $533 -

good number cost 2642 in interest

second option, 32 months, 10.97%, payment $ 576 -

good numbers cost 2411 interest

last option, 29 months, 10.97%, payment $627.

good number cost 2186 interest

None of these options are saving me money,

All lower interest loans will save you money if you are not extending the loan length also.

but was wondering if it makes sense to choose the first option just because it cuts down on the APR rate from 17.95 % to 10.97%. Scores are not good enough to refinance with credit unions and I am too afraid to waste a hard inquiry with anyone else. Any input will be greatly appreciated.

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[Anonymous]

IMO option 1; shorter term, lower int rate, slight increase in monthly payment without increasing payment too much. Surprised CapOne didn't offer you a 42 mo term. 

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