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Refinance My Auto Loan??

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Valued Member

Refinance My Auto Loan??

Thinking of doing a auto refinance, I wanted to know what does this community have in advice for which places currently has good rates. From what I read from a few posts, its bad Smiley Very Happy - Anyway thank you for any advice.

 

(This is a credit union also by the way)

 

Current Balance: $16,384.51

Date Opened: 04/05/17

Interest Last YTD: $481.30

Interest Rate: 2.24%

Interest YTD: $222.32

Normal Payment Amount: $379.96

Original Balance: $25,554.85

Original Rate: 2.24%

Payment Amount: $379.92

Payoff Amount: $16,408.64

Term in Months: 72

 

Below is banks that I already have accounts with.

Arrowhead CU, PenFed CU, Ally Bank, Bank of America, USBANK,CITI,Chase (I think I got them all...)

Bank of America Cash Rewards Visa Signature: $28K | Arrowhead Visa® $15K | U.S. Bank Cash+™ Visa Signature® Card: $15K | BankAmerica® Better Balance Rewards Platinum Plus Mastercard $12K | PenFed Promise Visa® Card: $12K | PayPal® Credit Digital Credit: $10K | Chase Freedom® Card: $10K | Citi Simplicity® Card: $9.6K | U.S. Bank Cash 365™ American Express® Card: $8.2K | Citi® Double Cash Card: $6.25K | Chase Amazon Prime Rewards Visa Signature Card: $5.8K | Chase Ink Business Unlimited® Card: $3K | American Express® Blue Cash Everyday® Card: $1K | 1st CC since 2007 | Last Updated: 04/09/20 | Total: $135.85K |
Message 1 of 6
5 REPLIES 5
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Community Leader
Senior Contributor

Re: Refinance My Auto Loan??

Is your current rate 2.24% now??

EXP 758 TU 783 EQ 729
Message 2 of 6
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Valued Member

Re: Refinance My Auto Loan??

 
 
 
Bank of America Cash Rewards Visa Signature: $28K | Arrowhead Visa® $15K | U.S. Bank Cash+™ Visa Signature® Card: $15K | BankAmerica® Better Balance Rewards Platinum Plus Mastercard $12K | PenFed Promise Visa® Card: $12K | PayPal® Credit Digital Credit: $10K | Chase Freedom® Card: $10K | Citi Simplicity® Card: $9.6K | U.S. Bank Cash 365™ American Express® Card: $8.2K | Citi® Double Cash Card: $6.25K | Chase Amazon Prime Rewards Visa Signature Card: $5.8K | Chase Ink Business Unlimited® Card: $3K | American Express® Blue Cash Everyday® Card: $1K | 1st CC since 2007 | Last Updated: 04/09/20 | Total: $135.85K |
Message 3 of 6
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Community Leader
Senior Contributor

Re: Refinance My Auto Loan??

@JetOneTV 

 

Honestly not sure if you could get any lower of a rate?

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Message 4 of 6
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Valued Member

Re: Refinance My Auto Loan??

I kinda figured.. however I was actually trying to make the monthly lower I guess... Smiley Frustrated

Bank of America Cash Rewards Visa Signature: $28K | Arrowhead Visa® $15K | U.S. Bank Cash+™ Visa Signature® Card: $15K | BankAmerica® Better Balance Rewards Platinum Plus Mastercard $12K | PenFed Promise Visa® Card: $12K | PayPal® Credit Digital Credit: $10K | Chase Freedom® Card: $10K | Citi Simplicity® Card: $9.6K | U.S. Bank Cash 365™ American Express® Card: $8.2K | Citi® Double Cash Card: $6.25K | Chase Amazon Prime Rewards Visa Signature Card: $5.8K | Chase Ink Business Unlimited® Card: $3K | American Express® Blue Cash Everyday® Card: $1K | 1st CC since 2007 | Last Updated: 04/09/20 | Total: $135.85K |
Message 5 of 6
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Frequent Contributor

Re: Refinance My Auto Loan??

I got 3.75% for 6 years recently at local credit union.  I thought that was pretty good.

Play with the amortization schedule and see what that would do.

On the one hand you have an amazing rate which will surely go up, however for argument sake lets say it goes up to 5% and your loan is for 6 years remaining instead of whatever is left now (looks like you have had it about 2.5 years) then you could potentially save some money.

 

Is it worth it?  Perhaps because even at 5% it's cheap money, cheaper than a credit card or most other loans you can get.

 

I do worry about extending the term and taking 8.5 years to pay it off.

 

Just food for thought.

Message 6 of 6
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