Refinance question

[Anonymous]

I recently refinanced my truck from the same place that I originally got my loan thru. a local credit union here in town.

Orig loan was 13,200 @ 16.5% (paid in full)

refinanced truck at 10,500 @ 1.9%

my question is will the first loan show satified or will it keep going?

what i did was get a loan for a bike but the credit union said we can just refinance your truck since we already have a lein on it if you pay it off today we can refinance you for 10500 on the truck. what im asking is will the first loan show paid and then a new loan for 10500 show up or will the first loan just keep going?

[Creditaddict]

---

@Anonymous wrote:

I recently refinanced my truck from the same place that I originally got my loan thru. a local credit union here in town.

@Orig loan was 13,200 @ 16.5% (paid in full)

@refinanced truck at 10,500 @ 1.9%

my question is will the first loan show satified or will it keep going?

what i did was get a loan for a bike but the credit union said we can just refinance your truck since we already have a lein on it if you pay it off today we can refinance you for 10500 on the truck. what im asking is will the first loan show paid and then a new loan for 10500 show up or will the first loan just keep going?

---

i would hope closed and paid and new loan for the new loan

[guydiver]

---

@Anonymous wrote:

I recently refinanced my truck from the same place that I originally got my loan thru. a local credit union here in town.

@Orig loan was 13,200 @ 16.5% (paid in full)

@refinanced truck at 10,500 @ 1.9%

my question is will the first loan show satified or will it keep going?

what i did was get a loan for a bike but the credit union said we can just refinance your truck since we already have a lein on it if you pay it off today we can refinance you for 10500 on the truck. what im asking is will the first loan show paid and then a new loan for 10500 show up or will the first loan just keep going?

---

If it works like my CU, it will show the first loan as CLOSED and PAID, and open a new loan with the new balance and terms.