Refinance question

Anonymous · ‎10-02-2014

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 · ‎10-04-2014

@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 · ‎10-04-2014

@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.