Should I Refinace?

[Anonymous]

I currently have an auto loan with usaa at a 7.39 %. I believe I could refi through Navy federal at a 4 % or so. I have 39 months remaining on the loan. I currently am paying 285 a month comfortably. My goal is not to lower my monthly payment, just to save money. Would it be worth it to do? I know the money savings are there, but is the hassle worth it?

[pizzadude]

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@Anonymous wrote:

I currently have an auto loan with usaa at a 7.39 %. I believe I could refi through Navy federal at a 4 % or so. I have 39 months remaining on the loan. I currently am paying 285 a month comfortably. My goal is not to lower my monthly payment, just to save money. Would it be worth it to do? I know the money savings are there, but is the hassle worth it?

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Refinancing auto loans is usually quick & painless ~ I would guess that you'll save several hundred dollars in interest at least if you refi and keep your payments the same.    What was the orignal loan amount and term of the loan ? 

[Anonymous]

Original amount of loan was 14500 for 60 months. currently owe about 10,500

[pizzadude]

Looks like you'll pay around $1,300 in additional interest if you keep the loan intact without refinancing and pay as scheduled.

If you refinanced $10,500 @4% for 36 months then you'll only pay around $650 of interest.    Payments would be slightly higher ~ $310.