Should I refinance?

[A1Credit]

I need help guys! Would it be worth refinancing my car loan? I refinanced it with NFCU roughly 8 months ago and was able to lower the interest rate substantially to 5.74% at 48 months. I currently owe roughly $13,800 and have been making extra payments of roughly $50. I would like to pay it off in the next two years so I know I need to up my extra payments.

Do you recommend refinancing and if so, with who?

[Kree]

At 5.74% and paying off early in 2 years, i doubt a refinance will save you much money. It might even end up costing more depending on any origination fees the new loan might have.

Also consider that more loans and inquiries can have a negative effect on your credit score, which could cost you more money in the future when applying for other loans.

[Appleman]

Looking at your current situation.

You owe about $13,800 and have 40 months left at an interest rate of 5.74%  with a payment of around $380 which will cost you $1,395 in interest (using numbers you provided) if you go the remaining 40 months.

If you want to pay it off in two years you will need to add closer to $230 to each monthly payment for a new monthly payment of around $610. Doing this will save you $840 in interest.

Let's say you applied to PenFed to refinance a 2016 or older car and received their current published rate of 3.74% interest for 36 months. This would raise your payment from the current $380 a month to around $406. Your total interest would be $810 for the three years.

I would say if you could get the best rate from PenFed for a three year refinance you would save interest, have a payment that is about the same and keep your cash flow consistent.

[A1Credit]

Thank you @Appleman & @Kree.  I need to evaluate the information you guys provided and I need to decide what would be in my best interest.  Thank you very much for the input.