WHAT WOULD YOU DO?

[Anonymous]

I have a car that I still owe on for 2 more years. I have pd 4 yrs already.

The interest is 15.95%.

Do you think I could refin? With whom? scores are alot better now than when I first got loan.

[Anonymous]

You have already paid 80% of the interest owed. If you can come up with the pay off I would do that... if not try to pay more each month to get it paid off quicker. I would not refi this late in the game!

[MattH]

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@Anonymous wrote:

You have already paid 80% of the interest owed. If you can come up with the pay off I would do that... if not try to pay more each month to get it paid off quicker. I would not refi this late in the game!

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MCE is basically correct. If you want to run the numbers, www.bankrate.com has excellent web-based loan calculators. Using one of their calculators if you are 24 months into a 48-month loan at 15.99 percent then you have already paid 72% of the total finance charge so it is not likely you will gain much benefit from a refi.

[Anonymous]

What is the balance of the loan? I'd say go for it if you can get a good rate. It only cost me $25-50 to have the title changed, an inquiry, and probably a ding for a new account.

If you have $5000 left at 15.95% you'll pay $872 in interest over the next two years. If you can take it down to 6.95% you'll only pay $370 in interest. That's $500 in savings-$50 in costs to save $450 over two years. Not much, I know, but it's like free money..

If you're planning on paying it off soon then it's probably not worth the effort but if you're keeping it for the remaining two years, you could at least approach a CU with your details and see what they'd give you..