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When to Refi?

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When to Refi?

I just got my first ever auto loan about a month ago. I took whatever rate and term they gave me since I was never able to get my own loan in the past. The rate is 6.44% and the term is 72 months. Current payment and balance are $410 and $23,800. When should I look into refinancing to get a lower rate and possibly payment? I was looking at Chase and the current rate for a 60-month plan is 4.59%, was also hoping to lower the payment to $350 or lower. What should my main goal be and when should I look into refi?



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1 REPLY 1
Valued Contributor

Re: When to Refi?

Your main goal when refinancing should be to save money on interest

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,500, Wayfair $5,000, Blaze MC $3,000, Kohls $500
Infiniti Financial lease

AU Cards: CSP $40.7k; Chase Marriott $20k; Discover $7.8k; CapOne Venture $30k
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