Worth refinancing?

[Anonymous]

Hey ya'll! My husband and I purchased a 2016 Hyundai Elantra in July 2016. It was financed in my name only at 8.99% at a local credit union. I am thinking about looking into refinancing in order to get a lower rate, as well as put my husband on the loan so that it shows on his credit as well. My FICO as reported by Discover yesterday is 691, his is 670. Current payoff on the car is $13,581 and the car is at 37,000 miles. We have 51 months left on the current loan. Is it worth looking into refinancing? 

[sccredit]

If you can cut that interest rate in half your interest savings is a pretty compelling number

[Miner]

I would try. I had much lower scores last year and bought a used care for a better rate (5.9% on a 4yr) from Chase on a much larger loan; though I have a positive car loan history which improved my auto enhanced scores. Given how long is left on your loan, it would be definitely worth refi-ing such a high rate. That said, has your credit worthiness increased? Does your husband have better credit? If not, you may not do much better. Whatever you do, do not extend the length of the loan as you'll end up paying more of interest over the life of the loan, even if you get a modest decrease in the rate. You'll also possibly extend the time you are underwater on the loan which can hurt if something happens later to make you loose or want to get rid of it.

[Anonymous]

We are definitely in a better place credit wise than we were when we purchased it. I have a positive car loan history, most recently with Chase. I do not want to extend the loan, as I hate having a car payment. Lol