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@Anonymous wrote:
Current:
6.99% 24 months ... $313 a month (wellsfargo)
Originally 48 month term.
Possibilities...
1.49% 24 months ... $317 a month (PSE Credit Union)
Or
1.74% 24 months ... $319 a month (Digital Credit Union)
No brainer...go with the 1.49%/24 months.
@Anonymous wrote:Correct me if wrong, ok?
originally 6% 48 mths. Down to 24 months.
Refi at 1.49 for 24mths, $317 seems kinda sexy to me.
Only reason id ever refi is 1. I love my car that has high equity. 2. I'd shave off a ton of overall interest owed and pay off the sucker faster For less. 3. Monthly payments are killing me and I have a better CS to lower rates.
Just thinking out loud
How is it sexy when my monthly payment $2 more for same amount time i have left on current auto loan (24 months $313 per month) ?
Some things are pretty simple, use the following auto loan calculator to determine what you would save by refinancing: http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx
Figure how much you would save monthly and how much you would save over the life of the new loan. Also, depending on the length of your loan, some credit unions will not give you the best rate for cars considered used versus new but refinanced. The CU should indicate which year it considers new.
If you can get a rate of 1.74-2.99% and the different is a few thousand dollars I'd do it. Put the money on your pocket and use the money to pay off some debt.
@Anonymous wrote:Some things are pretty simple, use the following auto loan calculator to determine what you would save by refinancing: http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx
Figure how much you would save monthly and how much you would save over the life of the new loan. Also, depending on the length of your loan, some credit unions will not give you the best rate for cars considered used versus new but refinanced. The CU should indicate which year it considers new.
If you can get a rate of 1.74-2.99% and the different is a few thousand dollars I'd do it. Put the money on your pocket and use the money to pay off some debt.
@Anonymous know if my caculations are off but difference between $7,500 for 24 months @6.99% and $7,500 for 24 months @1.49% is only $400? Enough to persuade?
$335.76 vs. $317.37 monthly = $441.36 in savings. It is not worth it in the hassle and HP. You'd be better served in just paying as is or paying a little more towards the principle.
@Anonymous wrote:
@Anonymous wrote:If you can get under 5% for 24 months, I'd do it. I'm unfamiliar with auto loans under 24-36 months however.
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Current:
6.99% 24 months ... $313 a month (wellsfargo)
Originally 48 month term.
Possibilities...
1.49% 24 months ... $317 a month (PSE Credit Union)
Or
1.74% 24 months ... $319 a month (Digital Credit Union)
So.... you have 24 months left on a 48 month term, and the currently monthly payment is $313?
If this is the case, there's no need to refinance.