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Auto Loan refinance question? |
I am 14 months (13 payments) into a 7 year auto loan at 9%. I have been offered the opportunity to refi at 6% with a different financial institution.. What pros and cons are there to consider. I can afford the current payments but am interested in paying less interest of course. I intend to keep the vehicle for a long time. This is a complex mathmatical question. Since you have a long term loan, you're probably better off refinancing. I just refinanced, but from 16% to 7%. No question in my case. I had to pay a vehicle title transfer fee also. Check out the fees you will have to pay and compare your monthly payments. Mine dropped from $270 to $185. Check out this link. It seems to be sponsored by two finance companies, but it gives good information http://www.carbuyingtips.com/refinance.h... I found a new link. http://tinyurl.com/m3oam This link is great. Should answer your question. You will save an enormous amount of money go for it! Sounds good- make sure the offer is legit--you don't get auto finance offers like this often. |
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