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| *Loan,banking and credit>>>auto loan |
Should I refinance my auto loan again? |
I recently (about a week ago) refinance my 6-year 21% loan to a 4-year 11.5% loan. I did i through a credit union and at a higher than prime rate because I don't have much credit and/or high revolving balances. My question is, in about a year, should I refinance again through the same credit union for a 3-year loan? I will probably get a little better rate. The only thing is, we are hoping to not have the car much longer than another year. If we trade it in, I will owe about 1500-2000 over trade-in value. I know, paying more every month is an option, but just not feasible right now. Any suggestions? roy is right, every time you re finance your total dollar amount of interest goes up even though the rate goes down because you are never really paying on the priciple balance when you finance a car the first year you pay mostly interest and nothing on the principle so why would you want to refinance it after a year and start the cycle all over again of paying just interest. Here is a list of best Auto Financers offering low interest and fast aproval, http://bad-credit-auto-loanss.blogspot.c... I'd be really careful about this b/c the costs could outweigh the savings on interest. Try looking around a neutral site on the net like http://www.refinance-and-loans.com/... and learn more about refinancing. I'd be pretty reluctant to refinance, but maybe try filling in the form at a "Lenders compete" type of site and talk to the brokers they put you in contact with about your issues. May also try a direct lender. |
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