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Which is best to pay the principal on a loan or refinance? Seeking best answer for overall loan payment?

admin — Sun, 21 Feb 2010 13:14:13 +0000

The auto loan is for 60 mo @ 14.9%. The total cost of the current loan is ,000. I have paid on the loan for 15 months now and have been receiving refinance rates @ 7.9% for 60 months. This would add another year to the life of the loan.
I have no problems paying the current loan amount and plan in Aug to begin paying an additional 0 a month on the principal. There is no penalty on my current loan for paying off early and there is no balloon payment at the end.
I want to do what is best for my credit rating, I am in the process of repairing after a wicked divorce. Currently at a 684, goal is to get it above 750 to help with future goals for business and personal financial decisions.

Does it worth to refinance auto loan for me?

admin — Thu, 10 Dec 2009 16:49:42 +0000

We got a car about 15 months ago with a 9.39% APR since my credit score was not that great (around 620) and was not so long either. My job is the same. Paid off all the credit cards, improved the credit scores, now all are above 720. I never missed any payment, and I always add about an extra 100 to the monthly car payment to pay it off earlier and to pay less APR by the end of the loan. My next due date is in June.. I’m thinking to refinance to get lower APR. My original loan (by Toyota) was for 60 months, now I would go with 48 months, since I don’t want to pay it forever.. My question is, would it worth the time and surely some fees to refinance? How many % less I would be able to get? Thanks!
I still owe about .000