I currently have a car loan and am paying 16.3% interest on it. I was only 18 when I bought the car. My car payment is about 0 per month. I’m now 21 and still have about ,000 left on the loan. I found a company that will refinance it at a 9% interest rate and my payments would come down to about 5 per month. It would be another 4 year loan, but this would give me the opportunity to pay off the loan sooner as I would be able to pay extra towards the principle. I am so not good at figuring these things out. Does this sound like a good idea?
I got my first car in January of this year. I was planning on refinancing the car next January because my interest rate is so high (17%). I had very little credit and the things on my credit weren’t good and I had no revolving accounts. I had to start somewhere though and I needed a car bad. Is it smart to refinance? I have a 72 month term. Also I was planning on making a 0-1000 principle only payment. Should I do that before or after refinancing?
I recently refinanced my car for 16.9% interest, but I am upside down about 00 still. With tax time coming around I am going to pay down that principle so I do not owe more than the worth of the car. Is it possible that once I pay down the principle more than the 1K im over, I can refinance for a lower interest? Is there a waiting period between refinances?
