Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So today I was thinking about refinancing my car. I originally purchased my '12 Honda civic in August of the same year at 6.86% Apr. I applied for a refinance loan with a local credit union and was approved for a loan at 3.29%apr. The only issue, is that the new loan would add an additional 5 months of payments (going from 55 months to 60 months) and monthly payments from $300 to $230. I intend on continuing to pay the $300 in order to knock out those additional months. I know it seems like a no-brainer, but I have never refinanced before.
Assuming there is no other fee, even with the 5 month increase, you would save thousands of dollar over the life of the loan. No brainer to me too. So, I would go with it.
Yup, it's refinancing the same amount, at half the interest rate. I called the credit union and I was wrong. The actual percentage is 3.29 and not the 3.9 I had thought.
Oh, and there is not fees for doing this either.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
