Quote:
Originally Posted by namlhas1994
Hi,I bought a used car on 03/24/2015.
I paid 50% down payment.car cost 20,000.my interest rate is 4% for 5 yrs.
I have to pay 311 per month.today with help from my friend I wanted to pay off all due amount.when I call to Honda to refinance they said I have to pay 16000.I am confused.please help me .what should be my next step
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A loan on $10,000 at 4% interest for a term of 5 years should cost $184 in monthly installment. If you are paying $311 per month, one of the above three numbers are wrong (loan amount, interest rate or term of the loan). Recheck your papers.
Based on your monthly payment and pay-off quote, my guess is your original car loan was for $17,000. Are you sure you paid 50% i.e. $10,000 down?
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