Ok, I know I said "I'll never re-finance a car again"....but the rate I currently have is 8.25 for 60 mos for a $21k used car loan. The rates are so low now. I asked my CU about refinancing and they told me they couldn't refi my car loan. If it was with another financial institution, they could. I'm paying $456 a month and I want it a little lower. But if I refinace it, it will be lower car payments but I'll add another year on top of the loan and have an "upside down" status. I don't want that. Any advice?
you specify the term of the loan, refi for 48 months if you've had it 1 year and you won't be in the hole. good luck getting less than 8.25 on a used car, thats a pretty damn good rate for a used car!!
You can specific the length of the loan, but you can also just pay more than required each month. You'll can just put a note in the envelope with your payment to apply the excess to the prinicpal. If you lower your rate and pay the same as you are now, you'll actually pay it off sooner....
