I am currently in the following: $13000 - 9.9% - 393 a month - 39 months left when I go to peoplefirst they have $13000 - 6.25 - 380 a month - 39 months left is it worth it to think about refi? also, they say EXCELLENT credit needed.. what is excellent? Thank you Allen
According to MS Money calculator, the payment for the new loan should be more like 369. If that is the case, your savings would be about 975 over the term of the loan. With what you put down, your savings would be about 500 over the term.
Whoa. 500 is 500. Why give it to them when you can put it in your pocket. And, it isn't that much work. It'll take you 1/2 hr to do everything. If it was me, I would ask them to double check their math as for the payment amount. Then, if it is lower as MS Money says, I would do it.
How does doing it affect your credit rating? Also, what is "Excellent" credit? thanks for all the replies!
