poopshootSS

hello,i currently have a 01 SS that i make payments on. i currently owe around $8500 and have owned it for around 1 1/2 yrs. my question is with a apr of around 9% should i try to refinance? and if so what would be the best way of doing so?

02WS6SSZ71

iTrader: (20)

I'll loan ya the $ at 8%

Starz T/A 17

iTrader: (6)

It really all depends on how much lower you can get the rate and how much longer it will take you to pay off the car. To find out if its worth it or not simply:
-Calculate how much it will cost you to pay off the car (including interest)
-Then calculate how much it would cost you to pay off the car at the new interest rate and then add in how much it would be to refinance at a lower rate.
Whatever number is less is what will cost you less when its all said and done
Depending on how much your payments and how much longer you will be paying on it if you can only get an interest rate of 7 or 8 percent it will probable cost you more to refinance the loan. Now if there is no "refinance" fee and you can get a lower rate then go for it.

7th Darkness

iTrader: (15)

Man I just refinanced my USAA auto loan with USAA. It was something like 7.5% and now I have 5.29% and 4 less payments to make.

BigBirdLS1

When I bought my f-body I had to have a cosigner. I was 20 yrs old with no credit at all. I got it financed for 5 yrs at 6.25%. A year later I refinanced to get the cosigner off the loan and to my surprise I got a lower interest rate and a lower payment. I am still paying the older higher payment to get it paid for a little quicker. I am currently 8 months ahead on the payments and less than $20 a month is interest.