Is it worth it to refinance my car loan? see

[Cassidy B]

details....? My current car loan is at 9.1 % interest and was for 60 months. It has been one year and all my payments have been on time and I have good credit. I would have the opportunity to refinance at 7.99% for the remaining 48 months. Would this be worth the hassle? How much would I even save?

[driftslave]

Saving money is always worth the hassle, and depending on how much your loan is you could save hundreds to thousands of dollars.

[nytecruizer]

Interest rates are low now, so that's not a bad option. Also if you have a credit union and your car is within the first 1-3years with reasonable or low miles give it a shot. If you are comfortable with your payments instead of refinancing for another 48 try refinancing for 36 if the payments remain the same as they are now and with a lower interest rate. That way you can pay off your car faster. It really depends on what your goal is. If it's to lower your monthly payment, go with a credit union. If it's to pay it off faster try lowering the lenght of financing. Goodluck

[big J]

NOooooooooooooooo I just did that, did you notice that the first year you paid mostly intrest!!!!! you will just do that again that is what happened to me. if you just pay a little extra each month that will do you the best, think of it this way if you pay 10 a month extra in 48 months that will be 480 that did not pay intrest on so that is a good way to save money.Of course the more the better. but 1.2% is not that much on a car loan. a house for sure but a car loan is much smaller and you paind alot into intrest last year you do not want that again!!!!

[Ray]

No, if you figure the final numbers the cost to re-finance to get a lower rate is not worth the hassle at a 1.2% saving

[Answer Man]

If you want to pay it down faster, add an extra $100 a month to your current payment, but I wouldn't refinance loan. Car loans amortize, meaning most of your payment goes toward interest for the first 2 years on a 5 year note. If you re-fi now, you will be starting all over again with the interest payments.

[MARIA L]

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