From a 5.9 to a 2.95 rate? Think its worth it? I think I'm going to do it, its on a 60 month 12 grand note.

atomicblast said:

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From a 5.9 to a 2.95 rate? Think its worth it? I think I'm going to do it, its on a 60 month 12 grand note.

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Yes.

atomicblast said:

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From a 5.9 to a 2.95 rate? Think its worth it? I think I'm going to do it, its on a 60 month 12 grand note.

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How much time is left on the note and what fees are involved? Without knowing the refinance fees the answer is "not enough information".

I.e. if you had $12,000 at 60 months but you only owed $6,000 then the fees might be really hard to make up because the amount of the loan is so low. You would need to consider the cost of the refinance vs the savings.

Your payment should be around $231 currently ($12,000@5.9%) and the new payment should be around $215 ($12,000@2.95%). If it costs $500 to refinance it would take 33 months just to make up the cost of the refi. If you have fewer than 33 months remaining you wouldnt be saving anything.

For fear of being "that guy" 60 months is a really long term for a car loan that size (I am a little jealous of your payment though). If you can afford to pay say $300/mo you could cut off around 14 payments which would have the car paid off in under 4 years, assuming you will owe 60 months.

All in the $12,000 at 5.9% should net around $14,006 and the $12,000 at 2.95% should be right around $13,041 so you would save around $1,000 over the life of the loan...but again, that would be assuming $0 refinance and that you still owe 60 months.

It's been a week, and the typo in the title still makes me think of: