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Should I refinance my car loan?

Discussion in 'The Okie Corral' started by harlenm, Oct 9, 2012.

  1. harlenm

    harlenm Millennium Member

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    Some of you may know that I recently won a lemon law claim against Ford, and I have my new car now. Loan info transferred to the new car, so I have 46 payments remaining. I was thinking about refinancing it to a new 60 month term, with the same interest rate, 2.49%, which would lower my payment by around $175 a month.

    Total at the end of 60 months is almost identical to the total that I'd pay over the next 46 with the current loan.

    I can't see any downside except paying it out over an extra 14 payments, but it won't cost anything additional.

    Ideas????
     
  2. Gallium

    Gallium CLM

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    With your current loan you can unload your new grapefruit 14 months earlier?