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helpmeout

Is it time to refinance my car?

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So I am down to 9800 but I started with 28k so that’s a lot of money I paid so far so do you think it’s finally time I refinance? I mean I will still pay $600 every payment or more if feasible but I just want to get a lower apr so do u think it’s finally time for me to refi? I don’t want to get a hard pull every time.

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Depends on your current rate and the new rate you could reasonably get now.

 

How many months are left on the current term?

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39 minutes ago, cv91915 said:

Depends on your current rate and the new rate you could reasonably get now.

 

How many months are left on the current term?

March 27, 2022. I plan to finish it off in or before 2020. I have 6.19 as my rate of now and my credit scores have dipped to 630 but I am never late on my bills.

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If you expect to have the small balance paid off in just over a year, it simply is not worth going through the re-fi process.  You won't save enough to make it worth while.  $800 a month gets the loan killed in a little over a year (call it 13 months). 

 

The fact that you are at a 630 says you have enough other issues that you would be doing well to shave two points off the rate.  But unless you continued to throw the $800 or so per month at it, you could actually find yourself losing money with a refi.  Too many people refi and then get lazy since they have a three-year term on the new paper.  That does not do you any favors...

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15 minutes ago, helpmeout said:

March 27, 2022. I plan to finish it off in or before 2020. I have 6.19 as my rate of now and my credit scores have dipped to 630 but I am never late on my bills.

$9,800 at 6.19% for though the end of 2019 (14 months), assuming equal payments, will cost you about $380 in interest between now and then.  

 

I'm not discouraging you from trying to chop that down, but it's not a huge number if you can't do anything.

 

Try DCU.  Your LTV should be pretty low, which will work in your favor.  

 

Good luck!

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9 minutes ago, helpmeout said:

I guess I’ll just stick with Toyota and be done with it.

I still think you should try DCU.  I just did the math for perspective.  If you can save a couple hundred dollars, that's money in your pocket.

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9 minutes ago, cv91915 said:

I still think you should try DCU.  I just did the math for perspective.  If you can save a couple hundred dollars, that's money in your pocket.

What’s dcu?

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Another option is get a low-fee balance transfer check that gives you 0% for a year...write the check for the $10K, pay the 3% fee for the transfer and then make sure you pay the transfer off in the twelve month window (before the willyfufu rate kicks in).

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