currently i am paying off an $8700 loan at 15% interest. my payments are now $235 per month. i plan on getting refinanced at a much better interest rate with my credit union in a few months. (they require 6 on-time payments before they’ll refinance me. i’m getting ready to make my 3rd of 48 payments.
i would like to start paying about $20 or $30 on the premium — which i would add to each check i send. but does it make sense to do this now (at 15% interest), or should i wait ’til i refinance at maybe around 1/2 that rate?
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this is a math problem honey…..don’t let them rack up anymore 15 % insterest on you, eat peanut butter and pay this thing off…don’t ever do this again, you lose with debt…the only way to live is to live within your means.
refi on that interest rate is a good idea! but just in case you don’t get it. yeah is a great idea to pay extra!
BUT! first read the contract carefully to make sure there is no “pre-payment” penalty…. read all the fine print, it may be buried deep. if there is one, it may actually cost MORE to do a refi (because of the penalty), or prepay, than you would save on the interest…