I have a truck right now that I have financed at 6.99, I can refinance at 5.99 and save 59.40 a month. I have done the math and will pay 717.42 more in the long run. Do you think this is a good idea? Why or why not, and how will this affect my credit rating? I will choose the best answer in the next 24 hrs. Thanks
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If you can afford your current truck payment, do not refinance. You will pay more for it in the end. If you’re strapped for cash, and don’t think you can make your payments on time each month, refinance. The 717.42 extra is worth preserving your credit standing for future needs.
Auto finance is what I do for a living and it makes no difference credit wise all your doing is paying off one loan and taking out another so the choice should be easy, it’s whichever one that cost you less in the long run.
I would have it refinanced with the lower rate and still pay it off early, by putting the 59.40 with the new payment and you will save even more.