Refinancing a Car Loan: Three Situations Where It Works, Two Where It Backfires
Cutting an auto loan from 11.4% to 6.9% saved $1,432 on a $24,000 balance. Extending the term at the same time gave $974 of it straight back.
- $1,432
- Saved by cutting 11.4% to 6.9%
- $974
- Given back by extending the term
- 0
- Closing costs on most auto refinances
Alex Hales