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re: Refinance of Auto Loams Questions
Posted on 8/21/17 at 9:30 pm to sms151t
Posted on 8/21/17 at 9:30 pm to sms151t
I’ll tell you our situation we did it under.
We have a 2013 Ford Explorer. After two 3 years we owed 16k on it.
Our local credit union valued it at 28k. We refinanced for the 28k at a 2.25 interest rate and paid off a student loan that had a little over 10k left on it. That student loan I believe was at 6.99%.
So essentially did it just to pay off our other debt that was a higher interest rate.
Smart thing to do for everyone? Honestly I don’t know. But for us it was. Loan and car before was about 800 a months. Now we just have the car and it’s 540 a month.
We have a 2013 Ford Explorer. After two 3 years we owed 16k on it.
Our local credit union valued it at 28k. We refinanced for the 28k at a 2.25 interest rate and paid off a student loan that had a little over 10k left on it. That student loan I believe was at 6.99%.
So essentially did it just to pay off our other debt that was a higher interest rate.
Smart thing to do for everyone? Honestly I don’t know. But for us it was. Loan and car before was about 800 a months. Now we just have the car and it’s 540 a month.
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