Depends where you got a loan. Some loans are front end loaded. That means you pay all the interest first. In which case there is NO point in refinancing. I always get a simple interest loan at the credit union. That way the interest is paid over time and the loan could be refinanced to come out ahead if you find a lower rate. Can you look at you papers and give more info??
Ok I talked to Honda financial services and they said our loan is a simple interest loan.
We aren't customers at a credit union. The only one I know of is a State Employees Credit union and we aren't state employees. I will google it and see if I can find on where we could sign up.
At one point.....(maybe 3 years ago?) we refinanced my car through USAA where we have all our insurance. It was 4%, but I paid it off early anyway.
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