We've never refinanced (car)before...

[Rebookie]

Do you have any suggestions?


It's a 2008 Honda Fit. We have 8952.90 and 30 months left.

Any advice would be amazing!

Please and Thanks!

[frugalwarrior2]

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??

[Rebookie]

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.

[Telephus44]

Shop around for rates. I know among the 10 or so credit unions/local banks in our area, rates are going from 3.5% to 6.5%. Big difference.

[stinkbug]

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.