Refinancing thoughts
#1
Pole Position
Thread Starter
Join Date: Jun 2012
Location: WA
Posts: 373
Likes: 0
Received 0 Likes
on
0 Posts
Refinancing thoughts
So me and my wife have tossed around the idea of refinancing the IS and putting another 10k towards the car in the process. This would reset our term but lower the monthly payment by 110 a month.
I guess my question would be assuming the rate wont change would you do this? We currently don't have much issue paying for the car, but she wants to lower the payment, with the thought we might be better off if someone looses a job etc.
Personal reasons aside, would this make financial sense? I am thinking the money might be better used in other ways.
I guess my question would be assuming the rate wont change would you do this? We currently don't have much issue paying for the car, but she wants to lower the payment, with the thought we might be better off if someone looses a job etc.
Personal reasons aside, would this make financial sense? I am thinking the money might be better used in other ways.
#2
Pole Position
iTrader: (5)
If you have 10k to put down again to refinance, why not just pay extra every month and pay it off early? I wouldnt refinance and stretch out the loan term more months/year (and be "down 10k"), I'd try to just pay it off early (but i guess you dont want higher payments...).
#3
If you have 10k to put down again to refinance, why not just pay extra every month and pay it off early? I wouldnt refinance and stretch out the loan term more months/year (and be "down 10k"), I'd try to just pay it off early (but i guess you dont want higher payments...).
#6
Driver School Candidate
Join Date: Mar 2012
Location: PA
Posts: 5
Likes: 0
Received 0 Likes
on
0 Posts
As you explore refinancing, check out PenFed Credit Union. Easy to join on line, simple application. They offer auto refinance at 1.49% for up to 60 months. You can pick loan length term and get a low rate.
#7
Lexus Test Driver
Trending Topics
#8
So me and my wife have tossed around the idea of refinancing the IS and putting another 10k towards the car in the process. This would reset our term but lower the monthly payment by 110 a month.
I guess my question would be assuming the rate wont change would you do this? We currently don't have much issue paying for the car, but she wants to lower the payment, with the thought we might be better off if someone looses a job etc.
Personal reasons aside, would this make financial sense? I am thinking the money might be better used in other ways.
I guess my question would be assuming the rate wont change would you do this? We currently don't have much issue paying for the car, but she wants to lower the payment, with the thought we might be better off if someone looses a job etc.
Personal reasons aside, would this make financial sense? I am thinking the money might be better used in other ways.
Unless you are also getting a much lower interest rate in doing so.
For example, I could have paid cash, but I got 1.9% financing.
So theoretically, I got a loan to play in the market for that amount at only 1.9%.
#9
In addition most auto loans have upfront interest regardless of when you complete the loan, so while te rate stays the same, you might be paying interest on interest. If you have no issue making the payments financially it makes more sense to just pay it as is, to term giving you control of your cash.
Thread
Thread Starter
Forum
Replies
Last Post
jjwalker
IS - 2nd Gen (2006-2013)
196
12-12-10 04:53 PM