Well I just rolled through it online, we'll see what happens since I can't enter 2 vehicles to payoff with the online app. It valued our Acadia for more than what I will be combining both for so thats a decent start. Looks like I will be saving $82 a month but I am adding about a year of loan life on one of the loans. I will still continue to pay more as always so it will work out better in the end. Fingers crossed!
Good rate, bad term. 24 months too long. Should never be longer than 36 months. If you rates were that, then your credit must be crap. I'm surprised you even got an auto loan. I doubt they would do that.
Just pay more every month if you want a different term, there are plenty of online calculators for this. The advantage is, if you have a bad month, you can pay less....
Good rate, bad term. 24 months too long. Should never be longer than 36 months.
That is one of the silliest things I have ever read. Why would you finance something for 24 months if the rate was the same for 60 months? You can always pay more and if you get in a bind your min payment would be A LOT lower.
My current auto loan has 54 moths left, and is at 2.99% Is it worth it to refinance at this rate?
I would say most definitely, 2.99 is twice what the current rate is. I would go for the 48 month loan if I were you. Your payments would probably be about the same (give or take a bit) but you would have 6 less payments.
Thanks for the heads up on this. I did do a home equity loan w/ them 3 years ago. It was the longest process! It took the entire summer to get that loan finalized. We applied on Memorial Day weekend online, there was lots of back and forth in between. We signed the docs the day before Labor Day weekend. I hope their car financing is a lot easier. I will definitely look into it because I already secured financing at 1.9%, why not get it at a lower rate since I'm still waiting on my car to come in!
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