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Old     (fouroheight68)      Join Date: May 2006       04-25-2013, 8:43 AM Reply   
I purchased my truck in 2010 and financed for 5.5% for 72 months. I have excellent credit, and at the time that was a good rate. I now have 36 months left on the loan, and as interest rates have significantly gone down, I'm looking for easy ways to cut some expenses. I was approved to refinance my truck for 2.79% for 36 months, or 48 months (same rate). Here is how the math breaks down:



Current: 35 months left at 5.5%, payment is $379, for a total of $13192 over the life.

36 month refi: 2.79%, payment would be $353, total of $12,708 over the life

48 month refi: 2.79%, payment would be $269, total of $12,912 over the life





If I refi for 36, I save $26 a mo and $484 over the life of the loan. If I refi for 48, I save $110 a mo and $280 over the life of the loan. I wouldn't normally advocate extending the life of any loan, but in this case, am I better off making my $110 savings for the next 3 years (although a hit on the last year) work for me in other ways? Interest is so cheap!

 
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