Question

I need help.  I bought my car *2018 ford escape* june 2018.I need help. I bought my car *2018 ford escape* june 2018. We've paid all payments on time, even got a few extra sent towards it! Credit Karma keeps giving me their recommendations about refinancing it, but I've never refinanced anything before. I know it adds a bit of time to your loan, but that doesn't matter because it will be paid off well before that anyway. NOT going through Credit Karma to refinance either, just fyi  if you've refinanced, what's the best way to go about it? I've been reading tons of info, but I'm just super unsure of myself and don't want to get taken for a ride. If it helps, my credit score went from 620, when I bought it ($464. 88/month @7. 05% interest) to yesterday it being 664.  

Answer 1

Try refinancing thru a credit union. They have great rates w/ your credit score. Refinancing to extend your term can lower your monthly payment & can keep more cash in your pocket now but then you will pay more in interest overall. If you lower your interest rate and keep the same or lessen your current term then you will save more money over the life of the loan.