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Old 04-02-2013, 10:56 PM   #435 (permalink)
dmhenderson
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Join Date: Feb 2011
Location: Maryland
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Quote:
Originally Posted by aniceh View Post
Will the payments be cut in half because the cost is less, or because you're financing over five years again? Keep in mind, if that's the deciding factor, you can refinance an auto loan.
Don't ever refinance an auto loan unless you somehow got a bum deal up-front. You'll end up owing more in the long run 99.999% of the time.

I have done it a grand total of once and that was because I was supposed to move to Germany and my lender wouldn't let me take the car overseas so I had to switch to USAA (who would). I still took a horrendous beating and the company I worked for paid the difference.
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