The ONLY way you'll end up paying less in the long run is if you get a lower rate over the same period of time. If that's not the case, you're getting scammed.
Tell you what, run the numbers yourself:
1) Take your original loan with original payment amount and run it for the course of the lien - pay special attention to the time it takes to pay it off. Now add up the interest payments you're making vs principle.
2) Now take the re-fi lower payment and run it for the course of the lien and do the interest vs principle thing again.
I would be shocked if 2) was less than 1)
****DO NOT FORGET THE MONEY YOU HAVE ALREADY PAID INTO YOUR ORIGINAL LOAN (excluding down payment)***
If you really want to save yourself money, make extra car payments and pay it off early.
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Last edited by dmhenderson; 04-02-2013 at 10:15 PM.
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