Nissan 370Z Forum - View Single Post - Anyone doing Carlisle this spring? P&S and/or Import & Kit Nationals?

dmhenderson · 04-02-2013, 11:07 PM

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.

04-02-2013, 11:07 PM	#450 (permalink)
dmhenderson A True Z Fanatic Join Date: Feb 2011 Location: Maryland Posts: 5,930 Drives: AWD TT 370z Rep Power: 26	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. __________________ Last edited by dmhenderson; 04-02-2013 at 11:15 PM.