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Old 04-02-2013, 11:51 PM   #484 (permalink)
MyKindaGuise
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Originally Posted by dmhenderson View Post
oh OH! You're going from a 6 to a 5? I thought you were going from a 5 to a 6. As long as you're ok with higher payments, you will save money over time. If you've been making extra payments, this may not be a factor at all which makes sense.

Auto loans have a huge APR jump from 5-6 years (oddly enough, not from 3-5 though). Your payments will be higher over 5 years but the interest payments will be much less.
Yes this is exactly it. im going for less payments technically. it just works out taht id be at 60months of payments either way the drop from 5%apr to 2.5%apr will be helping not hurting
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