I looked into the refinancing thing in 2007 with the Park Avenue, but the interest rates I found then (~8 %) were so close to the dealer's that it wasn't worth my time. This go-round, however, a local/regional credit union is offering 1.49 APR on auto loans, including on used cars.
I'll save, logically enough, half the interest -- about $250 -- I would have paid at 2.99% (though I'll save more as I send payments ahead on the principal; and yes, I can pay it off early without penalty). Plus my payment amount will go down $12 a month. That alone is a big savings for my budget!
I'll close on it on Saturday, put $100 in an account there, and try not to sprain my arm patting myself on the back. . . .
I'll save, logically enough, half the interest -- about $250 -- I would have paid at 2.99% (though I'll save more as I send payments ahead on the principal; and yes, I can pay it off early without penalty). Plus my payment amount will go down $12 a month. That alone is a big savings for my budget!
I'll close on it on Saturday, put $100 in an account there, and try not to sprain my arm patting myself on the back. . . .