Refinance?

Current Apr 16%

Monthly payment $335

Remaining interest $4k

Remaining balance $11k

Remaining payments 44

 

New quoted 

Apr 3.4%

Monthly $273

New Total interest $750

Loan amount $11k

Same amount of payments 44 months. 

 

Nah, I’d stick with the 16% interest rate. 

what am i missing?
why wouldn't you refinance and drop the rate way down?

Do you live in a Toyota Yaris?

16?!? Wtf man did BMG music catch up with you?

Russ - what am i missing?
why wouldn't you refinance and drop the rate way down?

I just feel like there's a catch when refinancing, always heard 'don't do it.'

Ttt

 

Sierramist19 -
Russ - what am i missing?
why wouldn't you refinance and drop the rate way down?

I just feel like there's a catch when refinancing, always heard 'don't do it.'

Only way to find out is go in to refinance and see if they add any fees

but at 16% interest is omsgine even with fees it would be worth it

i expect this thread to drop though as it’s really a no brainer