you are paying interest all over again on money you already paid majority of the interest on

 

So you're saying that (X*Y)<(X*A) when A<Y? Nice math there buddy. Now, I understand how amortization works; yes, the percentage of his payment that is interest will increase when he refinances, but his actual out-the-door expense will *decrease* if he has the same number of payments on the same principal with a lower rate.

 

now that I think about it.. I don't think he can get a loan for less payments with the same number of months left.

if anything it will be for less monthly payments but more months overall then what he has now

 

so lets do this

how much was your loan first for ?

how long is left on your loan ?

whats your interest rate now ?

how long was the loan originaly for ?

I don't think you should refinance your loan now, you only have a bit more to go

 

Ricky 7.14% is the best they would give you??? Banks like to see long history with a loan. When you apply for credit it lowers your score also takes a few months to come back up.

 

That's a myth, really. If you go nuts and apply for every card there is, and try to get like 18 car loans or whatever, then yeah. But if you haven't been applying for credit, and you start shopping loans for a specific purpose (credit ard, car loan, mortgage, whatever) nobody minds that you have let multiple lenders run your credit. They expect you to shop.

 

everytime someone checks my credit my score goes down a few points

 

Yes, and "a few points" will not hurt you. If you have good credit, you can handle losing 3-5 points while you shop for your loan. If you have bad credit... you can still handle 3-5 points since it still won't affect your rate.

 

how much was your loan first for ? $6900ish

how long is left on your loan ? 24mo

whats your interest rate now ? 8.95%

how long was the loan originaly for ? 36mo

 

yea don't refi lol

 

Too LAte