Some loan rates too good to refinance
Wednesday, April 16th, 2008Dear Terry,
I have a five-year loan for my 2006 Acura at 5.4 percent. My monthly payment is $620 a month.
I have 36 months left and am considering refinancing my car to lower the monthly payments to pay for some unexpected life events.
Is this a wise time in the market to do this or will it hurt me in the long run? Will refinancing hurt my credit score?
— Brandy
Dear Brandy,
You can always refinance and it shouldn’t hurt your credit score. But I doubt you can do better than a 5.4 percent loan in today’s market. (more…)