Refinancing loan?

[Age]

Mi also interested!! Can introduce??

[Iisterry]

don't simply calculate your current full settlement and compare.

 

when you take up a new loan, the entire cycle restarts again.

 

lets say you had a 120 mths loan (10 years), during your first month, bare minimal of your installment goes towards reducing the principal...

 

when you refinance for 7 years, the same bare minimal of your installment for the first month goes towards reducing the principal...

 

as compared after 3 years if you do not refinance, a larger portion of your installment will go towards reducing your principal.

 

unless you intend to keep your ride for the entire duration of the loan, you also need to calculate your full settlement after re-financing if you decide to sell your car again 2 years later.

Edited October 30, 2009 by Iisterry

[Atlantis80]

If you intend to refinance, take the opportunity to shorten your loan tenor as well.

You will be able to hit breakeven pt faster and change car in a shorter time w/o having to top up too much come the time then.

[Axela72]

  On 6/12/2009 at 12:42 AM, Trusty said:

im thinking of refinancing my current loan.

 

car is coming to 3rd yr and paying 3.5% interest.

 

the refinancing offers 2.2% which is much lower.

 

should i take up? what are the things i should take note?

 

 

Can share with us the contact of refinancing company? thx

[Rony1434]

Hi everyone.

I was thinking of getting my car refinanced.

Could you please suggest me some website that helps in refinancing a car loan with fair credit?

Refinance car loans

[Evertop]

I'm also keen on re-financing. Still got institutions doing it? Can intro to me please? Thanks a lot... ...

[Mdfaz]

Same here. Anyone with refinancing lobang?