Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
shakealhill

0 Contributions
0 People Helped
I want to refinance and go from my current 63 month loan to a 48 month loan and pay the same amount?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
229 Contributions
79 People Helped

Well what you want is only possible if you pay a lot of money out of your savings at the time of refi.  If you owe 600 and you pay 100 a year it is 6 years. to pay off in 4 years you would have to pay 150 a year. Very simple math.....shorter loan for same amount you have to pay more each payment.

The only way this changes if you have a drastric reducion in interest. If you have a loan for 6 years at %20, you might get a 4 year loan the same payment (or lower) if you could do a 5%-0%. You can play with simple loan calculator to see what type of extra money or rate reduction in order for this to be possible.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.