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Posted in Auto Insurance
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DovahKiin115

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Pay off Car Loar asap or do monthly paymets?
I am 18 Years old and i have a car loan of 16k. the interest is about 22.9% a year and over the 60 months that = about 11K in interest. my question is should i follow the payment plan that they have setup for me so i can get a really good credit score or should i pay it off Asap so i dont have to pay all the interest. or would re financing be the best option. any advice would be much appreciated

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 Refinancing would be the best option if you can qualify for a lower rate. If you were upside down on your loan you probably would have to pay down some of the negative equity befor a bank will even touch your loan. But you may have gotten that terrible interest rate because of your age and credit profile which is more than likely very thin. 

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