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Posted in Auto Loans
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Question By
Grantff

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Refinance car loan to better rate?
Should I refinance car loan from high interest rate to a better rate? Or should I go with dealerships offer to lease a new car great % rate and new car, but the debt from old car will be wrapped into new car. I am about 1500$ upside down. Not sure what best deal is.

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Top Contributor
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Don't lease

If the APR is better, you should just refinance. Don't just look at the interest rate but the APR which incorporates any fees that the new loan may charge. Compare the 2 and if it's better go for it. Don't lease, that's no better than renting and you won't have anything tangible to show for your payments at the end of the lease. In short refinance if you APR, not just the interest or the monthly payments is better.

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