Had a question. When I bought my car (may 2010) I went with the financing that my dealership gave me through Citizens. Basically it was a ~18,600.00 loan over 60 months with a 4.65% interest rate. My monthly payments are 367.78.

I had done some reading and found the best route to go to be through a credit union for the best rates and there is a very popular one here in CT. I gave them a call and they offered me a refi with 3.45% interest rate over 60 months. My loan payoff is roughly 17,500 right now through Citizens.

I guess my question is that would this be a smart idea? If you do the math out, it only seems like I would be paying about 20 dollars less. Would this be worth the hassle? Would I be hitting any issues in the long run?

not worth the hassle.

18600 is only $864 paid in interest @ 4.65%

17500 is $603

honestly you have already paid that $261 difference over the course of the year having that loan out.

But it also depends on if you want to use that credit union in the long run and if you want to finance something within the next year. Then yes go ahead and switch to the credit union, you would receive a lower interest rate on your next installment for being a customer. And they will approve you of an even higher loan.

^ I agree stay with what you have

^ What he said, and typically rates are much better at credit unions. I will never be a bank customer again.

not worth the hassle.

18600 is only $864 paid in interest @ 4.65%

17500 is $603

honestly you have already paid that $261 difference over the course of the year having that loan out.

But it also depends on if you want to use that credit union in the long run and if you want to finance something within the next year. Then yes go ahead and switch to the credit union, you would receive a lower interest rate on your next installment for being a customer. And they will approve you of an even higher loan.

Oh wow, thanks for doing that out for me, I appreciate it. Yea I dont plan on really using the union for anything else, I just figured I could save some money, I knew it wasn't going to be significant, but I think you solidified that for me.

^ I agree stay with what you have

^ What he said, and typically rates are much better at credit unions. I will never be a bank customer again.

Yea I guess I would have benefitted if I went with the credit union at the start. Ah well, live and learn.

Thanks guys