Long term auto loan vs short term (refinancing)?
Now my question is when i refinance to get a lower APR should i apply for a short term or long term loan. If i get a short term obviously i will get a little better APR but if i get a longer loan and pay more (example if my payment is 200/mo i will pay 500/mo towards the actual car) Compared to a short term where my monthly payment could be like 300-400$ and i wouldnt pay as much towards the car.
Which would help me pay off my car faster? The short term or long term while paying more twards the car?