Refinance auto? ?

Question

Hey i bought a used car 6 months ago, my apr is around 6 is it a good idea to refinance my car is there any drawbacks to this. Im paying around low 500s 

Answer 1

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Answer 2

You need to compare the refi fee with how much you would save over the life of the loan. We can't guess what those numbers are, only you can do that. Theree are plenty of online calculators that can help you figure that out. 

Answer 3

Go for it. The savings can be huge.

Answer 4

Do you mean your payment is in the low $500 range or your credit score?  If its your score, 6% is good.

You may need to wait longer before you can refinance and check to see if there is a prepayment penalty. If so, it might mean you shouldn't.

Unless your score has improved a lot in the last 6 months you might not get a better rate.

Finally,even applying is a hard pull which will ding your score a little.