Should I refinance my Chevy Malibu if I can cut the interest rate from 7% to 3.5%?

"I currently finance a Chevy Malibu for 7% with a $12,000 balance on the loan. Since getting the loan, my credit score has drastically increased.

Should I refinance my car loan if I can cut my interest rate in half over the next 48 months?"

Answer provided by
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Eric Schad
Answered on Jun 07, 2021
“In your case, refinancing makes the most sense. Over 48 months, you’ll save $916, which is a good chunk of change.
If you are able to, and can afford it, refinance your loan for less than 48 months. You’ll typically get an even lower interest rate and save even more on interest.
In the future, if you ever can cut your interest rate, you should do it.”
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