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
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.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
What should I do about my wife's car loan if she passed away?
"My wife passed away unexpectedly. She still owes quite a bit on her car loan, which has negative equity. I don't want to keep the car and am not sure what my options are. What should I do?"
Jun 07, 2021
Should I pay off my car loan to build more credit if my score is 810?
"I have the money to pay off a car, but I've read that keeping the loan is better for your credit overtime. My credit score is 810. What's the best decision I can make?"
Jun 07, 2021