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
“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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Eric Schad
Answered on Jun 07, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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