Should I refinance my Nissan 370Z to cut my interest rate and pay off the balance sooner?

"My annual salary is about $80,000, and I have a $20,000 car loan with a 6.74% interest rate.

Refinancing this loan will cut my rate down to 3.99%. I plan to pay off the loan within eight months.

Is refinancing my Nissan 370Z worth it?"

Answer provided by
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.
“In this case, refinancing your loan should be determined by how much you value your time.
Applying for a refinance, or going into the bank to do the paperwork, might take a few hours. You’ll probably save about $200 or $300 on interest by doing so.
If you’re want to save that money, go for the refinance. But if you value your time at $100 an hour, it might not be worth it.”

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