Here's an email I recently received from a reader:
I have a financial question for you.
Currently, the interest rate of my car loan is 5.75% per year. And, I am wondering if I should refinance my car loan with a 3.99% interest per year loan that I found with my company's credit union.
I have paid off 50% of the original loan amount, and only have ~$7,000 left to pay.
At the current rate I am paying off the loan, I will pay off the loan completely in 3 years from now. I have a good job and a steady paycheck each month, and am 23 years old.
Would it be a good financial move for me to refinance with this lower interest rate loan? Any help would be appreciated.
What's your advice for her?
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Related articles about helping readers at my favorite personal finance blogs:
Free Money Finance - Help a Reader - Paying off a House
Free Money Finance - Help a Reader - To Refinance My Home Or Not
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