Is refinancing a car loan worth it for a longer term?

“If it's a zero-fee refinance with a lower interest rate for the same remaining months in a state that doesn't charge taxes for a lienholder change, then do it.”source ↗

“Looking to refinance my car and I have a question about what makes the most sense to do.”source ↗

“I had been paying roughly an extra $350-400 a month on principal the last year but can’t keep that pace up with other expenses coming up.”source ↗

“For my last two cars, I got a 60 month loan from the dealer, made 10 payments, then refinanced at my credit union for 48 months.”source ↗

“Since my car is older and has about 136K miles on it, I am worried about financing for 5 years being a bad idea. Do I refinance and pay less interest but way longer term, or just finish out my current one?”source ↗

“I got offered a couple of refinancing at like 6%-9% but all at much longer terms.”source ↗

“I can afford the $254, I wanted to refinance because I felt like 22% apr was insane to be paying on a 2008 car”source ↗

“I really am trying. We cut all possible expenses that are not directly bills, we got a gas station discount card, we grocery shop at the dollar store, and we utilize our local food bank.”source ↗

“And I didn’t know that they would apply the extra money to the interest. I only noticed because the finance charge kept going up the higher the payment.”source ↗

“Hello! I (f19) got my first car almost two years ago, I had no credit score and no knowledge as to what buying a car *should* look like so i’m currently paying $350/month for 6 years on an originally $8,000 vehicle”source ↗

“i’m almost to that point now but was wondering if it might be best to hold onto that extra money and then offer it upfront at the bank, or to put it towards that loan and show up with less of/without a down payment (or a cash in refinance as google put it?)”source ↗

“my credit score is 642 now! and yes, unfortunately I am🥲 I really wasn’t sure what I was walking into or signing and ended up agreeing to a 25% apr as well as a few extra warranties and a gap insurance because I truly thought that was in my best interest at the time.”source ↗

“wanted to consider the option if it would lower my car payment. I’m not struggling to pay it, it’s just pretty high and would naturally enjoy a lower payment for the rest of my term.”source ↗

“Would that be a good option for refinance? What does refinancing look like and does it really lower the payment that much?”source ↗

“Might just be smarter to pay it then. Would a new loan on the car be considered a used vehicle loan?”source ↗

“My wife and I are struggling to survive on my income and this is our biggest monthly expense. If we take the offer our monthly payment will go down, but is it worth it in the long run?”source ↗

“I purchased a vehicle in March and unfortunately got a (seemingly) shitty interest rate of 7.5% through a credit union.”source ↗

“On top of that, it looks like the lender is taking the extra money I have been putting into the payment and putting it towards interest and not the principal.”source ↗

“How long should I wait or how much should I pay the car down before looking into refinancing with another lender?”source ↗

“So I’m questioning whether it makes sense to refinance my vehicle.”source ↗

“I currently have a car note that is 900 a month at 10.39 apr.”source ↗

“The issue of course is that the loan would extend.”source ↗

“Lowering the payments to 400-500 would give me a little breathing room vs attempting to pay more on top of the current 900 which I can’t do with student loan repayments starting back up.”source ↗

“I have two personal loans both are about 2500$ left to pay off interest is high one if 34% and yea I know but it was needed at the time.”source ↗

“However the 34% one is offering me a refinance with more money and lower rate close to 20.”source ↗

“With that I could pay off the other loan and my wife’s car and one full card .”source ↗

“The new payment would be 390 all the others combined including the one refinancing is rough 900$ would this be a wise decision to take”source ↗

“I’m considering this refi to help pay it down faster but I’m not sure it’s worth it. Thoughts?”source ↗

“I’m about to hit a year on my car. My interest rate is 7.64%. Would it be a bad idea to refinance?”source ↗

“I can afford the $626 payment, so I’m wondering if it makes sense to refinance to the lower APR and still make the same payments. I’m not sure how much it would cut down the time left on the loan. Is the 4% difference even significant?”source ↗