Riddler
Well-Known Member
- Joined
- Sep 9, 2018
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- 1
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- 62
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- 75
- Location
- California
- Vehicle(s)
- 2000 Toyota 4Runner, 1976 Ford Bronco
You are right. It is definitely cheaper over the long term to refinance than keep a high interest rate. I am going to double check something, but I was under the impression that re-amortizing is a way to lower your monthly payment on your bill while not affecting your credit score for the first 6 months if you wanted that flexibility.Why would you want to reamortize? If you make a big payment on month 1, you are only paying interest on the remaining balance for months 2+ and would pay off the loan before the end of the term. Reamortize would only reduce your monthly payment but keep the same higher interest rate. If that's a big deal, just wait the 6 months and refi the loan with your local credit union at a lower interest rate. That would cost you far less in the long term than keeping a high interest rate for several years.
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