Refinance

[Moneyshot]

Looking to refinance, any tips or strategies to get a lower rate on a 2013?

[reclending.com]

Looking to refinance, any tips or strategies to get a lower rate on a 2013?

Thank you for the note. As of today, there are not many options that we are finding. Not real sure why but most lenders do not like re-fi business. This changes all often with bankers. We do have some options local here in MI but I see you are in PA. Not real sure where to send you right now. This could all change again and have options open up again at some point - just not today.
Thank you,
Ken

[Moneyshot]

Thanks Ken, I'm over a year into my term. Never hurts to shop!

[krindgen]

I believe a refinance on a 2013 would be that you end up paying all of the interest on that loan in your refinance. So you're really nit helping yourself as you will then have interest on the new loan. I THINK this is how it works with simple interest loans.

[reclending.com]

Simple interest means you are charged interest on the unpaid balance. As the balance goes down, so does the interest portion of the payment. If you make a lump payment, that even helps more. That is why paying additional on long term loans is so important.


Let's say someone borrows $20,000 on the 1st of the month. If they pay off the loan on the 3rd of the same month, the payoff would be $20,000 plus 2 days of interest. Depending on rate, that could be $20,010 (ish). You don't pay any additional interest of the total of payment.
Ken