I recently traded my 2013 SUV for a 2010 Civic and financed the car, fees, negative equity. I've been very happy with the 'downgrade' thus far but was wondering about refinancing.
Original loan: $18,330 @ 2.99% for 60 months (329.61/mo)
Possible new loan: $17,500 @ 1.74% for up to 66 months (270.28/mo at 66 months)
I could shorten the term to 36 months and still feel comfortable and this would save $378 in interest over the 66 month loan and about $828 over my current loan.
However, I also could stretch it to the 66 months and invest that money elsewhere at a low 'cost.' The other consideration is that I originally financed this car in November of 2013, refinanced it soon thereafter, and then opened two new credit cards for sign on bonuses in January.
So, based on the recent hard inquiries (credit was in the mid to upper 700's after the refinance) should I try to refinance at all? Also, what is the opinion on length of term: short to get this financed car paid off or longer to use this inexpensive money for other investments?