[Patricia]

I currently have a car loan financed through Capital One, and overall, I’ve had a great experience with them. Recently, I received a notice from Autopay stating that I’ve been pre-approved for refinancing.

Naturally, I plan to review all the terms and details carefully before making any decisions.

However, I’m curious to hear from others who are financially mindful or frugal — have any of you gone through the refinancing process, particularly through Autopay or any other similar platform?

Was it worth it in terms of savings, lower interest rates, or better terms? Were there any hidden fees or unexpected issues I should watch out for?

I’m not necessarily unhappy with my current loan, but if there’s a smart way to save money or pay the loan off faster, I’m open to it.

Just want to make sure I’m not overlooking something important.

Would really appreciate any insights or personal experiences you’re willing to share!

[Becky]

I have done it through my credit union. Make sure you can refinance just the number of months you currently have left.

If it brings you back to where you started that’s not a good deal for you.

The lower the % point the better for you.

[Meem]

It might only be worth it if the Apr is lowered enough. You would need to calculate how much you save minus any fees.

[Annie]

Are you going to have the car long enough to make it worth the closing costs? Run the math.

I refinanced my house because the closing costs were $0. Otherwise it would’ve been $2000+ and getting that money back in the monthly savings would’ve taken longer than we were planning to be in the house.

[Lisa]

I was offered financing but got a much better deal through a credit union..

[Jennifer]

I looked into it, but they want to drag out the debt repayment and I don’t want to do that because that would mean more interest and I doubt you’d really be saving money.

So, it may be making your payment cheaper monthly by dragging it out

[Ashley]

I have refinanced a car through my credit union. Cut 5% off my rate.

[Author]

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