I have been approved for 6.99% refinance on my 10% used car loan. I owe 4 more years on the loan. I’m too lazy to refinance but obviously I should. How stupid would I be to not refinance? Also, I’m too overwhelmed with work and life in general. Just don’t have the energy.

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Refinance. It’s not like your refinancing a home. This is much easier and it’ll save you a lot in four years.

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I promise I will.

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10% on a car loan is highway robbery. I’m assuming you don’t have good credit?

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Dude, you need to get some help. If you can't muster up the energy to put more money in your pocket by filling out a few forms then something is really wrong.

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I will do it. I asked because I clearly just wanted you all to tell me this for reassurance. Thanks.

I didn’t have good credit because I had a rough start to adulthood. I knew it was highway robbery and worked to build my credit back up and now I’m approved for 6.99%. Just so behind in many areas of life I just lost the drive to care anymore. I know it’s alarming. I have a finance degree. But it’s where I’m at right now and I will eventually do something about it. :/

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OP you've got this. I'm a perpetual procrastinator and recently suffered massive burnout at work.

I was unemployed for most of 2 years after graduating in 2008. Made only $40k in the years after that. I didn't hit $100k until 30 and didn't feel caught up to where I expected /wanted to be until I was 33ish.

Just keep working at it and you'll get where you need to be. And it sucks that those who are in the less advantageous positions usual get hit hardest (like highest interest rates, for example). Just think about it as the cost of doing business and now you're working to a better future.

And honestly, if you really are super demotivated and potentially depressed, please talk to someone. I starting talking to a counselor for the first time to deal with my work stress.

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I would refinance ASAP. Obviously you need to figure out what you would save but I can’t imagine it would take that much effort.

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I would pay that off ASAP. 7% is ridiculous

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Even 6.99% sounds crazy high to me. Have you shopped around? Looked at your local credit union?

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I’d recommend checking with a local credit union. I had a loan through Chase at 5.99 (first car purchase) at refinanced down to 2.49 from a local credit union

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Hijacking to ask others but I bought a used car a year ago and the lowest rate I could find was 6% even at local unions. Spent 3-4 days calling around and looking online. 800+ credit score. Is it dependent on the amount of the loan? Type of car? New vs. used? State? Keep seeing that I got hosed but literally couldn’t find anything better.

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Appreciate it guys, thanks for the insights

Not sure where you are or your credit status, but DCU is offering 1.99% for up to 65 months.

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Vs 10%

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Refinancing a mortgage didn't take that much time once I narrowed down the lender so I can't imagine refinancing a car loan taking all that long.

Figure out how much you will save in interest and see if it's worth 2-3 hours of your time. I imagine it's a pretty good return for relatively minimal work.

On another note, is 6.99% really the "good" going rate for a used car. I feel like u less you're buying an expensive car, might as well buy new with 0-2% financing over 5-7 years.

Do you have negative equity on the vehicle? Do you have bad credit?

I’m gonna keep the car. I take good care of it and it’s fully loaded so I have everything I need. I can aggressively pay it off in 2 years. I’ll take the refinance and use it as an example lesson. I walked into a dealership by myself and never had any prior coaching on financing a car. So while I could have done better research, what happened happened. The car is also helping me build my credit. But for the future I’ll know what I need to do. Thank you so much for all your input. 🖤

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At those rates just pay it off now

If there are no fees, then refinance. Otherwise run the calc to see if refinancing makes sense. Then seriously work on cutting your discretionary spending to aggressively pay it off. (No starbucks, no alcohol, no shopping, no eating out, etc). I’ve been a staff working crazy public accounting busy season hours with similar kind of pay. You work at EY there’s literally no way what you’re making isn’t enough. And if it’s really not enough, start looking to cut down your non-discretionary expense. Look for cheaper rent.

How much is the loan?

But you’re not enjoying the fruit of your labor... apparently your labor is not producing enough fruit otherwise you wouldn’t be borrowing at 10% 🤭

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