I apoligize if this is considered off topic but I think this thread pertains to dodges, I will letlet the administrators decide.

I am getting ready to refinance my truck loan within the next couple of weeks upon the pending tax returns I am expecting. I am definitely looking forward to it. After dealing with the dealership for over a month about the warranty debackle, it didn't get very far, but I am going to be paying for the additional 28,000 miles so my truck will be covered up until 100,000 miles. With the amount of tax returns I have left from that point I will be putting all down on the principle. Since the dealership didn't cut me a deal on the warranty, I asked them if they could locate me a bank that will grant me a longer spanned warranty to lower the monthly payments. My current bank would only give me four years since it was over four years old. The dealership found me a 5 year loan and if I get the rate I'd like, I will be under $200 a month!....I'm paying $349 a month. I am extremely excited to have a truck payment under $200 and have a fully warrantied truck. Although I'd have loved to buy some goodies for the truck, it looks like I'll have to wait a little later down the road to do so.

 

refinancing is good if you are hard on cash and in a bind. But its not good just to do because you want lower payments because you will pay more in the long run due to more payments and more interest

 

I would see if you can refi for the same amount of time, but because you've paid down more on the principle, they'd be technically financing less. And because you have more equity/"down payment" they may be willing to drop your interest rate, in essence buying down the interest. That would be the only way to save money short and long term.

I'll be doing that myself in the next few months as well.

 

I had planned on paying off the truck in two years regardless of the duration of the loan I went with, but I just want to at least benefit from having less stress from month to month. Paying the $349 a month currently makes paying principle payments difficult but if I can get it under $200, I will be able to live life a little more comfortable and be in a better position to pay down that overall balance

 

Sounds like we're in the same boat. I'm hoping to have mine done and over with by the end of the year (next spring at the latest). But could use the breathing room now.

 

When I got my first vehicle (Jeep) I didnt get a car loan for it... I told the bank I wanted to go on vacation, this way I didnt have to get full coverage, and the interest was a little better that way as well. Just something to think about if you are looking for a longer loan.