Sure asked:
I am currently havaing a auto loan with bank.
I am currently havaing a auto loan with bank.
The rate amount was 17800$ 60 months at 9%.
Total amount with interest for 5 years = 22200.
The monthly payment is 370$.
In the past 6 months I made a 6 paymenst of 500 each = 3000
That 500 , I paid more as early Payoff . But later decided to refinance and stopped paying extra.
the current loan amount shown is 15537
I am planning to refinance for 5.9% and will the new loan amount will be 15537 or less or more.
As I paid more than monthly payments, shldnt my loan amount be less and interest amount also decrease everymonth.
please suggest ??
Greg