Has anyone out there ever refinanced their auto through Farragut Financial? Were there any catches?

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Has anyone out there ever refinanced their auto through Farragut Financial? Were there any catches?

We are looking to use them to lower our interest rate, which is extremely high right now.

2006-11-15 09:50:46 · 2 answers · asked by Rob P 1 in Business & Finance ➔ Credit

2 answers

Refinancing an auto is usually a wasted effort. Your existing lender will compute the interest portion of the payments that you have made using the rule of 78's. This means that most of the payment you have made to then goes to interest not principle. If you refinance an auto loan you are in effect paying interest twice on the same money.

2006-11-15 09:59:13 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋

No. And no.

2006-11-15 17:58:00 · answer #2 · answered by Samslou 3 · 0⤊ 0⤋