Sunwest FCU lowered the rate on 5 year car to 3.24% from 3.49%Since you made an extra payment of $2000, your balance has dropped, making the case for refinancing your car loan even less compelling. With a gap insurance cost of $399, assuming you take 60 months to pay off either loan, Sunwest would have to drop their rate to 2.49% for it to save you any money at all to refinance. And even then, it would save you less than $50. And if you take less than 60 months to pay off the loan, it would probably cost you money to refinance.Quit worrying about refinancing your sub-4% car loan, and spend your time worrying about things that are important, like your health and your parents' health.AJ
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