Refinancing my auto loan

AutoRefi

After months of still not receiving a final approval for our home refinance, I’m happy to say that it was a snap to refi my auto loan, so easy it only took 10 minutes for an approval!  What’s even more ridiculous is that my primary bank, the one that has my mortgage and my current auto loan, actually denied our joint application. The credit union I applied online through approved me on my own, and my interest rate is…. 1.49%. My rate was 3.59, which is already great, but this was too good to pass up.  So I was able to shave a year off the current loan and keep the payment roughly the same.

Current mileage is 50,000. My goal with this car is to keep it until 200,000 miles… not sure how feasible this will be, but I found a great local mechanic, and I believe with proper maintenance and care, I can. I used to lease, and I have toyed with the idea of selling and downsizing to one car, but we live in the suburbs of LA, which is not too commuter friendly, but I’ve had this car for 4 years now, and whenever I run the numbers, keeping the car makes sense, plus I enjoy driving it. Even though I’m commuting into work, our schedules can vary quite a bit, and if I wasn’t able to refi at this rate, I would have sold it, but so far I’m ok with it.

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