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Refinance or Save For House


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We have a 21% interest rate on our current car loan. It has been a long 2 years and our credit is alot better, and now ere thinking of refinancing. Our car goes for 10.3k they will give us 7.3k. So we need to come up with 3k.

This is exactly what we have saved up for our house that we will be buying in 6 months. We will save up more from now to then, but my question is, What do you think we should do.

I mean, It would look good on the Credit report to have a lower debt, but that extra 3k would go far when paying a down payment.

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While that is a high int. rate, if you plan to go for a house, IMHO I would wait and get it taken care of as soon as my house closed; In fact you might be better off to consider a new purchase instead of refinancing an older vehicle, after ready your other post, pay extra on the car and you can avoid some of that high int...Just my 2cents!

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