What to do, any thoughts?

Well, I finally got my approval package from Capital One for our auto refinance. I am kinda bummed though, The perentage rate is lower than we are paying now, but our monthly payment will only decrease by about 30 dollars. I was hoping for something better than that. We've been paying on our 60 month term for 6 months now, and our new term with Capital One would be 60 months. Do you think it's worth refinancing with them or do you think we should look elsewhere? Would it be better to wait and apply again later? Or should we just be happy to save the 30 dollars a month? Also, does anyone know anything about E-LOANS?

Sorry so many questions. Just not sure what to do. Thanks!!!

Do the math. Look at what your current loan would cost over the 60 months (minus what you've paid already) and then compare to the Cap One loan for another 60 months. You'll have to determine if the savings (if any) will be of great benefit.

On the other hand, I wouldn't take another 60 months when technically, you have 54 months left. Only if you can lower your payment and shorten the term, the yes, that's a great benefit and possibly a very wise decision.

Let's say you have a $300 payment with your current loan. The total amount paid over 60 months is $18,000. Subtract the $1500 you've already paid and you owe $16,500. Remember, this is total amount paid over 60 months. Now a new loan that is $30 less, but for another 60 months $16,200 total paid. That's not that much of a savings.

Can you go with a 48 months term?

Do the math. Look at what your current loan would cost over the 60 months (minus what you've paid already) and then compare to the Cap One loan for another 60 months. You'll have to determine if the savings (if any) will be of great benefit.

On the other hand, I wouldn't take another 60 months when technically, you have 54 months left. Only if you can lower your payment and shorten the term, the yes, that's a great benefit and possibly a very wise decision.

Let's say you have a $300 payment with your current loan. The total amount paid over 60 months is $18,000. Subtract the $1500 you've already paid and you owe $16,500. Remember, this is total amount paid over 60 months. Now a new loan that is $30 less, but for another 60 months $16,200 total paid. That's not that much of a savings.

Can you go with a 48 months term?
I absolutely agree. People need to stop thinking only in terms of monthly payment, but rather overall cost of the vehicle. If $30 per month is enough to break the bank, then perhaps you're living too close to the edge already. Look in terms of cost of car, not monthly payment. If you are looking at cars that you can afford, the monthly payment will take care of itself. Remember that.