Hello, I have a question i would like to ask and was hoping I can get your opinion/ answer on. I am looking to refinance my Auto loan and recently been given two opinions that stand out the most and I plan to pay the balance off in three years using tax returns etc:
**Refinance Amount**
$23,136
**Option 1**
(At 3 year mark), 2.99APR, 84 months, 306 Monthly
9,338 Principal
1,677 Interest
13,825 Remaining
**Option 2**
( At 3 year mark), 1.99APR. 72 months, 342 Monthly
11,236 Principal
1,060 Interest
11,927 Remaining
I am slightly leaning towards option 2, but, the lower monthly payment is good in option 1. What do you think the better option is? I plan on making principal payments towards the balance, though the amount isn't shown, since it could be random month to month. Any words of wisdom would be nice.