well not necessarly i dont think!!!
lets see here! u got lets say a 20k payoff !! u have 20K in the bank!!!
your probably paying over 6% on your car loan???
Take the 20k from your bank and tell them u want a secured 3%loan on that 20K!!
they will take the 20k and basically make it 40k u leave 20k at the bank in the secured account and u go take the check for 20k u just got to go pay off that 6% loan...when u pay off loans early u dont pay the full finance charge so know u will not be paying all that intrest!!! all u need to do is call and find out what your payoff as of TODAY is not the end of your loan as your statement shows!!!
in the end that 6% loan will be diminished!!
you will only be paying the 3% loan basically with cheaper car payment AND u get your money back in 3years once the loan is done!!!
Correct me if wrong but i think itd be to your advantage for there is only one loan left in play???