Thank you for the comment @AryanSingh-be1gi. You re 100% correct. Although, sometimes people find themselves in a situation where the monthly cost is more important than the overall cost. My friends income changed drastically and the only thing he was able to do was lower his monthly amount. The additional interest did cost him more in the long run, but if he didn't refi, he would have lost the car, which was his transportation to work... etc. It was just a way to get out of a hole. Sometimes people need that extra 75-100 a month due to changing and unforeseen circumstances.
You know extending the loan term only increases the total cost?
Thank you for the comment @AryanSingh-be1gi. You re 100% correct. Although, sometimes people find themselves in a situation where the monthly cost is more important than the overall cost. My friends income changed drastically and the only thing he was able to do was lower his monthly amount. The additional interest did cost him more in the long run, but if he didn't refi, he would have lost the car, which was his transportation to work... etc. It was just a way to get out of a hole. Sometimes people need that extra 75-100 a month due to changing and unforeseen circumstances.