Old 10-03-2018, 10:24 AM
  #33  
SimMonkey
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Joined APC: Jun 2016
Posts: 51
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Stimpy,

My family situation requires four cars. They were all paid off numerous times. I shop interest rates all the time : Penfed, AA credit union, Navy Federal. The last time I refinanced all four into a used car rate of 1.49% for five years. I max out their KBB value. Some banks allow you to borrow 115% of their value. I use this cheap money to invest in items that pay much more. This strategy won’t be as effective as interest rates rise, but I think you could still find five years loans at 2.25 today (I’m just ballparking it). To me, that is still cheap money.
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