If I want to refinance a car that is two years old, and getting a new car loan is better APR then a used car loan and even a refinanced loan, why does it matter which way you go? Isn't a loan just a loan? You get money and you pay it back over time so wouldn't only the APR matter?
I'm just confused as to why there are so many different types of loans all with different APR rates when in the end aren't they all the same?
I should also mention,In summary: what keeps me from just getting a loan with the best rate and taking that money to pay off my current loan and then just pay the lowest loan/new loan?
