I have an auto loan of $15,000 which I am paying off monthly. It's one of the areas of my personal finance that's just been on auto pilot and haven't really put much thought into, the money comes out every month.
But I realized I might be able to save some cash. I am thinking about using a balance transfer offer from citi, $10,000 at 3% ($300 fee) for 14 months, 0% APR. I am planning to pay it off before then. The 5K I will pay with one payment to the auto loan (I've confirmed there are no pre-payment penalties)
Right now my loan is as follows: 2.94 APR (Paid $308 YTD and $622 last year). Is 2.94 APR high? Or is that on par with someone that has "excellent credit" per credit karma (825)
- I'm concerned about how this looks on my credit to creditors, does it look shady in anyway? I am planning to purchase a home within a year.
- Is it possible to negotiate that 3% fee with citi? Has anyone tried doing this before?