car loan advice?

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Question by Curious: car loan advice?
it’s my understanding that auto loans are simple interest, yes? what happens when you want to refinance a high-rate loan? I know you get a pay-off amount that becomes the principal for the new loan. Does this mean you’re only paid interest for the time you made the payments? The pay-off balance doesn’t include the interest for life of the old loan? Sorry to be so wordy, but I’ve only bought two cars in my life — one new and one used and never refinanced.
thanks to all. I’m not looking to buy a car myself but am trying to figure out how to help a lame-brained relative with a really super-crummy deal she just made because I wouldn’t co-sign to bring the interest rate down. she’ll apparently be paying $ 700/mo for 84 months for a VW Jetta. they clearly saw a live one coming when she walked thru the door. (pmnts would have been over $ 400 on my good credit, which is still way too much, but apparently young people don’t need advice, just co-signers)

Best answer:

Answer by the real pain
do not take risk

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