8.9% Car loan Vs. 1.99% balance transfer for life... Could I or should I transfer that amount ?

I have a car loan from Toyota Financial and I owe a total of $8,838.94 with a 8.9% interest rate for over a year already. With that in mind, I recently recieve a credit card applicaton from First National Bank of Omaha with a rate of 1.99% fix for life on balance transfer. Could I or should I transfer that amount to the 1.99% credit card to pay off my car loan? Or should I think about refinancing from Toyota? Thanks for the advise, I'll look forward from all of you.





Regards,


Kevin|||If they will allow you to do that.... YES... by all means do the X-fer... you are saving 7% APR...





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You'll have the title to the car.. free and clear!! SMART MOVE!!!|||I think this is some useful site: http://carloan.autoonlineguide.com

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|||transfers usually have a 1 time service charge that has to be factored in|||Credit card balance transfer is one of the preferred ways to get rid of credit card debt and is used by many people to get immediate relief. Credit card balance transfer essentially means that we transfer our outstanding balances from a high APR credit card to a credit card which offers low APR's. A 0% Intro APR credit card is the preferred credit card to transfer balances, but because of the widespread misuse of such credit card offers, credit card companies have withdrawn all such offers.





Indeed balance transfer saves a lot of money and can save things from going worse, but many people simply don't know the right way to do balance transfer. This article takes a look at the correct process to initiate and complete the balance transfer.





The first thing to look out, when a person wants to transfer his balances is a credit card which offers the lowest apr rates and lowest balance transfer fees. Many online credit card companies offer credit card comparisons. It is indeed a good practice to search for the credit cards using their services and decide on a credit card which offers the maximum savings. It is important to note here that balance transfer APRs depend on a person's credit history. If the credit card in question offers the lowest rates, it is definitely for those with the best credit ratings. There are different balance transfer apr's for people with lower credit ratings. So, it becomes imperative that one chooses the credit card which offers the lowest apr and balance transfer fees for his credit ratings. Read more from : http://www.credit-card-gallery.com/artic鈥?/a>|||If the 1.99% is per month then it is nearly 24% per year. Read the fine print on the offer.