u/Academic-Letter-5289

So I currently owe around £2300 for a bank loan that I used to buy my car, it’s a loan with an interest of 9.9% apr and I’ll be finished paying it off August 2027, I have a pretty decent credit score and was looking around and I am eligible for a £7500 loan but with a 7.5% apr,

So I’m wondering if it would be worth it to take out the 7.5k loan with the slightly lower interest and use it to pay off my existing loan then use the remaining money to pay back the new loan so I owe roughly the same money and go from there to pay it all back but at lower interest rate?