I also caution you not to use the refinance as an excuse to extend your loan. If you have four years left on your five-year car loan, don't refinance into another five-year loan. Instead, get a four-year loan. Or, better yet, use the savings you achieve from the new interest rate to refinance into a more aggressive two- or three-year loan. If you do that, you will be paying interest for fewer years and will save even more money.
Make sure your current loan doesn't have a prepayment penalty. And bear in mind that not all vehicle owners qualify to refinance. If you owe more on the vehicle than it's worth, that will likely disqualify you and often lenders don't want to take a chance on older vehicles.
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