If your vehicle is financed and you are making monthly payments you may be wondering, especially if your current monthly payment makes you short of cash, "is it time for me to refinance my auto loan?"

Your need to "refinance my auto loan" really depends upon two things. · Do you want to/need to lower your monthly payment each month? · Do you want to save money and even pay your loan off sooner?

Refinancing your auto loan can save you money in a few ways.

1. Lower interest rates may enable you to get a new auto loan at a lower. A lower interest rate will mean that your auto payments will decrease each month.

2. In addition, your credit report/score may have improved.

If, at the time of the original loan on your car, your credit was … not all it could be, the loan you got has a higher, maybe even much higher, than if you had a better credit score.

However, you have been making the monthly car payment, as well as your other monthly payments, on time for the last year or so, your credit score will have likely improved.

With a an improved credit rating you will be able to get a lower rate of interest, even if interest rate are still the same as they were when you originally got you car. This will, as with the above lower interest rates in general, save you money because you will be paying less each month.

And

3. Extending or decreasing the life of the loan.

Your original auto loan was probably for three years and you'll have paid some of the original loan off. You can now lower your monthly payment by getting another three-year loan, or even a five-year loan. With the lower loan amount and a new long term to the loan, even if nothing else (your credit score or the interest rate) changes, you will be saving money each month.

Conversely, if you wanted a lower monthly payment when you original financed your car and you got a five-year loan. However, things have changed and you don't mind paying more each month if you will own the car sooner and save money by paying off the car sooner you could refinance the auto loan and get a lower term to the loan.

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