Should I refinance car loan?

[erwinsmith]

Has anyone here tried to refinance car loan? I’m wondering if it actually lowers monthly payments or interest rates. I’m also unsure about timing—does refinancing make sense early in the loan or later? Any pros, cons, or real experiences would be helpful.

 

[camila]

Yes, refinancing a car loan may reduce your monthly payments or interest rate, particularly when your credit has gotten better, and it often can be the best thing to do in the beginning of the loan--but beware of the charges or of making the loan too long. Most individuals do it in order to save money, and the majority of them claim that it helped them to lessen the monthly weight.

 

[Daxton]

Refinancing a car loan can be a smart move if you can secure a lower interest rate, reduce monthly payments, or improve loan terms. It’s worth considering when your credit score has improved or market rates have dropped, saving overall costs.

 

[Maxmayfield]

You should consider refinancing your car loan if it can lower your interest rate, reduce monthly payments, or shorten the loan term. Compare offers carefully and check for fees to ensure it’s financially beneficial.

 

[Lucky]

Refinancing a car loan may help lower your interest rate or monthly payments, especially if your credit score has improved or market rates have dropped. It could also shorten loan duration. However, consider refinancing fees, loan term extensions, and total interest over time. Compare offers before deciding to ensure you actually save money overall.