Refinancing an auto loan is far easier than refinancing a mortgage, and it can save you thousands of dollars in interest. Review the terms of your existing auto loan. Before you start shopping for a new loan, you need to know where you stand with your current loan. Find out what you’re paying in interest, how many months you have left on the loan, your current pay off amount and whether there’s a pre-payment penalty in place.
Apply for an auto refinance loan. If refinancing still seems to make sense after running your calculations, it’s time to dig into all of the details.