Refinancing auto loan...

I can't do this now, but would like to next year...

How do you refinance your auto loan? I want to get a better rate. Where would I do this? I think I can get a better rate. What is the average rate right now?

Depends on the year of your car and the term.

We bought my husband's truck brand new in 2003 for 5.9 and I was able to refiance it about 4 months later at 3.9 it made the payments only a few bucks lower but we will own it about 8 months earlier!

I just got a used 2002 Escape and I have a 5.9 on it right now. But unless I want to do a much shorter term. I have it on 6 years right now that is the only way I will get it lower since it isn't 2002 anymore.

So Basically in the 5.0-5.9 range is the best you are going to get. I did it through my bank. I asked them what there rates where and they said we were pre approved.

Keep in mind that on a car loan... payments are very FRONT LOADED with interest. So unless you just got the car (within six months) on a 5 year loan... its usually not even worth the trouble of refinancing. Even if you get a better rate there is a good chance you will end up paying more in the end.

I can get 3.5% on all new cars 5yrs with my credit union... but I doubt that includes refis.