Refinance Your Auto Loan If Rates Have Dropped

The Problem

You took the dealer's financing rate. Rates have dropped since then. You're overpaying in interest.

The Hack

Compare refinance rates on Bankrate, LendingTree, or your credit union. If you can get 1.5%+ lower than your current rate, refinance. The application takes 15 minutes.

Why It Works

Even a 1.5% rate reduction on a $20,000 loan saves $50-75/month and $1,500-2,500 over the loan life. If your credit score has improved since you bought the car, rates may be significantly lower.

Pro Tips

• Credit unions usually offer the best refinance rates
• If your credit score improved since buying, you'll qualify for better rates
• No fees from most lenders — free to refinance
• Each 1% rate drop = significant savings over the loan term