![]() ![]() Dealers often add a few points as a commission. Consider these situations when determining when you should refinance your current auto loan: When should you refinance an auto loan?ĭeciding to refinance your auto loan comes down to saving money on interest, reducing your monthly payment or both. To avoid this, stay away from long repayment terms - which can feel enticing when refinancing for a smaller monthly payment. If you choose to refinance at a similar rate but opt for a longer term, you are more likely to become upside-down. The choice to refinance does not come without risk, however.
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