When should I refinance my car loan?
You should refinance your car loan if your credit and income have improved since you first took out the loan. Even if it hasn’t changed, refinancing can also help if you think you can qualify for a lower rate with another lender.
Generally, you should avoid refinancing if your financial situation has changed for the worse. And if your lender charges a prepayment penalty, refinancing can make your car loan more expensive.