Has anyone refinanced an Auto Loan?

xbrooklyngrl

I'm looking for ways to cut cost as much as I can. I was thinking of refinancing my auto loan and was hoping someone here had some tips. Has anyone done this?

One question I do have is, should I even try to refi with the current lender or is that a waste of time?

Susie2005

I think refinancing with the lender is probably a waste of time, although I didn't try it. 

I did refi my car with a credit union that was affiliated with my work.  At the time they were running a promotion with a low rate and $100 in cash to open an account.  It worked out really well for me.  I would look at local savings banks or credit unions.  

*Amy*

When we bought our used Honda, the Honda dealer wouldn't let us pay the way we thought was ideal.  So we financed through them and literally the next day went down to our hometown credit union and got a new loan and paid off Honda.  much better interest rate than the dealer.

xbrooklyngrl

I'm so dumb, I should've done this when I first got the car but for some reason I thought I had to wait a year. Now its pointless when I do the calculation I'm not saving more than $10 a month.

MrsCorbin

I got my original at the dealership through a credit union.  About 6 months later my credit union offered 1% cash back on a loan transfer and a lower interest rate.  I transferred to them and then when I got laid off I refinanced through my credit union again for a lower rate and longer term.  I think as long as you aren't upside down on your loan it isn't a problem.