Key takeaways Refinancing your auto loan is often a good financial choice if you are able to secure a better rate or a lower monthly payment. Consider the amount of time remaining on your loan before exploring options to ensure you qualify for the new loan. To choose the best lender, compare your current loan against potential lenders to see if you will save money — both on your monthly payment and overall. Not all drivers qualify for competitive auto loan rates when they first take out a car loan. If that was the case for you, refinancing your auto loan may help lower your interest rate — or at least make your monthly payment a little lower. Refinancing involves replacing your current loan with a new one of a different length, interest rate or both. To get the best rates, start by comparing lenders and picking the right time to refinance. What is auto loan refinancing? When you refinance your auto loan , you take out a new car loan to pay off your existing one, ideally with better terms.…