The best ways to refinance a car loan. [sponsor content]. And you thought you loved your car before. Here are six things to know before deciding to refinance your car loan. 1. Better credit. · Refinancing your auto loan is a great way to lower your payments. However, before you can lower your car loan payments, you first need to determine specific information about your current car loan. find out how much the remaining balance is. When you.There’s good reason for that. Low rates-as little as 3.76 percent on a 30-year fixed mortgage-can help reduce monthly payments, fund a remodel or reduce higher-interest debt. If that’s enough to interest you in refinancing, here are four things to think about before you sit down with your banker.If you are also planning to buy a used car, here are a few things. you should do Before opting for a used car, do your due diligence. Check the quality of the car, the valuation and documentation.Situation 5. You need lower monthly payments. Sometimes refinancing a car loan is a life preserver, not a windfall. If you run into financial trouble and want to reduce your car payment, you could refinance a loan with a longer term (from 36 months to 48 months, for instance).Each bank or lender has specific refinancing requirements, so be sure to ask about the details. For example, if you have $7,500 or more remaining on your car loan (,000 if the loan was made in Minnesota) and the car is less than 10 years old with fewer than 125,000 miles on it, you may be eligible to refinance with Bank of America.Whatever your reasons may be, here are a few things you’d want to consider if car loan refinancing is in your agenda this year. 1) You’ll need time and effort to get the best package For many people, one of the key reasons in taking up a refinancing deal is usually to take advantage of better interest rates.When you’re searching for an auto loan, it pays to shop around. LendingTree helps you compare auto loan rates and loan terms from multiple lenders. Compare different types of auto loans, including new and used car loans, and auto refinancing options, whether you’re buying from a dealer, or a private seller.