Auto refinancing can save you a considerable amount of money every month. However, refinancing your existing car loan may not be the right decision for everyone. Auto refinancing comes with some restrictions so be sure to check with any prospective lender to identify those up front. Some of the restrictions are vehicle mileage, amount still owed on your existing loan, the type of vehicle you want to refinance, and who the original lender is. If you do qualify, refinancing your car may mean extra cash every month that you can use for other stuff. With all-time low interest rates, it’s quite easy to get a lower payment with very little effort.

Everybody wants to save money, but auto refinancing will not work for everyone. Lenders will only be interested in refinancing your auto loan if you are financed with another lender. Most lenders do not refinance their own loans. Most lenders will not refinance a commercial or business vehicle either.  Lenders will usually have some limitations on the age of your vehicle including mileage.  Many lenders who offer auto refinancing will allow you to refinance if your current vehicle has less than 100,000 miles and is seven (7) years old or newer.  They will also require you to have a balance on your existing car loan of $7,500 or more.

You might consider using an online auto refinance calculator. This will help you determine whether or not auto refinancing make sense for your situation. You should really consider the following:

• Have I been in my existing car loan at least 3 months?
• Does my vehicle qualify based on the information above?
• Did I get my existing financing through a dealership?

If you answered yes to any of the above, you owe it to yourself to try auto refinancing. Look online for a lender that offers the product. A good one to use with an established track record is OpenRoad Lending. They have assisted thousands of consumers save millions of dollars. The process is easy and straight-forward. Apply, get approved, download – sign – and return your loan documents and just like that, you too could be saving more than $100 per month on your existing auto loan payments.