With loan interest rates so low, many people have refinanced their homes, and saved hundreds of dollars. Another way to save could be to refinance your car. It won’t work for everyone, but if you bought a car with a high interest loan, it may be worth your while to look into getting a better rate.
Cars depreciate rapidly, and therefore don’t hold their value as long as homes. However, if your current car is still worth more than the amount owed, check with your lien holder to see if you are a good candidate for refinancing. The fees for refinancing automobiles aren’t nearly as high as those for home mortgages, so you may be pleasantly surprised at the savings to be had.