Refinance Your Car Loan to Save Thousands

With no prepayment penalties for canceling an existing loan, and no fees for getting a new loan at a lower rate, it's truly a no-brainer.

On a five year loan at 11% for a $30,000 car, you could refinance at today's 4%, saving roughly $111 a month.

If your current interest rate is over 6% (check your payment stub), refinancing might be right for you. If it's over 8%, definitely. Over 10%, drop what you're doing and refi right now.

Go to Bankrate to see interest rate quotes from different lenders. Or try CapitalOne Auto Finance, which offers independent financing for new and used cars.

Now is the time to take advantage of these historically low rates. A little effort could save a lot of money.