 TITLE: How to Refinance Your Car Loan CONTENT: Benefits of Refinancing a Car Loan\n----------------------------------\nThere are a few reasons to consider refinancing your car loan with a different lender. Here are some benefits to keep in mind:\n*   **Lower interest rate:** If your credit has improved since you first bought your vehicle or market interest rates have decreased, you may be able to get a lower interest rate than what you have right now.\n*   **Lower monthly payment:** If you keep the same repayment term, a lower interest rate will typically translate into lower monthly payments. If you want to lower your monthly payment even more, though, you may be able to get a new loan with a longer repayment term. This may mean higher interest charges over the life of the loan, but it can be worth it if your monthly budget is tight.\n*   **Choose to pay off debt sooner:** On the flip side, you could also choose a shorter repayment term. Shorter terms typically correspond with lower interest rates, which means you'll save more money and eliminate the debt sooner—although your monthly payments will be more expensive.\n*   **Get cash from your equity:** Some auto lenders offer cash-out refinance loans that allow you to refinance the original loan and get some cash to pay for other expenses. This option is typically limited to people who have a lot of equity in their vehicle.\nAs you consider these benefits, think about whether refinancing is right for you and take steps to refinance your auto loan. END