Auto refinancing options. You have two ways to reduce your monthly payment by refinancing your car. The first is to maintain the length of the loan, but reduce the interest rate. With this scenario, you'll enjoy a lower monthly payment, and still pay off your loan by the original loan termination date.
Is refinancing your car loan worth it? Consider: For every $10,000 borrowed, a drop of 1 percentage point is worth about $5 per month over 48 months, or $240.