What you should know.
If you decide to refinance, you may be able to lower your monthly payment or reduce your APR. Note that during the transaction, loan fees such as title and government fees may apply. If you choose a loan term that is longer than the term remaining on your existing auto financing, you will pay interest over a longer period of time. As a result, the overall cost of your loan could be higher. Consider this when determining if refinancing is right for you.