If you’re making payments on a car loan – I’m about to save you a lot of money...

Have you considered refinancing your car?

If you’re paying off a loan on it, you could save a bunch of money. The interest rate on a five-year loan has dropped about 2% in the past 12 months. That means you could potentially save $100 or more a month. Refinancing your car loan works a lot like a home mortgage refinance – but without extensive fees. In most cases you’ll just pay a title transfer fee to the state. You might even be off the hook for a few months with your first payment once you make the switch.