With interest rates still at record lows, it is a great time to refinance your auto loan. If you got your car loan several years ago you most likely can get a much better rate now. Refinancing your loan entails paying off your current loan and starting a new loan with a new lender. Your payments will go down due to the lower interest rate and also because you are also extending the length of the loan. Here are some things to take note of if you’re interested in refinancing.