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When refinancing a car, aim to secure a lower interest rate than your current one. Factors like improved credit score, market conditions, or a change in financial situation can contribute to qualifying for a better rate. Negotiating a reduced interest rate can significantly lower your monthly payments and save money over the life of the loan.

Consider opting for a shorter loan term when refinancing. While this may increase your monthly payments, it often results in substantial interest savings over the life of the loan. Shorter loan terms usually come with lower interest rates, and you'll pay less in interest overall.

Before refinancing, take the time to review and potentially improve your credit score. A higher credit score often translates to more favourable loan terms and lower interest rates. Correct any errors on your credit report and work on paying down outstanding debts to boost your creditworthiness.

Don't settle for the first refinancing offer you receive. Explore multiple lenders to find the most competitive terms. Different financial institutions may have varying interest rates, fees, and repayment terms. Comparing offers allows you to choose the option that best aligns with your financial goals.

While refinancing can lead to savings, be aware of any associated fees. Some lenders may charge application fees, origination fees, or prepayment penalties. Calculate the total cost of refinancing, including any fees, and ensure that the potential savings outweigh these expenses. Negotiate or choose lenders with transparent fee structures to minimize costs.