Did you know that you can refinance your next car loan just like a mortgage on your house? Regardless of your credit, with interest rates being at historic lows, you can refinance now and save money on your existing car payments. Many lenders are moving online to offer competitive programs at discounted rates to help you save. Here is how easy it is to refinance that existing car loan and start saving money.

Find the Right Lender: The internet makes it easy to find the right lender to meet your needs. Do some research and find one that offers the refinance product. Not all lenders offer this type of loan. There are many advantages to finding the lender but one of the main is the flexibility you will have when working through the terms of that new loan. Do you want to extend the term to maximize the monthly savings or is the primary goal to lower the amount of interest you are paying? Either way, find the right lender and they can help you work through these questions.

Decide on the Terms: The terms of your refinance loan are dependent on a few factors. Not only does your lender have a lot to do with the ultimate interest rate and term you are allowed to financing but your vehicle will have a lot to do with it as well. Does it currently have “high” mileage or is at an older model? Most lenders offering the refinance product will allow you to refinance a vehicle that is seven years old or newer (currently a 2003 model) and one with less than 70,000 miles. Once you hone in on the lender, be sure to ask what their particular vehicle limitations exist.

Start Saving Money: Whether you are just trying to lower that interest rate or you are aggressively trying to lower your monthly payments, a refinance car loan will help you achieve your goal. In many cases, consumers are saving between $10 and $125 per month by refinancing that existing car loan.

In just a matter of minutes, you can apply, get that loan decision and be on your way to saving. You can find more out about a refinance car loan or other loans related to car financing online at OpenRoad Lending.