There are two main reasons why people refinance auto loans: 1) To lower the interest rate they are paying and 2) to reduce their monthly payment. You may be able to do both when you refinance, and save hundreds or thousands of dollars in the process.
As you look into refinancing, keep in mind that lenders may have minimum standards they require. For example, your remaining balance on your current loan may have to be at least $7,500 and your current mileage may not be more than 75,000 miles. Since each lender has its own standards, don’t be discouraged if the first lender you talk with can’t help you. Do, however, be sure to ask about minimum requirements before you apply so you don’t waste time applying for loans you can’t get.