What are some pros and cons of refinancing my car?

[Jose M]

I bought it about and year and a half ago and my credit score has improved; not mightily but it has improved enough. Is it even a good idea to refinance a car?

[phil8656]

No you will have costs in ending your existing agreement and then you have to start a new agreement. Unless you have cash problems better to pay your existing loan out. That will also improve your credit score and give you a history.

[atomic_dog_68]

there are no real pros to re-financing a car. The overall value of the car vs. what you would have paid will represent a large gap. What may be a better idea is to trade or sale the car and get a newer one. That is only if you want to get out of that car. Look for rebates and price cuts that will make up the difference from what you owe and what your car is worth. For example, most car companies try to move there current models in August and September for the newer models. They will offer great discounts on the present model just to move it.