What kind of loan do you have? Is the loan simple interest (the amount of interest you pay each month on the loan stays the same for each payment) or do you have a mortgage type (you pay the most interest on the first month of the loan and the last payment you will pay hardly any interest)? Both loan types the payment amount will be the same but the amount of interest you pay per month will change for a mortgage type loan. If the loan is simple interest then yes it would be a good idea to refinance with a lower interest rate loan. If the loan is a mortgage type and you are about half-way through the loan, then it will probably not be a smart to refinance since you have already paid most of the interest on the loan already and all you are now paying is the principal.
Most car loans are the mortgage type for the obvious reason, the bank gets most of the interest of the loan in the first half of the loan period. This is why some people are backwards on their loan since the first half of the loan they have been paying off most of the interest and the amount of principle they have been paying has not kept up the depreciation of the vehicle. Hope this helps.
