Gentlemen, with these ever lowering interest rates it got me thinking. Would now be a good time to re-finance my car? I'm new to the financial world and what not. I bought my car right after college graduation (I know that was a bad decision) but there's no looking back now. I got a 6.99% rate with zero down. All said and done i pay about $590 per month for the car which I feel is an extremely high number. Is it possible to refinance my car and get a lower car payment? I am in the process of purchasing a condo and would like to have as much cash flow as possible for my mortgage payments. Any and all input is welcome, thanks guys!

 

It's possible, and I did it when I changed banks.

My new bank gave me a better rate, but I still pay the same monthly payment. That way, I just pay less interest, and pay off the car much sooner than expected.