Refinancing an auto loan?

Right after my husband and I got married, we decided to buy a new car. We were both 22 at the time, and he was in the Navy (still is) and I was still in college. Neither one of us had much of a credit history, so we were approved through Toyota Financial, but at a pretty high interest rate. They told us that was typical for young couples and that after a year or two of good payment history we should be able to refinance for a lower rate. Well, its been about a year and a half now, I'm done with college, & we've made every payment early, so can I contact Toyota about maybe getting a lower interest rate now or should I wait longer in hopes of getting an even lower rate? I really don't know anything about refinancing, so I am basically looking for some general info and pointers about what to do here because I don't even know how refinancing works... I mean, do they just give you a lower interest rate or do you have to put another "down payment" and extend the loan time or what?

Thank you Scam hater. I am always reporting those posts. Those tips you gave were right on target, could not have said it better myself.

Now as for refinancing, you should most definitely try. It just depends on things like your credit score, how much you owe versus what the car is worth, and your income versus debts. I can't promise you'll get a better rate because I don't know this stuff. One thing going for you is your husband is military. My company has a lender that has fantastic rates just for military people.

You should never have to pay for refinancing, no down payment, nothing. If you get a better rate, there will be possible state re-titling fees and such, but none come from you directly, they are rolled into the loan. It should always be a true simple interest loan with no pre-payment penalty.

Hope this helps!

Ask for a refinance, and see what terms they offer. Also, based upon your payment history and higher income ask your local bank about a loan to pay off Toyota and refi with the local. If you don't ask nothing will change.

No do not refinance through
the dealership. Go to a bank
and try to get a loan for the
remaining balance on the vehicle.
You said you were never late
on your payments for a year and
a half, you should be approved at
your bank then.

In refinancing you can decide to stop higher payments and opt for car refinance to bring your payments down.
If you have made on-time payments since, and possibly have other good credit marks from other companies, then regardless of your previous bad credit history, an auto refinancing loan can probably get you a much lower rate than you are paying now. Generally it ranges somewhere between 8 to10% , again it will depend upon an individual and the company.
Here is the source for your reference http://carloan123.net .They provide car refinancing at a lower interest rate.

If you have good credit and looking for the lowest rate, car refinancing is a simple matter. There are many companies to choose from and most can offer you a much lower rate than you are paying now. However, you absolutely can also refinance a car with poor credit. Automotive refinance with bankruptcy or repossession, while it can be a challenge, is possible and there are many companies out there to work with

Why refinance? You already have the loan and another year you'll be half way there which means you already paid 70% of the interest. That's how banks and finance cos make their money. If you want to cut down on the interest, just pay extra each month to cut down on the years.

Please take care - there are users on Y!A who actively seek questions like yours and then offer loans but are scammers

Here are some tips for determining whether a loan is legitimate or a scam:
1) They don't use a free email address (yahoo, gmail, hotmail, etc)
2) They have a secure website you can go to to fill out their application (and no excuses about it being down at the moment)
3) They don't require ANY fees upfront (regardless of whatever excuse they use). Any fees will come out of proceeds of the loan (scammers want their fees via Western Union or Moneygram)
4) They have a REAL address you can send mail to
5) They have a REAL phone number, not a cell phone

Often if you click on their profile you will find it is created in the last 24 hours - why? Because they are reported, profile closed down, but they simply create a new profile and start up again

Save yourself another headache and avoid them like the plague. The one from Bim T above my post is a prime example of what I mean.... do not go anywhere near it