Dear Terry, We bought our 2007 Honda Odyssey last September and we are paying a car loan with an 8 percent annual percentage rate. So, right now we want to refinance the loan. When is the right time to apply for it? -- ArthurDear Arthur, Since you bought the Honda, car loan rates have gone up. It's doubtful that you can do better than your 8 percent rate on a refinance. However, you can use Bankrate's compare auto loan rates feature to try to find a better rate. This week•Collector car market cools with economy•Should I refinance my car loan?•Can I exchange one car for another?•Does a co-signer affect my car insurance?If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter advertisementRelated Links:7 best off-to-college carsNational auto loan averagesWhat changes auto loan rates?Related Articles:All new cars for 20105 steps to 'clunker' dealTake the 'cash back?'Read more Driving for Dollars columnsAsk a question
Dear Terry, We bought our 2007 Honda Odyssey last September and we are paying a car loan with an 8 percent annual percentage rate. So, right now we want to refinance the loan. When is the right time to apply for it? -- Arthur
Dear Arthur, Since you bought the Honda, car loan rates have gone up. It's doubtful that you can do better than your 8 percent rate on a refinance. However, you can use Bankrate's compare auto loan rates feature to try to find a better rate.
If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter
A little research could save you BIG on interest.