Can I refinance my new car?

Dear Terry,
I purchased a new GMC Canyon recently. I paid almost $6,500 as a down payment and was approved for a $12,500 auto loan for 5.99 percent for 5 years. The Canyon is two months old and I have paid two monthly installments of $246. Is there any chance for me to refinance it with good loan rate? The vehicle is in my name and my wife's. We both have good credit history.
-- SATISH

Dear SATISH,
You can refinance a car at any time, but read your loan documents carefully to make sure there is no prepayment penalty.

However, I'm not sure exactly what sort of an interest rate you're looking for. Today, 5.99 percent for a 60-month loan is a good deal. A better bet would be to occasionally double up on the payments if you can and cut down the term of the loan, thus saving money.