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Refinance your car loan at the dealer?

Tara Baukus MelloQuestionDear Driving for Dollars,
I want to refinance my car loan. Should I contact the dealership where I bought the car or should I go somewhere else? Also, will I need to spend any more money to do the refi?
-- Constance

AnswerDear Constance,
Your best bet is to go straight to a lender. You can start by calling your current lender and inquiring about its refinancing rates. Because you are already its customer, it might convert your loan to a lower rate at little or no cost to you. Even if it can, you'll still want to research current refi rates for your area at Bankrate.com to see if you can get a better rate with a different lender. Also, contact local lenders such as credit unions to see if they can offer you a better deal. Some lenders are offering low-cost car loans to attract new customers, so it's possible to spend very little out-of-pocket to refinance your car loan.

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If you have a car question, e-mail it to us at Driving for Dollars. Read more Driving for Dollars columns and Bankrate auto stories.
 

Bankrate's content, including the guidance of its advice-and-expert columns and this Web site, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this Web site is governed by Bankrate's Terms of Use.

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