If you have purchased a car and financed it at the dealership you may be paying too much interest. Dealers often will not fight for the best interest rates on car loans because they are just in the business of selling cars. Although they may know of another bank or credit union with lower interest rates the salesman will send your application to the one that has the highest acceptance rate for someone of your credit rating. All is not lost though, even if you have signed the papers and driven off the lot. You can still go to your own bank or check with different auto loan comparison websites and find a better rate. You can even wait a month or two, save up a bigger down payment and get much better terms. Credit unions are excellent places to go for lower interest car loans. You may be entitled to join a credit union if you are a teacher, law enforcement officer or state worker. Many credit unions will accept your loan for refinancing even if you are not a member of the group that it serves, if you open a small savings account.
Refinancing may save you twenty, thirty, even fifty dollars a month or more off of the rate that you got when you applied at the car dealer. You have to limit the number of applications that you put in for loans though. If you apply for credit at a lot of places this will lower your credit score. All that trying to get a better rate will cost you is a little time. Don't accept high interest dealer financing when you can shop around and get a better car loan rate.