What is auto refinance?

Auto refinancing is the process of replacing your current auto loan with a new one, usually with better terms such as a lower interest rate or a longer repayment period. This is done by taking out a new loan and using the proceeds to pay off the existing loan. Auto refinancing can help you save money on interest charges and reduce your monthly car payments. It can also help you change your loan terms or the type of loan you have to better fit your financial situation.