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Factors to Consider Before Refinancing

Before you decide to refinance, consider the current value of your vehicle and the remaining balance on your loan. If your car's value has significantly depreciated, you might owe more than it's worth, which could make refinancing more challenging. Additionally, be mindful of any prepayment penalties on your existing loan, as these can offset the savings gained from a lower interest rate. It's also essential to evaluate the fees associated with refinancing, such as application fees or title transfer fees, to ensure the overall savings justify the costs.