Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Paying off a loan with a loan to get a better interest rate
I don't know what rates are available to you now, but yes, if you can refinance your car at a better rate with no hidden fees, you might save some money in interest. However, there are a couple of watchouts: Your original loan was a 6 year loan, and you have 5 years remaining.  If you refinance your car with a new 6 year loan, you will be paying on your car for 7 years total, and you will end up paying more interest even though your interest rate might have gone down.  Make sure that your new loan, in addition to having a lower rate than the old loan, does not have a longer term than what you have remaining on the original loan. Make sure there aren't any hidden fees or closing costs with the new loan.  If there are, you might be paying your interest savings back to the bank in fees. If your goal is to save money in interest, consider paying off your loan early.  Scrape together extra money every month and send it in, making sure that it is applied to the principal of your loan.  This will shorten your loan and save you money on interest, and can be much more significant than refinancing.  After your loan is paid off, continue saving the amount you were spending on your car payment, so you can pay cash for your next car and save even more.