When you are considering an auto refinance, you need to shop around so that you can compare rates. Most people consider refinancing their vehicles to get better interest rates or to lower payments by extending the length of the loan, but either way comparing rates can save you a lot of money in the long run.

Start your comparison by first writing down the interest rate you are currently paying, as well as the length of your vehicle loan. Then, start doing some research on your different options for obtaining an auto refinance loan. First, contact the company with whom you have your current auto loan and ask if they would consider refinancing your vehicle for a lower interest rate. This is probably the least viable option, since this was the company that set your rates in the first place and they probably followed their own criteria. If, however, you mention to them that you are shopping around for an auto refinance loan, there is a possibility that they may offer to lower your interest rate in order to keep your business.

Contact your own bank, as well as other banks in the area and ask about auto refinance interest rates. Write down the name of each bank that you contact and the estimated rates that they quote you. If you belong to a credit union, be sure to contact them about an auto refinance loan; almost always you will get the best deal through your credit union.

Once you've gotten auto refinance quotes, compare interest rates and length of loans, and use a mortgage calculator to decide how you will save the most money.