I keep getting solicitations in the mail to refinance my car. Does anyone have any experience doing this? Do you really save money or is it a gimmick?
typically this is a gimmick. Most probably, you already have your car at a good rate. If not, then your credit isn't very good and your rate won't improve, or you bought the vehicle before the rate dropped in which case you should have the vehicle almost paid for. Given that you pay interest first and principle last, there is probably little to no cost benefit.
