Refinancing starts the clock ticking on your loan again. If you've paid for 10 years and decide to take a new 30-year loan, you'll pay more in interest over the long run, even though your monthly payments drop. Ideally, you should refinance over a shorter term or for the same number of years remaining on your current mortgage. Rates are reviewed each month. When they change, you usually see the result in the next billing cycle.
Loans are the cheapest on brand-new cars.
If you refinance, you'll get the higher used-car rate. Jane Bryant Quinn is a syndicated columnist with the Washington Post Writers Group. Her column appears on Tuesday and Thursday.