There are certain times when it might be beneficial to refinance your car loan. For example, if your credit score has improved, interest rates are low, your car is worth more than what you currently owe on it, or you want to change the loan terms and conditions, refinancing can help you spend less or save more on your loan. However, if your car is 10 years old or more it might be difficult to refinance. Moreover, if you currently owe money on your car loan and are looking to refinance with a new lender, the new lender could charge you higher interest rates over a longer period of time to offset the risk of lending you money. Therefore, while it may be beneficial to refinance your car loan, it is important to consider the terms and conditions of the new loan you wish to acquire.