Refinancing is when you use a new car loan to pay off your current car loan. Oftentimes, people will refinance their car loans to obtain lower interest rates or monthly payments. If your credit score is higher than when you originally financed your car loan, this can be an option to help improve your APR. However, it’s important to weigh any refinancing fees and the total cost of the loan using a loan calculator. This can help you decide if refinancing is a good option for you. Baton Rouge Telco has options to save members money through our member loyalty discounts, which can save you up to 1% on your refinanced loan’s APR.