Refinance your existing auto loan.

These days, the majority of car buyers take out an auto loan to help pay for their new or used vehicle purchase. These loans can range from as few as one or two years in length, all the way up to eight years or more.

Many adults today rely on a personal vehicle for transportation, leading to the nearly 276 million cars that are currently registered in the United States. Car ownership can be an expensive venture, though, with the cost of both new and used cars skyrocketing in recent years.

Whether you bought your vehicle four months ago or four years ago, refinancing your auto loan can be a great way to save some money on interest. Here’s a look at why you might want to refinance your auto loan, when you can do it, and how a refi might be the best way to snag a competitive interest rate.