Is it worth refinancing my auto loan if the best APR I can get is 2.2% less than current loan?

If my savings is only going to be about $60-$70 a month, is it worth refinancing and extending loan?

Is it worth refinancing my auto loan if the best APR I can get is 2.2% less than current loan?

There are several factors to consider. One is the reduction in APR, others include the balance you owe, the term of the loan and your comfort level with the payments.

Do not look just at the monthly payment, especially if you are going to extend the term of the loan. Usually it is a good idea to try to keep the same (or shorter) term, rather than extending it.

Take the total of payments that you will have to pay if you do not refinance, and compare that number to the total of payments that you will have to make on the refinanced loan.

The difference in the two numbers is the savings (or additional cost) if you refinance. Use that figure to decide if the savings are worth the trouble!

Is it worth refinancing my auto loan if the best APR I can get is 2.2% less than current loan?

Its not worth it in the long run.

Is it worth refinancing my auto loan if the best APR I can get is 2.2% less than current loan?

I would think so but it also depends on the length of your car loan. If you are on a 5 year or 60 month loan then you can save $4200 in interest!!! Why wouldn't you want to do that??