Despite how easy they are to obtain, car loans aren't always accessible in the interest rates or loan terms that you might be looking for. Whether you're struggling with your payment or you just want to explore your options, you may find that you can get a good deal by refinancing that loan. Here are four questions to ask yourself if you're considering refinancing your auto loan.

Have The Interest Rates Changed?

If the interest rates have dropped since you took out your loan, this is a good time to apply for a refinance. You may be able to reduce your payment, reduce your loan term or both. For example, dropping your interest rate from 6 percent to 4.5 percent can reduce your monthly payment significantly over time.

Did You Not Get The Lowest Interest Rate?

Sometimes you can't get the lowest possible rate when you sign the initial auto loan. Whether you didn't explore all of your options or you were not able to qualify, you may be able to apply for a refinance that qualifies for that lower rate. Take time to research your options before you fill out any applications. That way you can be sure that you're getting the deal you're looking for.

Has Your Credit Score Improved?

One of the biggest driving factors of your auto loan interest rate is your credit history. If your credit score was low when you first applied for the loan, you may have gotten a higher interest rate than you could qualify for now. With a solid payment history on the loan, your credit score has likely improved. If that is the case, you may be able to refinance that loan at a lower interest rate, saving you money over the life of the loan.

Are Your Monthly Payments Too High?

If your budget has changed, whether due to job change or other issues, you may find that your monthly payment is more than you can reasonably afford. If that is the case, it's time to start considering a refinance. Even just the change in the repayment terms can be enough to lower the payment amount and ease your budget strain.

Understanding the benefits of refinancing can help you to recognize those times when refinancing your loan is really in your best interest. Talk with a local lender about refinancing your loan and taking advantage of the potential savings.