What are the positive and negative to refinancing a car loan?

1. You owe too little on your car to refinance. Basically few lenders will refinance a 5K loan. The interest isn't worth it to them and it's most definitely not with it to you. You've basically already paid your interest at this point. My advice would be to just pay it off as soon as possible.

2. Upsides to refinancing:
a. reducing buy generic drugs online interest rate at no cost to you
b. lowering car payment
c. good credit from having a closed secured loan and opening another

3. Downsides:
a. Lowering payment sometimes means taking the terms out a number of months, but for some people this is best.
b. Sometimes your rate goes higher and you end up paying a little more over time to get a lower payment now.

These all depend on your specific financial history. I've seen people go from 18% down to 8% as an example and reduce their payment at the same time as shortening their term. Anything is possible, it just depends on the situation.

Hope this helps!