Car buyer's remorse

Fall is traditionally the time of year when most people shop for a new car. It's also the time of year when people who bought a new car last year might be starting to experience buyer's remorse. Life gets more expensive between October and December and a lot of auto borrowers may be starting to feel the pinch of that monthly loan payment. Shopping for Halloween costumes and holiday decorations is not as easy when you have a $200-300 car payment to make each month.

The solution? Consider refinancing your auto loan. Auto refinancing is becoming increasingly common and easy to do these days. Online refinance lenders offer rates in the 6% range for qualified borrowers. A 6% APR is higher than the best rates you could could get for an initial auto loan (around 3-4%), but it's a lot lower than a rate from a dealer or for a borrower with poor credit. If you still owe over $7,500 on your car and currently have a really high interest rate, refinancing could help you reduce your loan costs and free up some extra money for your holiday expenses. To get the best deal, be sure to check your credit reports and credit scores before you refinance and choose a time when interest rates are low.