Call Kurtis: Auto ReFi

When Jesse Levey bought his used Acura last year he had no complaints.

"It was 4.99% with no money down, and that seemed pretty good to me," says Jesse.

And it was until he found an even lower rate, just four months later, with the help of MoneyAisle.com, a refinance comparison site.

"It was Matador Credit Union and they said they had a rate of 3.39%."

The slight rate dip dropped his monthly car payment by $36.

All Jesse had to do was pay $20 to join the credit union and start a new 60 month term loan.

"Refinancing your automobile is one of the best kept secrets and people really need to know about it," says Philip Reed of Edmunds.com.

He says auto re-fi's are becoming more common and much easier than re-financing your home, with less paper work and fewer fees.

He says if you're in the market, credit unions generally offer the lowest rates.

"There are great rates at these smaller institutions; they're hungry for loans," says Mukesh Chatter.

He's CEO of MoneyAisle.com, one of many growing number of auto refi-websites.

But while he points out many companies are eager to lend, the folks at Edmunds warn that auto-refi's aren't for everyone.

Reed says "you don't want to extend the loan for a year or two more; it's really a better idea to get your loan paid off and own your car."

Jesse was a good candidate; only four months into his loan he didn't lose any money by starting a new 60 month term loan.

But because he had such a low rate to begin with he only saved about $500 over the life of his loan.

Still, it's $500 he didn't have before.

"Basically they're giving me money," smiles Jesse.

Edmunds says those with the most to gain from an auto re-fi are car owners in the first year of their loan who are paying rates higher than 7%.

And the only fee you should have to pay is one to transfer the title.