When you refinance a loan, you have an opportunity to
potentially get a better interest rate, meaning that you can end up paying less over time, or simply reduce your monthly payments to make them more affordable in the short term.
Not exact matches
(unless of course, that
interest rate is low enough that your money is
best suited invested in the market where you can
potentially get higher returns!)
If you don't have great credit, you can
potentially get a lower
interest rate if you have a friend or family member with
good credit cosign your loan.