[DutchmenSport]

Before doing so, do an amortization based on your current loan and interest rate, and the time remaining on the life of your loan. Now, add up the total amount you will pay. You have a 2019 model, You probably have a 15 year loan. amortize the remaining 13 years and add up the total amount you are paying.

Now do the same thing over the life of a new loan. I bet, the new loan, with a lower interest payment will result in more money out of your pocket over the life of a new 15 year loan than what you are paying now.

If you can get a lower interest rate, finance the remaining balance for a shorter time period than the 13 years, then yes, refinancing might be an answer.

But remember, the lower the monthly payment stretched over a longer period of time, the more interest you are paying. Your monthly payment may be lower than your current payment, but you'll be paying a lot more interest over the life of the new loan.

This is how credit cards work. Your monthly payment amount might be $75, but if you check carefully, if you pay only the $75, you'll find out, only $5.00 actually goes to principle (if that much, you'd be lucky).

If anything, double up on your current payments and get the dang loan paid off. The faster you pay it off, the more money you save in interest.