Originally appeared on Automoblog.net

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How much do you spend on owning your car" Well, the national average is around $9,600 per year according to AAA. In fact, transportation expenses are the second largest line item in the typical U.S. household budget. Obviously, nobody likes making car payments. Still, far too many people keep making the same payment month after month without even thinking about it.
There are lots of tactics to reduce your monthly car costs, but one of the biggest reducible chunks is probably your car loan.
If you want to cut your car expenses, refinancing your auto loan could be a great place to start. You may think that you won?t qualify, but it costs you nothing to make an inquiry. Even though the process is pretty simple, there are ways you can maximize savings. #1 Timing Counts
If you?ve been holding your current auto loan for three to four years, you may be in the sweet spot for refinancing. Lenders like it when the resale value of your car is greater than what is owed on the loan.
This makes it more likely you?ll qualify for a better deal.
Now here?s a neat trick: If you refinance at a lower interest rate, you may decide to maintain the same monthly payment. Why" Because this way you?ll pay off the loan faster and also pay less interest. Some car owners save thousands of dollars this way. Even if you?re early or late in the life of your current loan, you can still take a shot at re...