“If you want to refinance, make sure that the current rates are less than what you’re paying on your current loan. If they aren’t, there’s no point in refinancing.
People typically refinance so they can pay their car loan off early. In your case, it appears you just want to lower your monthly payment.
Since you’re already paying on a seven-year loan, in all likelihood, you’re going to have to go for a longer-term loan. This means that you’ll probably have to extend the length of the loan and pay more interest. But on the positive side, your payment will be lower.
Look around online for current rates, or check with your current lender to see if refinancing is the right move on your loan.”