In practice, automatic refinancing is the process of paying off your current car loan with a new one, usually from a new lender. Because of the way the interest on car loans works, the more months you pay for your car, the more interest charges you pay with your payments.
You need to make some calculations to determine how many months it takes to reach this equilibrium point. If there is a chance that you will move earlier, refinancing is probably not the best move. By refinancing a mortgage, you will receive a new mortgage loan to replace the existing