Editor's Note: This story first appeared on Shoprate.com and is republished here with their permission. Click here to read the original post.

By now, you are probably aware that historically low mortgage refinance rates have created an opportunity for millions of Americans to save money. But were you also aware that you might have a similar opportunity on your car loan?

Refinancing a car loan may not be as common as refinancing a mortgage, but any time there is a significant drop in interest rates it is a possibility worth considering. Here are seven things you should remember when looking at refinancing your car loan.

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