When I bought my vehicle four months I was offered $1000 rebate or a financing deal. As I recall it was 1.9%, but only up to 36 months, and the monthly payment was just too scarey. So the old adage, a bird in the hand is worth two in the bush, prevailed, and I took the cash, financed about $31k through a local bank at 3.5% for 60 months. That is a lower rate than new mortgages so it was still a fair deal.
The bank sends me a calculated statement every month showing the principle and interest paid. I got around to analyzing it a bit more and holy crap I was paying $90/ month in interest.
Today I had some time so went over to my local federal credit union that I have been banking with for about five years. Here's what folks here need to know: They agreed to refinance as a new car loan, and told me they'd do that for a vehicle 2011 or newer.
My savings account had an extra $10k in it because I didn't get as scewed by the IRS as I had been expecting, so I dumped that right onto the old loan payout. This allowed me to get the principle down to $20k and keep the payments about the same but for 36 months, obtaining their lowest new car loan rate of 2.25%. I agreed to direct withdrawal from my savings so I saved another .25%.
So for the first month I'm paying less than half the interest that I was paying, and over the life of the loan I save about $1800.