Worse, the average new car loan worked out to $32,187 while the average used car loan was $20,137. If you're on the fence about refinancing your auto loan, it helps to know how this move could help you or hurt you. If that's the case, refinancing your auto loan could save you hundreds — or even thousands — over the life of your loan. Imagine your current auto loan balance is at $15,000 and you have a 19 percent APR and 48 months left on your loan. Cons: Refinancing isn't freeFinally, don't forget that refinancing your car loan typically comes with fees.