An online aggregator of financial rate information has reported that many of this year’s auto loan refinance rates are 1 percent to 2 percent lower than they were in April of last year, depending on the length of the refinance loan.

“Refinancing an auto loan may be a good option if you need to reduce your monthly expenses in order to get your finances back on track,” said Tara Baukus Mello, an analyst at Bankrate.com.

While it is ideal not to extend the length of any loan, job loss or other similar situations could urge people to consider refinancing their loans to ease some financial burden, according to the news provider.

For example, a car purchased in April 2008 for $28,000 and financed for five years at 6.53 percent (the national average at the time) requires a monthly payment of about $550. This means the owner currently owes the bank a little less than $18,000.

Refinancing the remaining amount for four years, at the national average rate of 5.38 percent, would drop monthly dues by $133 and the owner would spend just $176 more in interest over the life of the loan, Mello said.

According to a Businessweek report, refinancing an auto loan might be a very good idea in the near future because interest rates remain at historically low levels. “Whether you have a used car loan or a bad credit personal loan, you could probably get the interest rate lowered if you go through a refinance process in the near future,” the report said.