It's hard to say what Monica Johnson likes more, her Jeep Commander or her new payment plan. This week, she refinanced the loan for it at a lower interest rate.

Her interest rate was 7.64 percent. Now she's at 6.25 percent.

That lower rate dropped her monthly payment from $298 a month to $288 -- a small monthly savings, but not small in the long run.

“Over the life of the loan, I'll probably save a good, I'd say about a good $2,000,” Johnson said.

At Charlotte Metro Credit Union, auto loan refinancing is one of the biggest draws for new customers.

Vice President Liz Ramos said new car or old car, it doesn't matter. Depending on your credit score and loan balance, the credit union can drop your interest rate a percentage point or even more.

“We can save you anywhere from $25 to $50, $75. It all depends on what you have left, again, and the interest rate,” Ramos said.

Different banks vary, but Charlotte Metro will go as low as 5 percent, and Ramos said the process is quick.

If you want to refinance your car loan, you need to go in prepared. Take your old finance contract, your account number and mailing address for the payoff, your 10-day payoff quote, your driver's license and two pay stubs. With all that in order, the whole deal can be done in 30 minutes.

And, Ramos said, “There are no fees associated with this type of refinance. It is just a straight out loan.”

Johnson said the money she's saving by refinancing will be spent on better things.

“I like to travel, I like to buy clothes and my kids like to eat,” she said.

Refinancing works with new cars, too. A lot of times the dealer offers either a rebate or zero-percent financing. But you can take the rebate, refinance at a lower interest rate, and then use your rebate toward the balance.

Be aware, most banks won't refinance a balance of less than $7,000. And if you already have a very low interest rate, you probably won't do much better by refinancing.

LINK: Edmunds.com Tips On Auto Loan Refinancing

LINK: Bankrate.com: Refinancing An Upside-Down Auto Loan