Auto refinancing?

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I don't know anything about car buying or financing etc. If you have a loan from a bank for a car and are given the option to refinance does that mean you are making payments towards owning the car, rather than leasing etc?

Auto refinancing?

Financing and refinancing both means you are making payments towards owning the car. You refinance when you want to get a better interest rate on the loan. The bank determines your interest rate based on your credit score, so you should only refinance when you have improved your credit score dramatically, or you want to lower your monthly payments. When you lease the car the monthly payment actually is considered a "rental fee". I believe at the end of your leasing contract, you can have the option to purchase the car if you'd like, or you can return the car back to the dealership.

Auto refinancing?

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