My only consumer debt is an auto loan with $8,200 left on it, [tentatively] scheduled to be paid off by this summer. I'm throwing at least $1K a month at it currently. Rate is 4.25%.
I've seen folks around here talk about refinancing their auto loans down to a lower rate of 1-3%, and saving/investing the money instead. That sounded tempting so I started exploring rates I could get on a refi to see whether it would make sense to switch gears. I've talked to 3 places and they've all said that my loan needs to be at least $10K for them to consider a refinance. (These aren't big banks or credit unions -- think places like rateGenius, etc.)
Is this standard practice? I was kind of surprised to hear that but I've also only ever done one refi and it was on a mortgage, so I don't have any prior experience refinancing smaller loans. I don't really care either way, I'll just keep on trucking with the original plan, but has anyone else experienced anything similar? Is it just limited to these smaller 3rd party financing companies and maybe I'd have better luck with an actual bank or credit union?