With our current economy everyone is looking for ways to save. When your current income becomes reduced from unemployment or downsizing it may become necessary to think about a car refinance option. Sometimes your budget just no longer matches your income and you need to refinance your car loan.When money gets tight we have to think of different ways to lower our monthly bills. We can always reduce purchases and forgo certain luxuries, however sometimes we must take even more drastic measures when our financial situation becomes desperate.Often times when you do a car refinance it will reduce your monthly payment. While this may increase the overall amount you have to pay it may also make it possible for you to survive a financial crisis in your life.Another thing you may want to look into doing is to sell off any unnecessary items. Have a yard sale, place ads in the paper, or try to sell items on eBay and Craigslist to bring in a little extra money to help in those rough months.Another reason to refinance your car loan is to keep from getting behind on your payments. As you know, if you get behind on your payments you run the risk of losing your car completely. By lowering your monthly payment you would be able to keep your car and avoid damaging your credit score.Remember that the best time to qualify for a refinance is before you are in financial trouble. So if you are in an industry that is seeing hard times it would be smart to take action before something happens to your income.By being smart with your finances you will be better prepared in case something does happen to your current source of income. As you meet with different lenders make sure you ask questions like what your interest rate will be, if you’re getting a variable or fixed rate, and what the fees are going to be. This way you can really know how much you could save with your refinance car loan.