Car Loan Refinancing

Credit Unions offer a rate of 1.49 % but with a 90 months loan period, that would translate to $3.00/per month. If possible you should really get a shorter loan term of 60 month - you pay $324 but only for 5 years.
Your car will depreciate so much in these 90 months, you'll be still paying for a car that's worth so much less.

What are you current terms and what would you do with the money available from the lower payment?

Only refinance the remaining UNPAID BALANCE of your current loan. You could refinance with the lower interest rate while continuing to pay the same monthly payment that you are currently paying. That way by continuing to pay the same monthly payment you are currently paying with a lower interest rate, the loan will be paid off much sooner. Don't use the lower interest rate to lower your monthly payment. Instead use the lower interest rate to pay the loan off faster. Keep your payments the same. Remember, only refinance what is left on your current loan, not the full original loan amount.

It doesn't matter how many months you are given to pay off the loan. You can pay off any loan as fast as you want.

Them are music to my ears. Spot on!

Is BofA going to charge you a fee to do this conversion?

That is an important point you are making. It is definitely important to find out if there are any loan processing fee to process the loan. Also it is important to find out if there are any prepayment penalties for paying off loan early. Often both the loan processing fee and prepayment penalties will be minuscule compared to the amount of interest saved. Agreed that you should still do your homework to be sure of how much you are actually saving. The single biggest factor after considering everything is how much lower is the new interest rate compared to the old interest rate

If the old loan interest was 5.5% and the new loan was 4.5%, that 1% difference interest rate might not be much of a saving after considering fees. On the other hand if the interest rate is significantly lower, the savings may be substantial regardless of the fees.

All good points: consumers must assume the worst, and investigate to make sure there are no other fees and penalties.

Here's a good place to start your search:
http://www.bankrate.com/funnel/personal-loans/

Personally, I don't rely on banks when it comes to auto loans. We did had a difficult time to pay their high interest rates. I suggest that you look for other options before deciding . You must choose the best financial companies that lends money with the lowest rates.