Auto loan refinancing can be a boon for borrowers, as it allows consumers to lower their monthly payments. So just how much can you expect to save?

It helps if you realize going into the process that the savings aren't going to be earth-shattering. It's unlikely that you'll be lowering a $300 monthly payment down to $200. However, saving $20 or $30 each month really adds up over the length of the car loan.

Of course, how much you can expect to save varies, depending on numerous factors. First up is your credit score. If you've raised your score at all since you first applied for a car loan, you can expect to be offered better terms for this second go-round.

Even if your credit score isn't better, you can still save money. This works by restructuring the loan through lengthening it. Essentially, you are spreading out your payments over a longer time period. If you want to save big each month, you'll be adding years onto the end of the loan. This is something to consider carefully, but if you plan to keep the car anyways, it can be useful.

Finally, keep in mind that even if you only stand to save a few bucks each month, car loan refinancing is still worth it. The process is quite easy to go through and requires little effort on your part, so there's really no reason not to look into it.