Refinancing? Rates on auto loans are falling, too.

A low interest rate is posted on an unsold car at a dealership in Lakewood, Colo. Rates have edged down. (David Zalubowski/associated Press)

There will be charges to transfer the title of the loan and re-register your car. These fees vary depending on the lender and the state where you live, but the total cost shouldn't exceed $25 in most states, said Mukesh Chatter, CEO of MoneyAisle.com, a site that lets borrowers search for competing rates.

There may be additional fees depending on the lender.

Bank of America charges a $200 processing fee. But this includes the option to have the bank file the title transfer with the DMV on your behalf.

Unlike refinancing a mortgage, the cost of refinancing an auto loan is rarely a deal breaker.

Who can refinance?

Lending standards remain tighter than before the economic downturn. But if you qualified for a new car loan in the past year or so, refinancing shouldn't be a problem.

Don't be discouraged if you've been late on a few payments. Your chances of refinancing should be good as long as your overall credit profile hasn't deteriorated.

The standards vary, but lenders will have certain requirements on the car's age, mileage and other terms.

At Bank of America, for example, cars can't be more than seven years old or have more than 100,000 miles. The bank also requires that there's at least $7,500 left to be paid on the loan.

It's usually required that there's at least one year of payments left on a loan, said Chatter of MoneyAisle.com.

The specific rates you're offered will depend on your credit score.

Average rates right now range from 5.7 percent for those with the best credit scores (720 and above) to 18.5 percent for those with poor scores (below 590), according to Yahoo's Auto Finance Center.