Should you refinance your car loan? Maybe...

With the stimulus package having passed and the hope that credit starts flowing a little more freely again, that may be why some respected financial experts have been saying: If you need to, go ahead and try to refinance your car.

For instance, Brian Moody of Edmunds.com recently told the audience of CNBC's show On the Money that people may want to consider refinancing their auto loan to bring down their monthly payment, and John Ulzheimer of Credit.com, who I interviewed for WalletPop last May, is referenced in this week's Newsweek, saying that if your interest rate is over 8%, you should consider getting quotes from your local credit union or some of the smaller banks, since they're generally the ones most likely to come up with a decent low-rate loan on a car that's under three years old.

In any case, I'm suddenly flashing back to 1993 when I was 23, and I bought an expensive Ford Probe. I'd love to say that I bought it because I knew the value of a car when I saw one, but really, I just thought it looked cool.