"If you need to save money for an emergency expense, or if you have a drastic drop in income. You may be able to get lower interest rates if your credit score has improved since you first took out the car loan

For more information, you can refer ti this article written by the editioral team in Motorist! https://www.motorist.sg/article/907/refinancing-car-loan-to-improve-your-total-debt-servicing-ratio"