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I was thinking of doing the same thing on my truck.. I'm paying $500 a month. I'm almost in the same situation as you.. want to lower my payment.. can refinance for a lower rate.. drop my payment in almost half.. but then have to start from scratch again with a 4 year payment.

My goal is to basically keep my truck until it dies. I never plan on getting rid of it, so I'll never have to worry about trading it in. My dilemma though, is that I want it paid off ASAP.. because once my payment is over with, I plan on purchasing a cheap small economy car. I want to get that small economy car sooner of later, especially being gas prices aren't going down anytime soon. I don't want to wait another 4 years.. because the gas savings alone with my small car will make up the difference had I refinanced my truck.

After weighing the options, I've decided to keep the truck and pay it off. Refinancing has it's pro's and con's. Obviously the pro's are that your payment goes down, but the con is that you'll be paying for another 4 years. My truck will be a few years old in that 4th year, and it would be hard for me to still be paying off a truck that is 6 years old or so, and still paying payments on it.
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