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There are a variety of factors which can influence whether or not the timing is right for refinancing... national and local interest rates, your credit history, and even the amount of time that you've been making payments on the loan.
We'll look at each of these factors in a little closer detail, so as to give you a better idea of what you're looking for when trying to decide whether or not the time is right to refinance.
National Interest Rates
Interest rates fluctuate as time goes by, increasing naturally over time as the cost of living and other expenses increase.
The base interest rates that all lenders must adhere to are set on a national level, however... this is one of the ways that governments work to battle inflation and try to influence consumer spending if the economy stalls or slows down.
In periods where spending is rampant and prices are beginning to rise, national interest rates might rise so as to slow down the increase in prices due to overspending. If the economy has reached a slower point, however, interest rates might be lowered to encourage consumers to apply for low-interest loans.
Obviously, this is the best time to apply for loan refinancing, since the interest rates that you'll pay will be lower and the loan terms may be more flexible.
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