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Refinancing is getting a loan from one source to pay off the loan that you have with another source. This is usually done to reduce the interest rate. For example, if you financed a car with the 1st National Bank of Yourtown and the interest rate was 14%, and you can get a car loan from the Yourtown Credit Union for 8.5% you would take out the loan at the credit union, and use that money to pay off the loan at the bank!
When you refinance you pay off the first loan, so there are no more payments due to that finance source!You will have a car payment that you have to pay to the new finance company.