Should I refinance my car loan?

I've had my car a year and it's a 2014 Ford Focus. My interest rate is about 8 percent and I had a trade in on it making my loan higher than it should be (I know stupid please don't judge me). Anyway when I bought the car my credit score was about 632. I've been working hard to improve that. Paid off three credit cards and various other bills bringing my score up to 759 today. I work at a bank as a teller (which is why I know nothing about finance) and my car isn't financed with my job so if I decide to refinance can I do so at a lower interest rate while keeping the same loan length or shorter? I signed up for 72 months but I have about 58 months left and I do not want to extend that.

Talk to one of your friends at the banks loan department, he/she can tell you what your chances are

Whether or not you can refinance may not be up to you. If you're upside down (i.e. Your loan balance is more than the car is worth now) then you're not going to find a bank willing to refinance you. Also, interest rates for used vehicles tend to be higher than rates for new vehicles, so you might find yourself caught in the trap where the combination of your used vehicle / better credit score doesn't get you a better rate than your new vehicle / lower score did.

If you are able to find a bank willing to deal with you, then yes, you would have the ability to go with a shorter term than your current loan.

You won't get any lower rate after only 14 months of payments and you probably still owe more than the car is currently worth so you'd have to pay extra car for the amount you are under water

It's only a benefit if you can refi for a significantly lower interest rate AND a term no longer than that remaining on your current loan. Beyond that, you've got to consider what "fees" they will charge you.

Sounds like you stated that your trade-in still had a note attached to it. No lender will or should loan more money on a car than the loan value states. I think you're stuck with your decision unless your bank can help you out. 8% is a little high even for a used car unless you got it from an off-brand used car dealership.