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Are there any drawbacks to refinancing after I get dealer incentives from a car loan?
The salesperson at the dealership is willing to knock $2,000 off the price of a Honda Accord if I finance through them. She told me that I can refinance after four months. Are there any drawbacks to getting these incentives on a car loan and then refinancing?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You shouldn’t have any problems with this arrangement. In actuality, you don’t even have to wait four months to refinance.
Unless your loan contract specifically states that you need to wait four months or there are
prepayment penalties
, you should be fine to refinance whenever you want. Before agreeing to the
car loan
, review all the terms and conditions. You’ll also have to budget for car insurance
on this loan, so make sure to factor that into your monthly pricing. Whether or not you refinance, your lender will require full coverage.
Full coverage can be pricey, especially if you use the lender’s insurance, but you can save money by comparing rates.
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