Can I refinance a car loan the next day?

I want to get financing from a dealership to get a special rebate, but the interest rate isn't great and I can get a better rate from my bank. Can I refinance the car the next day?

Answer
Yes, you can refinance your car loan whenever you choose. A tactic used by many car dealerships is to tell you that you can’t refinance for months or even a year. This just isn’t true.
While a dealership may not appreciate you refinancing the car loan the next day, nothing will stop you unless it’s written into your loan contract. Make sure to take a glance at your contract before you refinance your loan, as it could have refinancing fees or prepayment penalties.
Regardless of whether you decide to refinance the next day or months down the road, you still need to maintain full coverage car insurance per the stipulations of your loan. That’s when Jerry can come to your aid. By signing up in less than a minute, you can compare rates from over 50 insurance companies to find the best rate possible.
Eric Schad
Answered on Nov 16, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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