Can I refinance my car loan right away?

I heard refinancing can offer many perks. Can I refinance my loan immediately after purchasing my car?

Answer
Technically speaking, as long as you can find a lender that will accept your application, you can refinance your loan immediately after buying your car.
That said, it should be noted that most lenders will hesitate to accept an application until the applicant has at least six months to one year of good payment history on the loan.
On average, car owners pay $85 less every month by refinancing their auto loan. When you’re ready to refinance your vehicle, try using the Jerry app. No matter what your credit score is, Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you.
Phoebe Mah
Answered on Nov 23, 2021
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