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Can you refinance a car loan after a year?

I paid my monthly loan payments on time for the past year. Now, I want to refinance my loan to set some money aside to renovate my kitchen. Can I refinance my car loan after just a year?

avatar
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since you’ve been successfully paying your loan on time, the possibility of finding a lender to refinance a car loan after a year is highly likely.
Consistently paying off your loan for one year proves to lenders that you can manage finances and pay back the loan, as well as raise your credit score. Both will boost your odds of acceptance.
However, you should shop around to ensure you’re getting a great rate. If you can’t find a lower rate, refinancing just doesn’t make sense.
To save money on top of your refinancing download the
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Jerry
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MORE:
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