Can you refinance a car loan in six months?

I just signed the contract of my loan and purchased my BMW. After looking at other interest rates, I think I might be overpaying. Is it too early to refinance a car loan in six months?

If you have strong credit and stable income, the option to refinance your existing loan after six months is possible. However, making sure you get a better interest rate and having positive equity are essential before you decide to refinance.
Before you apply for a new loan, check if your credit is improving. If your credit suffered from the hard inquiry on your credit report, the six-month time frame will give you time to rebuild your credit. If your credit is improving, you will have an easier time getting approved by a lender.
To save more money on top of your refinancing, download the Jerry app. As a licensed broker, Jerry helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!
Phoebe Mah
Answered on Nov 30, 2021

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