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?

Answer
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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