Do I have to wait three months to refinance a car loan I took for dealer incentives?

Do car loan contracts prevent you from refinancing after buying a new car? I bought a new car at the Chevy dealership yesterday and financed it at 4.99% to get nearly $2k off the asking price. The salesman said I have to wait three months before refinancing with my credit union for 1.99%, but I don’t see any mention of it in my contract.

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Johnny Puckett
Answered on Jul 07, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
“You should be able to refinance whenever you want.
The dealer likely wants you to wait three months so they get their kickback from the bank, which they will not get if you refinance right away.
You should be aware though that sometimes refinance rates from credit unions are higher than their purchase rates and you might not end up saving as much as you think. Check with your credit union before applying for a refinance on your new car.
If you’re looking for ways to save money on your car, consider shopping for lower rates on your car insurance as well.”
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