How do I buy a car if I just refinanced a loan?

I just refinanced my car about a month ago, but I saw a great deal on a new Chevy Tahoe. Can I still get a new car loan if I just refinanced my old vehicle?

Buying a new car shouldn’t be an issue even if you just refinanced your car loan. There’s no limit to how long you have to maintain a car loan, regardless of how recently you refinanced it.
That said, the major issue is whether you’re upside down on your current loan. If you owe more on your loan than your current car is worth, this can create some issues. Even then, you can still get your hands on a new car.
One of the main issues with an upside down car loan is that whether you do a trade-in or sell your car privately, you’ll end up still owing money on the loan.
You can pay off the remaining balance of your loan with cash (which would be better for you if possible), or you can roll over the old car loan into a new one (which will cost you a lot more in interest in the long run).
If you want to find ways to save money to pay down your original car loan balance, use the Jerry app to find savings on your car insurance. Choose from dozens of competitive quotes and Jerry will help do the hard work of switching policies for you.
Eric Schad
Answered on Nov 16, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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