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How long do I have to wait to refinance a car loan?

I have been paying my monthly loan payments for five months now. I was wondering if refinancing my loan for my Jeep Wrangler is an option for me. Can I refinance my car loan early?

avatar
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While you may refinance for a new loan whenever and as soon as you want, wait and consider some factors before you refinance your car loan. For example, shopping around for a better rate and improving your equity are of the utmost importance.
Generally speaking, personal finance experts recommend waiting six months to one year to refinance your loan. During this time, you can improve your credit score while also looking for a better interest rate or APR.
If you want to save money to put toward your loan principal, compare options with 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!
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