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How long do you have to wait before refinancing a car loan?

I heard that APR is constantly changing. I think I could get a better deal than I’m getting now. How long do I have to wait before trying to refinance?

avatar
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re right in that your annual percentage rate, or annual interest rate plus fees, changes frequently and you can get a better deal by going through the auto refinance process.
After you get a car loan, you should generally wait a couple of months, unless you have good or great credit (usually 700 and above).
It’s normal to wait two or three months because that’s how long it takes for your car title to be
transferred
and for the lender to complete all required paperwork.
The higher your APR is, the more likely you are to fall into debt.
Refinancing
allows you to take out a new loan on the existing loan and bring down your APR.
If you need to free up some extra cash, it’s easy to find hundreds of dollars of annual savings on your
car insurance
policy with
Jerry
.
View full answer 
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