How many payments should I make on a car loan before I refinance?

"I was pressured into a 12%, 60-month loan at a car dealership. A week later, it dawned on me how that rate is way too high for a person with a 750 credit score. How many payments can I make before I refinance?"

Answer
“Although mortgage lenders usually make you wait six months to refinance, the same isn’t true for cars. There’s actually no waiting period necessary to refinance your car.
If you want to go out and get approved for a refinance tomorrow, no one’s stopping you. From a financial perspective, the sooner you can refinance, the better.
Start shopping now to find the best rate and get yourself away from these high-pressure sales/financing tactics.”
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Eric Schad
Answered on Jul 23, 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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