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How quickly can you refinance a car loan?
My sister recently had her car loan refinanced after just a few months of owning her car. She said she didn’t get a great deal on the new loan. I just bought my car and am paying more than I thought I would, so I’d like to refinance, too, but I want to get a better deal. What is the earliest I can refinance a car loan?
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Refinancing your loan is a great way to save money, and you can technically do it as soon as you want. That said, it’s in your best interests to wait for at least six months to refinance your loan.
Some lenders will reject an application because it is too soon since you last took out a loan. Lenders want to see the applicant develop a history of making consistent payments before they feel comfortable approving the loan. Waiting also gives your credit time to rebuild after the hard inquiries from your initial loan, helping you get a better deal when you do choose to refinance.
Whenever you’re ready to look into the refinancing process, try the
Jerry
app. Jerry is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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