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How soon after I take out a car loan can I refinance?
I took out a car loan about six months ago, but my credit score has risen and rates have dropped a bit. How soon after my original car loan can I refinance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“There’s no legal limit for when you can refinance. If your credit score has gone up, interest rates have gone down, and you’ve paid on time up until now, you can certainly refinance.
When you refinance, just make sure to budget for how much you can afford. Shortening the length of the loan will get you a better rate and lower how much interest you pay over the life of the loan, but your monthly payments will be bigger.
If you want to shorten the loan and take on higher payments, make sure to budget for other related expenses such as
car insurance
, gas, and maintenance.”View full answer
- Gregory R.
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