How soon can you refinance a car loan?

I’m tired of paying high-interest rates on my existing loan, and I want to refinance my loan to save money. How early can I refinance a car loan?

Answer
Sorry to hear about your high interest rates, but here’s a silver lining: you can refinance your loan whenever you want. However, the longer you wait, the more you increase your chances of lender approval.
Since you already have a high interest rate, chances are your credit isn’t all that great either or you hastily signed the loan. In either case, build your credit by making on-time payments. This becomes even more important if you have a relatively thin credit profile. Once you’ve seen a marked increase in your credit score, refinancing becomes a better option.
Moreover, don’t refinance your loan unless you find a better rate, as it doesn’t make any sense.
If you want to save money on top of your refinancing, make sure to compare insurance quotes via 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!
Phoebe Mah
Answered on Nov 30, 2021
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.
Let Jerry’s experts help you find savings on your car insurance!
No long forms or spam · Get quotes from 40+ carriers
Find insurance savings (100% Free)
rating primary
4.7/5 Rating on App Store

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings — it's 100% free