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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?
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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!MORE: What is APR and how is it calculated?
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- 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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