How soon can you refinance the car loan?

When can I refinance my car loan? I want to refinance my existing loan to lengthen my loan term to make my monthly payments more manageable.

Refinancing is often a great way to save money on your car! If approved for refinancing your loan, you will slowly see more savings occur every month. While there are no fixed terms on how soon you can refinance, it is usually best to wait for at least six months.
Lenders want to see that you can make your payments on time, so waiting at least six months to make payments builds a good history for your lenders to look at. Waiting also gives your credit a chance to bounce back from your initial loan application, in which hard inquiries were made against your credit, lowering it a little.
When you’re ready to refinance your loan, start your search with the Jerry app. You can compare quotes from multiple lenders without worrying about your credit history. No matter what your credit score is, Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you. On average, car owners pay $85 less every month by refinancing their auto loan.
Phoebe Mah
Answered on Nov 23, 2021

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