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When should I not refinance a car loan?
I was thinking about refinancing my car loan, and I've read about all the benefits. But is there a time when I shouldn't refinance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although refinancing a car loan can be really beneficial, it might be better to wait or rethink refinancing entirely if:
- You have less than one year left on your car loan, as it probably isn’t worth the hassle
- You have a car that’s older or reaching 100,000 miles
- The current loan has prepayment penalties
- You recently bought the car and your credit score has a temporary hit
If you still want to save some cash without refinancing, take a look at your car insurance policy and then compare rates with
Jerry
. With the Jerry app, you can compare quotes from dozens of car insurance companies to make sure you always get the best rate possible.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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