Overhaulin'

How fast should i refinance my car loan?

Car loan is 17000 dollars apr is 17 %. Dealer told me that i can refinance in 4-6 months, but i think he lied to me. Bank told me that i can refinance only once. So 4 months passed. SHould i try to refinance it or wait at least 12 months??? Thank you.

Public Comments

1. You cannot refinance your car loan if it is less than 12 months payment recrd.Your apr indicates your credit challenges therefore, until you reestablish your self in thatloan banks, will see you as a high risk. It is best to stay with that one bankand pay it off. Bite the bullet and know that you purchased this credit. It will be easier next time around.
2. At that apr and assuming the 17000 was the value of the car, you will be "upside-down" for 2-3 years, i.e., your car will be worth less than the loan balance. Make double--even triple--payments as you can, or you will need thousands to refinance.