Overhaulin'

When is too soon to refinance a car loan?

We've had our car for a little over a year and were thinking about refinancing to get a better APR since our credit is in better shape now. Is that too soon to refinance?

Public Comments

1. If you can refinance your car now at a significantly lower interest rate, a year in is a good time to do it. Depending on the terms of your current loan and the value of the vehicle you bought, you may have negative equity in your vehicle, which can affect your ability to refinance. For example, if your car is worth $10K, but you owe $15K, no bank or credit union will be able to refinance your loan without a down payment that will close the negative equity gap. I suggest speaking with your local credit union for some advice in your situation. They will have the lowest rates and the most flexible terms.
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