Overhaulin'

after how long can you refinance a car loan?

when can you refinance a car loan?? anytime or is there a set period of time...

Public Comments

1. Usually you can refinance any time, but check you loan document. In some cases there will be an early termination fee in the first 12 - 24 months.
2. You can refinance a car only after the point that the value of the car exceeds the value of the loan. In other words the amount of money you want to borrow can not be more than the market value of the car. A refi is nothing more than applying for a new loan to pay off the loan you currently have in the hopes of lowering your monthly payment. It sounds good in theory but it rarely works. Here's why. With a refi you aren't going to a better interest rate unless you have had a significant increase to your credit score recently. With a refi you will most likely be extending the time period it takes to pay off the car in full. With a refi you must have equity in the car. If you are upside down on the loan you can't refi. So if the interest rate doesn't significantly change you can't save money If you increase the amount of time it takes to pay off the car you can't save money If you are attempting to roll over negative equity this doesn't erase the negative equity it just transfers it to another loan and this doesn't save you money.
3. Its not for how long.. it is if the lender will let you.
4. Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carquotes.sinfree.net