Overhaulin'

How long do you have to wait before you can refinance a car loan? ?

I helped my friend get his car about a year ago, and now I would like him to refinance his loan with his name only. How many years does he have to wait to do this? And how do we do this?

Public Comments

1. How many years does he have to wait to do this? And how do we do this? --- 1. As soon as you owe less on the loan than the car is worth. If that take years, it's not your day. 2. He needs to apply and qualify for a loan in his own name. Presto.
2. As soon as he no longer has negative equity. If he didn't put any money down and financed for 60 months at a respectable interest rate, the break-even point is usually about 3-3.5 years.
3. There is no waiting period. When he has the cash and when he has the credit score to qualify he can refinance. There is one very big problem with refinancing a car loan. Negative Equity. If your friend owes more on the loan than the car is worth you can't refinance. No lender will approve a loan for more than the car is worth.
4. Cars under financing and leasing are more expensive because it require full coverage insurance. You can estimate insurance rate difference online - carinsurance.deep-ice.com