How long would one wait to refinance a car loan?
I bought my car in April and of course have a terrible interest rate. I have been paying all my payments on time as well as credit card bills etc. When should I try and refinance?
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March 1st, 2010 at 7:46 am
The first answerer was right, the sooner you do this the better because lower interest means less money out of your pocket in the long run.
However, if you financed your car through a dealership there’s a pretty slim chance you’ll do better than what they gave you. On the whole, auto loan companies offer interest rates much lower than traditional bank auto loans.
It’s most DEFINITELY worth looking into though. Pretty much for any debt (expect mortgage) you should always be watching the horizon for greener grass!