When is the best time to refinance a car loan?
I recently purchased a new car in November and the dealer told me that I can come back in year when my credit excels a bit to refinance with them. Is this true and do I have the option to refinance with another lender?
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March 3rd, 2010 at 8:19 am
When you can not afford your car payments any more. Seriously, If you bought at a reputable Dealer and your credit wasn’t trash. If you refinance, it is now a used car and it is hard to beat new car finance rates.
March 3rd, 2010 at 9:12 am
Yes, you can often refinance a car loan once you have been good with your payment history.
However, the dealership will not refinance you unless you are trading in for another vehicle.
To refinance you need to go to a bank or credit union. Credit unions are very good about refinance car loans if you qualify.