How Long to Wait to Refinance a Car? 3 Tips

You may have heard of the benefits of auto financing recently

, or you may have known about this option for a long time - even having done it before. If you know about the benefits of refinancing your car loan, you know that by doing so you can potentially accomplish one or more of the following:

a. lower your monthly car payments

b. save money on the cost of your loan (by paying less in interest charges)

c. pay off your auto loan faster by taking on a shorter loan repayment term

How Long Should You Wait to Refinance?

However, what if you recently purchased a car last week, last month, or last year: is it too soon to refinance?

If you are wondering how long to wait to refinance a car, here are 3 tips to help you make an informed decision about when to refinance:

1. There is no minimum waiting period to refinance:

The short answer is that, no, there is no minimum waiting period; you can refinance your current car loan as soon as you wish. If you believe you can qualify for a better interest rate than you have for your existing loan - or if you want to change the repayment period to make it longer (to save on monthly payments) or shorter (to save on total cost of the loan) - then by all means you should start your search now for a better deal.

2. Still, take the time to do your homework:

Remember, you do not need to refinance with your current car loan lender. In fact, you should wait to contact your current lender until you have lined up refinance offers from other lenders. At that point, you can go back to see if your current lender can beat your best outside offer.

3. To get the best-possible deal on an auto refinance, apply to at least 5 lenders:

When you look for third-party lenders, make sure you do not just apply to one. Rather, you should apply to at least 5 lenders. That is the only way to make sure you are qualifying for the best interest rates on your refinance deal.

Consider these 3 tips as you consider the best timing to refinance your car loan.

How Long to Wait to Refinance a Car? 3 Tips

By: Susan Willis

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