Financial Information
How soon after I a car loan can I refinance with another lender?
I’m in the market for a new car and I’m thinking get the financing through the dealer, for the “best” deal. However, I really have no intention, plan with them and stay on the refinancing through my own bank. My question is: How long must I wait until I can refinance, if at all?
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#2 written by daniel s 1 year ago
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#4 written by mccoyblues 1 year ago
Get the best deal you can with the dealer, get it in writing and at the last minute tell them you changed your mind. You want to use your bank to finance the car.
If they try to change the numbers on you walk out.
You’ll lose money for sure on the refinancing because the minute you drive that car off the lot it’s used and it begins to lose value fast!! So your bank will now be looking at financing a used car at a significantly lower value than a new car.
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Alright many of the people who answere this question are assuming you probably got a 0% interest rate or some other financing incentive, but I am assuming this is your first or second car you have bought.
When you purchase a Chrysler or Ford they typically have a special rebate for financing with ford motor credit or Chrysler Financial. Sometimes these rebates are for $3000 or more dollars. Generally you can refinance at the time you drive out, and that does not affect your interest rate. If you are a credit union member they will refinance you for a similar prime rate at any time. 3 weeks, 6 months or two years. Typically I would not suggest a refinance for at least 6 months becuase you don’t want a really short auto loan, and then open another. 6 months will give you that buffer. 12 months is the safer bet, and try to use credit unions because they always save you money on that small number that costs you thousands we call interest. Hope this helps.