Blog Post by outsidesonia - 01/31/2019 04:41:04pm
The back office of the car dealership is the wrong place to get an auto loan: car dealers charge over $1,700 on average in undisclosed markups and fees! Let’s say you already got your loan, though – how soon can you refinance your car loan online to reduce your auto interest rate or lower your monthly car payments?
There’s no minimum – or maximum – amount of time you need to wait before refinancing. You don’t even have to make the first payment to your existing lender. (Just make sure you don’t miss that payment accidentally. Auto lenders focus on whether you’ve made your car loan payments on time when deciding whether to lend to you and how much). The sooner you refinance to a better loan, the sooner you start saving. Refinancing a loan secured by a newer car usually means you’ll get a better interest rate too; auto interest rates on newer cars are typically lower than for older cars. Many lenders also have a cut-off for vehicles over a certain age or for those that have driven over a certain number of miles.
The best way to figure out whether or how much you can save by refinancing your car loan is to see what auto loan rates you pre-qualify for – without affecting your credit. But there are a few watch-outs you should be aware of before refinancing your car loan:
Curious about GAP: what it is, what it covers, and whether it’s right for you? Learn more on our GAP page.
The best way to figure out whether an auto refinance is right for you is to pre-qualify . We’ll show you loan offers from our network of trusted lenders, without affecting your credit or inundating you with robocalls and spam emails. If you can save money by refinancing to a better car loan, you can choose to apply.