When Can You Refinance a Car Loan?

You can refinance a car loan at any time, but there are several factors to consider before refinancing.
Shannon BradleyJul 29, 2021

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If you recently bought a car, you may wonder when you can refinance your car loan to reduce the interest rate or lower the payment.

Strictly speaking, you can as soon as you find a lender that will approve the new loan. That may be a challenge since most lenders won’t refinance until the original car loan has been open for at least two to three months.

Delayed lender approval can be an obstacle to refinancing your car loan, but there are potential benefits to waiting.

Here are some general guidelines to help you determine the best time to refinance.

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Regardless of when you refinance, you should take time to apply with multiple lenders and get more than one offer. Comparing refinance offers with your current auto loan can help you decide whether to  at all. Our auto loan refinance calculator below can help you compare offers.

You're most likely to benefit from auto loan refinancing in these situations:

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