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Can I refinance a car loan the next day?
I want to get financing from a dealership to get a special rebate, but the interest rate isn't great and I can get a better rate from my bank. Can I refinance the car the next day?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can refinance your
car loan
whenever you choose. A tactic used by many car dealerships is to tell you that you can’t refinance for months or even a year. This just isn’t true.While a dealership may not appreciate you refinancing the car loan the next day, nothing will stop you unless it’s written into your loan contract. Make sure to take a glance at your contract before you refinance your loan, as it could have refinancing fees or
prepayment penalties
.Regardless of whether you decide to refinance the next day or months down the road, you still need to maintain full coverage car insurance per the stipulations of your loan. That’s when
Jerry
can come to your aid. By signing up in less than a minute, you can compare rates from over 50 insurance companies to find the best rate possible.View full answer
- Gregory R.
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