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Can I refinance my car loan after three months?

My financial situation has changed after my manager reduced my working hours, and I’m not sure if I can pay my car loan. Right now, my loan has a short term, but I want to extend it to lower the monthly payments. Is it possible to refinance a loan after three months?

avatar
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Given the current circumstances,
refinancing your loan
relatively soon is understandable. While you can legally refinance your vehicle after three months, seeing the benefits of refinancing are more noticeable when you wait six months to a year.
Most lenders would prefer to accept applicants who wait at least six months because they have more time to build their credit and prove they can pay back the money through consistent monthly payments. On average, car owners pay $85 less every month by refinancing their auto loan.
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