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Do I actually need to wait nine months to refinance a vehicle?
I got a rebate on my new Chevy Malibu for $1,500. The only stipulation was that I have to get financing and wait nine months for refinancing. Does this sound right? Do I actually have to wait to refinance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“In most cases, you don’t have to wait nine months to refinance, as no law states that as a requirement.
However, you’ll want to read over your loan agreement to confirm you didn’t agree to wait. If you did, you could face additional fees, like a
prepayment penalty
. In all likelihood, the dealer told you to wait nine months to avoid chargebacks. A chargeback is when a dealership has to pay back the commission earned from financing with them. This is fairly common in the industry.
As long as you’re not contractually bound, you can refinance the next day if you wanted. Remember to shop around for rates on a new loan, just as you would if you were buying
car insurance
. That’s the only way to ensure you’re getting the best rate.Keep in mind that refinancing still means that you will need full coverage on your vehicle. If you feel like you’re overpaying, shop around for better rates.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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