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Do I have to wait 90 days to refinance a vehicle?
Do I actually have to wait a certain period of time to refinance? I purchased a car at a specific rate because I got $1,000 bonus cash from the dealer. I'm fairly certain that I can get a lower rate if I refinance, but the dealer told me I have to wait 90 days.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You don’t have to wait 90 days as there’s no legal time frame to refinance. You could refinance the day after purchasing a car if it made sense.
In all likelihood, the
dealer
told you that you had to wait 90 days so they could collect their kickbacks and incentives from the lender or automaker. You might want to consider how much you’ll pay over the 90 days. In some instances, spending a few extra bucks to maintain a good relationship with the dealer—the company that’s going to handle your oil changes and other
maintenance covered
in your original warranty—is worth the price.”View full answer
- Gregory R.
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