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How long should I wait to refinance my car loan?

This is my first time taking out a loan to buy a car, and I’ve been paying my monthly loan payment for eight months now. I want to refinance my loan to lower my monthly payment and save money on my monthly budget. What’s the best time to refinance my car loan?

avatar
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on getting approved for your first loan! Yes, refinancing a car loan can offer many benefits. However, since this is your first time taking out a loan, wait a year to
refinance your car
 loan to build credit and establish an improved credit profile.
The best frame is to wait at least one year. You can use this time to build a history of making on-time payments. Having a proven track record of making consistent payments will increase your chances of getting approved for a new loan by a lender.
If you want to save some additional money while you’re waiting to refinance, compare quotes on the Jerry app. As a licensed broker,
Jerry
 helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!
MORE:
How to calculate total interest paid on a car loan
Car LoanRefinancingCar LoansAuto Refinance
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