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How soon can I refinance my car loan after I purchase my vehicle?
I’m not pleased that my current monthly payment is so high. How long do I have to wait to refinance my car loan?
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Technically, you can
refinance a car loan
at any point after purchasing a vehicle. However, the costs associated with vehicle financing and refinancing may make it more feasible to wait some time and build your credit first.While no time frame can accurately assess how long it takes to
build your credit
, many personal finance experts suggest six months to a year.Plus, your credit score may have suffered due to a
hard inquiry
performed before your car loan. Six months or more will allow you to have time to rebuild your credit before you refinance.That said, if this is your first time taking out a loan to purchase a car, consider waiting one year before refinancing your vehicle. During this time, you will build a history of making consistent monthly loan payments, which in return will increase your chances of getting approved for a refinanced loan.
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- Gregory R.
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