How long do i have to wait before refinancing my auto loan?

6 months? a year? im working on my credit, its getting better and better but i just bought a car, interest is a little high but i got it hoping that making my monthly payments on time will also boost my credit rating. Of course, i dont want to end up paying all the interest on it so im wondering how long i should wait before trying to refinance with another bank at a better rate?

How long do i have to wait before refinancing my auto loan?
Auto finance is what I do for a living and to get the best rate you need to make 12-payments as agreed and then apply to refinance.





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Reply:As long as there is no repayment penalty then you really don't have to wait to refi if you can get more favorable rates (after paying to have the lein retitles) elsewhere. How long should you wait is up for debate. If you are building credit the average account open time would be shortened significantly if you have few other debts. You would also get nailed with another inquiry on your credit regardless of whether or not you can obtain the financing. Credit markets are pretty tight right now and even people with good scores are having hard times getting bank loans. Some dealers have insurance to repay the bank if a loan their financing people write goes bad.





If you were not applying for credit any time in the future then pay it off. Over 6-12 months your score will start to improve provided everything else is paid on time and you keep a good debt/max credit ratio.
Reply:Vehicles depreciate, which depending upon your down payment amount, could easily drop value faster than you are paying down your loan principal. If you reach a point where it is worth less than you owe (upside down), you might not be able to refinance it, unless you pay extra to reduce loan amount, have other assets for collateral, or qualify for a personal loan, balance transfer, etc.
Reply:I refinanced through State Farm Bank 3 days after I got dealer financing. Financed on Saturday, went to the insurance co on Monday to transfer insurance. The agent asked me why I didn't finance through State Farm. He ran the credit check, offered a lower interest rate, shorter repayment plus it includes GAP insurance at no additional cost.
Reply:You don't have to wait another minute.......go get a better rate........then tell your lender your moving your loan and ask them to match the current rate...if they don't..... move.......you don't owe them anything......








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