How long should you wait to refinance an auto loan?

My friend just bought a used car at a 12% interest rate for 60 months. I think that is pretty high...

How long should you wait to refinance an auto loan?
Holy Schnikie that's a high rate. I'd refinance that as soon as possible. The terms for paying an auto loan vary, depending on the original loan. Many banks have no early payoff fees, so you can in theory pay off a loan a week after you open it. Other lenders have early loan termination fees, or will have clauses requiring full payment of the interest before it releases the lien.





Have your friend look through the paperwork when he or she signed the loan. Or have him/her call the bank that the loan is through. They can help
Reply:Everyone is jumping to some conclusions here. What if her friends credit score is 478?
Reply:12% is INSANELY high!!! You can refinance next week if she wants. Get out of that loan NOW!
Reply:6 months of on time payments will get you a refi
Reply:do it asap.....if your friend belongs to a credit union or AAA they can do it for half that rate (unless they have horrible credit)!
Reply:i think you can do it after a year

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