Question : How soon after I get a car loan can I refinance with another lender?
I am in the market for a new vehicle and I'm thinking of financing through the dealer in order to get the "best" deal. However, I really don't intend to stay with them and plan on refinancing through my own bank. My question is: how long do I have to wait until I can refinance, if at all?
- asked by newtobigd78
All Answers:
Answer #1
If would depend on the contract but in most casesas soon as you walk out the door.
- answered by UCANTCME
Answer #2
Get the best deal you can with the dealer, get itin writing and at the last minute tell them youchanged your mind. You want to use your bank tofinance the car. If they try to change the numberson you walk out.You'll lose money for sure on therefinancing because the minute you drive that caroff the lot it's used and it begins to lose valuefast!! So your bank will now be looking atfinancing a used car at a significantly lowervalue than a new car.
- answered by mccoyblues
Answer #3
There is no time frame unless you are financedwith a bank like that has a prepayment penalty.Most don't nowadays, but if you paid attentionwhen the F&I guy was doing your paperwork youwould know, stupid.
- answered by jboxton
Answer #4
go to the dealer tell them you are with usaa andgo online and check the rates they are the lowestaround but it will put the fear of god in thefinance manager because he will do anything to tryand beat it i know this because i m a financemanager 11 years at a dealership
- answered by daniel s
Answer #5
Alright many of the people who answere thisquestion are assuming you probably got a 0%interest rate or some other financing incentive,but I am assuming this is your first or second caryou have bought. When you purchase a Chrysleror Ford they typically have a special rebate forfinancing with ford motor credit or ChryslerFinancial. Sometimes these rebates are for $3000or more dollars. Generally you can refinance atthe time you drive out, and that does not affectyour interest rate. If you are a credit unionmember they will refinance you for a similar primerate at any time. 3 weeks, 6 months or two years. Typically I would not suggest a refinance for atleast 6 months becuase you don't want a reallyshort auto loan, and then open another. 6 monthswill give you that buffer. 12 months is the saferbet, and try to use credit unions because theyalways save you money on that small number thatcosts you thousands we call interest. Hope thishelps.
- answered by I am Jared From Subway
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