Question : Can i refinance and auto loan after 6 months for a better apr?
I got approved for a used car with a very high APR of 21%. I am thinking about taking the loan b/c my credit isnt the best but using it to help build my credit and then refinancing it. How soon after can i refinance my loan and will i get a much better apr on the car?
- asked by Justcurious
All Answers:
Answer #1
There again it depends on how good your credit isat that time, most likely not very good as ittakes years to repair damaged credit. 21% is wayto high because when you add in the cost ofcollusion insurance you will be way over you head.The finance company will want the extra insurance,just make sure you get all the figures before youmake any decision.
- answered by John P
Answer #2
Depending on the company you are going w/.Sometimes it's only 6 months, sometimes it takes ayear before they will let you refinance.
- answered by irspecialbb
Answer #3
yes you can, the best option would be lending treeyou type in all the info. car, intrest,ect. thenyou can compare what you will quilify for by yourcredit score. wont lower payment that much becausethere is still alot of principal on the loan. the1st year you really only pay the bank intrest
- answered by gustavoandkimberly
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