You can refinance a car as soon as your current auto loan starts. However, typically most lenders will not allow this to happen until a certain amount of time has passed, usually 60-90 days.
You can refinance a car as often as you would like to as long as there are no restrictions from your lender. However, we recommend comparing your options carefully before doing so as refinancing too often can cause a drop in your credit score.
To refinance a car, your new lender will run a hard credit inquiry. This could decrease your score by between five and 10 points, but your score will recover within a few months if you practice good financial habits.
Yes, you often can refinance a car loan with the same bank more than once. It’s a good idea to shop around and compare your options at other financial institutions, though. Be aware that negative changes in your credit history could disqualify you from the original lender.
You can apply for auto refinancing anytime you want as long as the lender approves the new loan. It might be in your best interest, however, to hold off until you are certain your credit score has increased enough to give you a lower rate.