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?
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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.
Try at six months and see how it goes. If you have trouble, try in six more months.
Maximum 6 months
I did one just thirty days later with good success. YMMV.
Just explain to the new credit union or lender that you are shoping for a better rate. You would be wise not to accept a long payback time frame since cars depreciate rapidly. It is easy to owe more than the car is worth.
Do not make a habit of moving the car loan from place to place. Shop well and limit it to one time. Then focus on paying it off.
Another problem is the terms of many car loans have you paying the interest up front thereby killing the advantage of moving the car loan.
In the future, shop for the car loan before you shop for the car. Better yet, start saving for your next car now.
Hi there!…Ok, I researched this for you…
It’s kinda long, so you better check it out yourself…
click here: http://www.auto-loan-made-ez.com
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