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how long after getting a car loan can you refinance?
this can vary depending on what you want to refinance the car loan for. refinancing is most valuable when someone finds a lower interest rate or wants to use the equity in their vehicle for non-car related purposes such as retirement planning, funding a child's education or commercial real estate investment.
a 1 year contract allows refinancing at any time after 12 months have elapsed. a 2 year contract only allows refinancing anytime after 18 months have elapsed. beyond that, there are no specific guidelines other than you should make sure your current lender agrees to allow the transaction before proceeding with it.
do you lose money when you refinance a car?
losing money, or are you are referring to someone else's making money by having you pay the difference in interest rate? it's important to go into a car loan with the most knowledge about it so that isn't at risk of losing any.
regarding your question, not in general. unless there is something wrong with the deal you can find another one and get better terms without sacrificing too much on trade-in value. one way that losing money happens when coming into an agreement for financing is when an individual has too short of a repayment period because they want their vehicle out of debt asap, but they're willing to sacrifice high monthly payments which dips them back into debt before they've gotten started paying. a person
