When is the Best Time to Refinance a Car?

When should you refinance your car loan?
(I may be compensated by LightStream through this link.)

Ever wanted to know when the best time to refinance a car is? I'll cover when you should refinance a car loan and I'll go over why you should do it today (if you can get a better auto loan rate). Refinancing a loan on a car is much more simple than a mortgage, so I thought I'd clarify the process in this video. You can refinance a car anytime you want and don't need to wait 6 months unless it's actually stated in your contract.

---------------

Robinhood Free Stock (Up to $200) with Sign Up:

Webull Up to 12 Free Fracional Shares (Each $3-$3,000):

M1 Finance (perfect for IRA's):

Instagram:

Advertiser Disclosure: Honest Finance participates in affiliate sales networks and may receive compensation by clicking through the links (at no cost to you). This compensation may impact how and where links appear in this description. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This channel does not include all financial companies or all available financial offers.

---------------

Honest Finance covers a broad range of financial topics that'll give your life and finances more value. Subscribe today for future content and be sure to give this video a like!

Disclaimer: I am not a financial advisor. These videos are for education/entertainment purposes only. Investing of any kind involves risk, so please conduct your own research.

#honestfinance #refinance

0:00 Introduction
0:06 Why Refinance?
0:19 When to Refinance?
0:31 Interest Rate Credit Score
1:33 Cant refinance for up to a year?
2:19 Check out local Credit Unions online
2:48 Hard credit pull
4:03 2-3% interest rates
6:06 Prioritize the Rate
6:38 Keep the same term
6:51 36 month loan
7:11 Pay interest on what you owe
7:27 Pay off loans quickly
7:55 Credit score goes up

[Antz]

I’m refinancing now old loan 25% interest due to really bad credit now good credit new loan 3.25% huge difference

[angevega]

I WENT FROM 13.6 TO 2.99!!!! PAYMENT WENT FROM 640 TO 460!! OWED 52 MONTHS NOW BACK TO 60 WITH NEW LOAN, I THANK YOU FOR THE VIDEO BROTHER!!

[HonestFinance]

How many times do I say "Keep that in mind"??

[vinsonnguyen]

This video helped me out a lot! I made a call to my local credit union right after watching the video and a 2% rate reduction might be in my future now. I can always count of your channel for real, no bs advice that is relevant to me. Thank you for all that you do.

[awesomecatvideos]

Man I like this guy. Straight Forward to the point. No nonsense crap. I'm definitely subscribing.

[mindsinmotion]

I just refinance my car after one year of buying it when they drop the interest rates and my interest dropped 5%. It was easy and the best thing ever.

[TheAndrewLopezFinancePodcast]

Always good to refinance a car if you can get a better rate. Great tips as always!

[lizgaby]

Jesus.... what did I do!🙄 my interest is like 15.99% $440/month 😭 I got an offer from capital one to refinance and interest would be 7.99% which... I'm about to call right now but had to look for infor since I've already made mistake one 😅 thanks for the advice and info. Subscribed!

[ranyat]

Thank you! I'm a new car financer haha and so this gave me so much more insight that I have no idea as the car company keeps calling and texting me to reduce my rate as they want to refinance I'm a little iffy but thanks so much!!

[jasminejaramillo]

Thank you for this information!! I’m going to refinance and you helped a lot with the questions I had.

[jdigitalseven]

I think they get around it by having an early payoff within 6 month of car loans too. They can retroactively increase interest if paid off early with some lenders.

[makatkplt]

I refinanced my car twice when I was younger so I can say without reservation; buy a cheaper car.
Paying interest on a depreciating asset is wrong; we know this.
20% down and paid off in 48mos. No exceptions!!!

[deedeec]

Hello, how long does it take your credit to increase from the first payment you’ve made on a car? My interest rate is 10.79% monthly payments is 433.04. I’ve made 5 payments so far. One credit Union said I was better off keeping who I have now (Chase). Any advice?

[TheJayrockerr]

Great advice, as usual Jason. However, the issue I am running into. My vehicle is a 2009. Even though, it is a Lexus. Most banks / credit unions say it is too old of a vehicle.

[truudat]

Wow these numbers were spot on for me, really helped me understand. Thank you im feeling more confident in refinancing things.

[zackcarneiro]

I’m buying a Jeep Wrangler and my apr is 14%, I have a 700 score but they said I need history

[AlexQuinnYT]

Good tips, but I definitely encourage people to pay cash if possible! Financing a souped-up $40, 000 luxury car is pretty much always a bad idea for most people, and refinancing isn't going to help much.

[emanuelbeltran]

So the car is 15687 after my down payment I got approved and I’m making 483 payments and interest is 28% the truck is a 2011 tundra and now it’s at 28k I only have 8 month credit history could I refinance? The person that was doing my loan told me to wait 6-7 months

[LilMozzyKosa]

If I just bought a car first time buyer, and just established credit when’s the best time to refinance ? How many months should I wait ?

[ALLOVERNYC]

Im new to this financing thing, just financed a 2021 nissan sentra it was 23k but with an apr of 19% so the dealer didnt tell me i was gonna owe the bank 50k and my credit score is 630 and now that i got the paper work im so mad idk what to do