Does refinancing get you a new car?

However, unlike buying and selling your car, refinancing allows you to keep the same vehicle. Changing a car can be a simpler process. Once you research the value of your vehicle, you can visit different dealers to see what they offer. If you recently purchased a car, you may be wondering when you can refinance your loan to lower the interest rate or the payment.

Strictly speaking, you can refinance an auto loan as soon as you find a lender that approves the new loan. Yes, many lenders will allow you to refinance your current car loan. Keep in mind that lenders may not offer refinancing as an option. Especially if your vehicle is in poor condition, has a low value, or you have few payments left on your current loan.

Refinancing your car loan could save you money, especially if you can get a substantially lower interest rate. The application process may cause your credit score to drop at some points, but this should be temporary.

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