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grocersteve

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Can I refinance my 2017 Toyota Tacoma?
I did a login @CreditKarma.com. I clicked on refinance my vehicle only to find that Toyota only has cars listed and I have a 2017 Toyota Tacoma I would like to refinance.

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The model of the vehicle does not matter with a refi. Things like age of vehicle and mileage do. Since it is a new truck and probably couldn't have that many miles on it, the vehicle requirements for the refinance would pass with flying colors. The only question would be is how much your credit has improved since you got the original loan. If it hasn't improved a lot, the refi might not be worth it, but if it has greatly improved then it may be worth it. Remember, you could go to any lender for this, you are not stuck with refinancing through toyota. Do some reading on all of this and understand that refinancing will affect your credit in a negative way, not forever, but for a while. But saving money is the name of the game, so if you can save some decent money it is worth the ding to your credit as long as you don't have any important needs for financing for something else in the near future.

Top Contributor
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TTU is correct on all points,

I would just add that many loans have heavy penelties for early pay off. Do the research on the loan you have to find out first, it can be as high as 10% of the balance of the loan but more often a flat fee. Give the lender a call and ask what the pay off value is on the original loan and ask about fees and penelties.    Don't want that surprise.  Also, Credit unions tend to offer much better rates than commercial banks, look there first. 

If your credit score hasn't gone up more than 50 points since the original loan, chances are that you are not going to get a much better rate than you have now. 

Good luck 

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