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Posted in Auto Loans
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Chardr

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Can I refinance my car now that I've had it for 6mos?

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You can certainly try.

Realize that you have only made 6 payments on the loan.  The way loans are set up you have paid mostly interest on that loan and the principal is going to be very close to the original amount of the loan. Also realize that the valiue of your vehicle is now about 25% less than when you bought it, Its now a used car. So chances are That you would not be able to use the car as collateral for the new loan.

You didn't mention your interest rate or your Credit score so i have no refference to evaluate weather you would be able to actually save any money on a new loan or what your chances are for a better deal.  I do suggest that you check with the original lender before attempting to refinance. there are often large fees to pay off a loan early, often making it financially a better deal to stick with the original lender since you would have to borrow more than the original loan to pay it off.

as far as your score goes, realize to that you would be applying for a new large loan with one that is only 6 months old, so if your credit isn't in very good shape it may be difficult to get a new loan.  credit algoritiums don't understand that you are asking for a new loan to pay off an old loan, Only that you are asking for a new loan wihile you have an open loan with a high balance.

Do the homework to find out if you would actually get a better deal. Talk with your local credit union or bank's  loan manager, ask for some advise before trying to get a new loan.

Good luck

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