Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
PRQZ89

0 Contributions
0 People Helped
How long after getting a new car (financed) can i refinance my car?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
269 Contributions
114 People Helped

Is there likely to be significant savings by refinancing? If so it might be a smart thing to do, but you can expect your credit score to take a pretty good hit. FICO doesn't judge you on how fiscally smart you are, unfortunately.
Hit number one would be the hard inquiry by whatever creditor you are doing the refinance with. Hit number two happens when your original loan is paid off. Crazy that your score drops when you make the final payment on a loan, but that's how it works. Hit number three is for having a brand new line of credit, because new credit is always seen as risky until you prove you can handle it by making payments on time for a few months.

Top Contributor
5038 Contributions
1134 People Helped

In general 1 year, but what is more important is how much your credit has improved. Has it significantly improved since you got this loan? If not, it is probably not worth trying to refinance until you make big improvements to your credit. Are you doing everything that you can to make your credit the best that it can be? That starts with a lot of reading so that you can learn what steps that you can take and need to take to improve your credit.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.