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How long should I wait to refinance after purchasing a vehicle?
I'm 20 years old and purchased my first vehicle in May 2012. I received such a terribly high interest rate because I went through a first time buyers program. I'm really wanting to jump at the right time to refinance as soon as I am able to. The only other credit account that I have is a secured VISA credit card that I've had since Oct. 2011 with a $200 limit. However, I just increased my limit to $500 on Oct. 1, 2012, which made my credit score jump up from being poor to fair. I also have 9 hard inquiries (4 or 5 were within a few weeks though, and credit karma says they'd be considered as 1). So I'm weary about running my credit right now to see where I could get a lower interest rate. Any advice or tips would be helpful!

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Helpful to 16 out of 18 people

 Hay .i bought a car 6 months ago and after making my payments on time, this credit karma website offered me a refi, which i took .my interest went down ,and payment too..

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how was your credit score at that time?

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Your inquiries are going to do hurt you

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You got the right idea, but it will he extremely tough with all those inquiries (assuming they are 'hard inquiries'). It would suggest to banks that you are desperate for money that you might not be able to pay back. You will want to 'bite the bullet' and wait about 2yrs before all of those inquiries fall off and never missing a payment on your credit card or car loan. You will have a much easier time then and if your loan is for more than four years, do it after the two year wait. Any longer than that, you  are just paying your principle off and would lose money. Ideally, you can refinance a month after your get your loan, if you want. But that takes some luck and really good credit. Banks would like to see at least a year of good payments on that account before extend a new loan.

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