Refinancing can save you money in interest or stretch out your loan payments, but you should only consider it when the circumstances are right. If interest rates are lower or your financial situation has improved, it may be worth shopping around for a loan with better terms.
Moreover, can I get a new car when I refinance?
You can’t refinance your car loan to get another vehicle. The entire point of refinancing is to get a better deal on your current car. Most often, borrowers do this to get a lower monthly auto loan payment.
One may also ask, is it good to refinance a car after 1 year?
While technically you could refinance your car as soon as you buy it, it’s best to wait at least six months to a year to give your credit score time to recover after taking out the first car loan, build up a payment history and catch up on any depreciation that occurred when you purchased.