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How long to wait on refinance on an auto loan?

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I purchased a new car just before Christmas. Because of 2 bogus collections on my report (now cleared and no longer on my report) I got a crappy interest rate. When those items cleared from my report my score jumped nearly 60 points.

Should I wait and make a couple payments before I attempt to refi? Or should I call the lender (Chase) and see if they will adjust the interest based on my updated report?


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First thing you should do is check the value of your vehicle against the amount owed. Are you upside down? If so, you will need to have the cash to put down to refi the vehicle.

If you can refi now, do so. Getting Chase to change the terms of their loan is not a viable option - they have a written contract with the higher rate in hand. In order to get a lower rate, you will need to refi with another lender.

Check with a CU first to see what LTV they will go to given your vehicle age and milage. Also ask them what the underwriting criteria is given your credit.

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