There is no set amount of time a person has to own a car before they can refinance. The length of time often depends on the lender.
It is recommended that a person waits at least 6 months after the original purchase before they seek refinancing. When the owner inquires into a refinance loan, it often requires a credit check. This inquiry can lower a credit score by a couple points. When a person is interested in refinancing due to high interest rates, or a hardship, they should talk to their lender. The lender can advise the person on when to refinance.Learn More
It's almost always cheaper to pay cash for a car rather than paying for it in time through a loan. However, a loan with low interest will let people invest their money in other things instead of using savings to buy a car. It also leaves money available for emergencies.Full Answer >
An auto lien is an agreement that allows a loan provider to legally take the vehicle from the loan recipient if the recipient does not repay the loan as agreed on the date of purchase. Liens are a consequence of agreeing to a loan, and protect the loan provider from loss.Full Answer >
The amount a junkyard might pay for a car depends on whether the car can be salvaged as opposed to being sold for parts or scrap metal. A junkyard can provide a quote based on the car's condition.Full Answer >
Ordering a vehicle history report from a variety of organizations that offer such services or from a state's department of motor vehicles allows a car owner to find out who owned the car previously. A vehicle history report is an essential document for anyone purchasing or who has recently purchased a used car.Full Answer >