Answer: We do not currently have refinancing loan programs. You should, however, consider waiting 14 months prior to applying. If you apply now and get approved your rate may not be much better that the rate you received in December. Most lenders want to see at least 12 good payments before you would qualify for a better rate. After 14 months 12 payments should appear on your credit report. If you still want to attempt it now visit www.smartcarloan.com/direct/refinance. They have a variety or refinancing options.
Answer: We only assist in auto loans through our dealer network. We've provide links on the site to other sites that we feel are the best for refinancing. I haven't reviewed there guidelines in awhile but I don't think you'll find an online lender willing to lend only $2,300. Most auto loan programs have a minimum finance amount around $7,500. Since the value of the car exceeds the loan by 2 to 1 you should check with a local bank or credit union. They may give you a signature loan and use the car as collateral.
Answer: Thanks for contacting us with your comments. We are not a direct lender and thus do not provide refinancing. Where did you hear "6 months". At six months your not likely to get a much better rate than you have now. Also, if you trade the car in after six months you will most likely have negative equity unless you had a substantial down payment when you purchased the car or you have only a 12 month loan. Following is my opinion and does not represent advice from my corporation. If your are going to trade the car in I would wait until at least 1/2 of your loan term has passed. If you financed for 60 months I would wait until 30 months have passed. If your are going to refinance I would wait until at least until the 14th month has passed. After 14 months from the loan closing date 12 payments should show up on your credit report. After 6 months only 4 will show up, which does not justify a big improvement in your rate. Either way I would wait longer than six months.
