How many payments do you have to make before you can refiance a car?

Question

What if you only made 7 payments and you want to trade it in before the warranty is up? Car in question is a 2004 chevy aveo 28000 miles

Answer 1

You can refinance the same day you buy the car if you want. If you find a better interest rate all it will do is lower your payments which is a good thing.

But you are asking about tradeing in your 7 month old car for a new one. You can do this but you could lose money. When you buy a car even if it is new and you have not drove it off the lot yet the car is no longer worth what you paid for it as a trade in. If you paid minum down on the car it will take you a couple of years to pay it down to be worth what you owe on it.

If you take care of it the day it is paid off it will be worth a little less than half what you paid for it. But you drove it for 5 years so you got your monies worth. And could sell it and use part of the money as a down payment and you could put a few tho in your pocket.

My truck is now 5.5 years old and is paid off. It is now worth $7,500.00 and I paid $18,000.00 for it new. If that gives you any ideal of how it works.

If you trade you car in now you will end up paying extra money at the trade and will pay higher payments and sales taxes again.

Answer 2

you'll lose your *** in trading it in..your probly upside down..which means you owe more then its worth.

so id advise keep making payments..you maybe able to refinance the loan..but i highly doubt it. becuase only 7 payments have been made

Answer 3

They'll get you during the third month.