An improved credit score and income after 1.5 years on a car loan can allow for refinancing to a lower interest rate, with new banks potentially covering the remaining loan balance.
"After 1.5 years into that car loan, your credit score has increased as has your income. There are options which you can even find on a platform like Bazard to transfer your bank loan from one bank to another. So if you're moving from HDFC to SBI, SBI will actually pay off your remainder loan with HDFC. You pay the foreclosure rate and you pay the processing charges and suddenly your interest rate has dropped."
