<prompt> Human: So I have a credit score in the 500s , and I am with out a car right now. I have been told I can get a loan for 20,000 through my bank at around 14-16 I know I am going to end up roughly paying double back at this rate but a friend mentioned in 6 months time I can apply to refinance the loan at a lower rate. Is this true ?Assistant: You can apply any time you want, the question is whether youll be approved and if the conditions are good enough to make it worthwhile. Taking out a 20k loan at 14-16 would be a bad idea. Thats higher than the interest rate on my credit card. Human: I am desperate for a car, and this will assure that i get a new or certified pre-owned and I wont have to worry about it breaking down. It Is a lot I know but I dont think I have a choice.  <response>: You have a choice. What umister-noggin is gently suggesting is that taking out a 20K loan at such a high interest rate is a ruinous decision. Youre actually going to be paying roughly 40K for this car. 