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How many times you can get a refinancing for an auto loan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing quality and impartial content. This allows you to conduct research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that pay us. This compensation can affect the way and where products appear on this website, for example, for example, the order in which they may appear in the listing categories, except where prohibited by law. This applies to our mortgage or home equity, and also other home lending products. But this compensation does affect the information we publish, or the reviews you see on this site. We do not include the entire universe of businesses or financial offerings that could be open to you.
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4 min read Published January 04, 2023
Written by Allison Martin Written by
Allison Martin's work started over 10 years prior to that as a digital content strategist. Since then, she's been featured in a variety of top financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers to take control of their finances through providing precise, well-studied information that breaks down complicated subjects into digestible pieces.
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You've refinanced your car a short time ago, to secure a or more affordable monthly payment, but now you're curious to know the frequency you can refinance your car should you find a better rate. Maybe you're considering an initial refinance , and are wondering if you'll be able to later refinance. Whatever the case, it can be a good financial move. However, you must be aware of the pros and cons and conditions to refinance prior to making any decisions. You may find that other options that don't involve refinancing are better. How many times could you refinance a car? If you've already , you're eligible to repeat it. In fact, there's no legal limit to the number of times you can refinance if it's possible to locate a lender willing to assist you in the process. "Vehicle refinancing is not restricted to the value and age of your vehicle" says Christina Naylor, chief operations officer at Carolina Trust Federal Credit Union. However, after refinancing several times, you might have a harder time trying to get an auto loan with terms that are competitive. Some lenders view steeper terms as the risk of default is higher. "The problem is, why do they continue refinancing?" Naylor says. "Are they using their equity or cash to pay down revolving debt and then immediately racking up the balances on their credit cards? That is a risk for the lender and is a poor strategy for the person who is borrowing." When can you refinance your car? There's no legal requirement requiring the time frame for refinancing. If the lender will be willing to refinance your loan within a short time after it's been financed it could be good hands. Still, it may not be a smart financial decision, particularly if you're considering a refinance in a time where the depreciation percentage is at its highest in the life of your car. The reasons why you shouldn't want to do more than one refinance However , there are times when refinancing more than one time isn't wise. You may face a prepayment penalty. Your current lender could charge you a to pay the loan early. Fees are accumulating. There are also loan origination and title transfer fees that are common to refinancing transactions. These costs can add up after several refinances, along with the interest you may pay if you decide to extend the loan duration. There is a chance that you will have to pay more than the vehicle is worth. Another important consideration of refinancing multiple times is the impact on depreciation. You'll generally find that refinancing more than once and causes you to owe more than the car's worth, which is referred to as . This can be problematic if you wish to trade or after you've paid it off, or when your car becomes non-functional. It could damage the credit rating. Credit inquiries remain over your report of credit for up to two years, however they will only affect your score for a period of 12 months. If you make more than once in an extremely short time, the additional inquiries may slightly . Refinancing requirements Lenders typically have rules that you have to meet in order in order to refinance your vehicle, including: Age The majority of lenders will insist that your vehicle is no more than 10 years of age. If you're refinancing for the second, third or even the fourth time, your vehicle's age may exceed the limit, making it ineligible to refinance. Value: The car should not be worth less than you owe on the loan. It's not difficult to go upside down on your auto loan when you have to refinance more than once, making this requirement problematic for certain borrowers. Mileage The majority of lenders limit car mileage to 100,000 or 150,000 miles when refinancing. If you've owned the vehicle for a long time and you've many more miles than the lenders will allow. What can I do to ensure that I'm getting the best rate possible if I refinance my vehicle loan? Refinancing your car can mean significant savings, therefore it's essential to compare rates to ensure you're getting the best deal possible. The first step is to review your current auto loan. Review the loan terms, including your interest rates and loan duration. Also, look into your credit rating to see whether it's better than what it was at the time you made your application for the current loan. It might be a good idea refinance at a bank or credit union that you already hold an account. This may improve your chances of being approved and you could be able get lower rates because of your relationship with the lender. You'll also want to compare rates and terms offered by various lenders, including banks, and online lenders. If you can, do this prior to making a full application. This will help you evaluate loan offers and may improve your chances of getting approval. Once you've narrowed the options, use an to compare the loan offers. Be aware of the prepayment penalties and fees. Be sure that the savings are greater than any cost associated with the refinance. How to reduce your monthly payment If you are considering refinancing but you find that refinancing isn't a good fit, consider these alternatives Make changes to your loan. Make contact with your lender and ask with someone in the loss mitigation department . Let the representative know that you're experiencing financial hardship and inquire about options to make your auto loan less expensive and to avoid repossession. Change your car to an alternative that is less expensive. Explore the inventory at local dealers and make a an inventory of cars with lower prices and monthly installments that don't make your budget stretch too far. Narrow down your choices, visit the dealership and make a deal to get you a for and the vehicle you purchase. Sell your vehicle privately. You may get top dollar for your car using your own. After the transaction is completed you can use the funds to pay for a down payment for a brand new or used vehicle. Keep in mind that the current car shortage is real, and it could take some time to find the right vehicle at an attractive price. If your credit has improved since taking out your car loan or you've refinanced before and want better loan conditions and a lower monthly payment, you can try refinancing again. But before you move forward make sure that the benefits outweigh the costs and research lenders to locate the best deals to maximize your dollars. In the event that you don't, consider changing your existing loan to obtain a better deal when refinancing isn't making financial sense. You could also consider trading your car in or sell it privately if refinancing isn't the best decision for you. Find out more
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Written by
Allison Martin's career began more than 10 years prior to that as a digital content strategist. She's been featured in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to take control of their finances with concise, well-researched and well-structured information that breaks down complex subjects into digestible pieces.
Auto loans editor
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