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How many times can you refinance an auto loan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this site are from companies that pay us. This compensation may impact how and where products appear on this website, for example the order in which they may appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. However, this compensation will not influence the information we provide, or the reviews appear on this website. We do not contain the vast array of companies or financial deals that could be available to you.

 

 

 

 

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(image: https://i.pinimg.com/736x/a9/7c/ff/a97cff66b6ee00e0cf444301f417e70b.jpg)The Good Brigade/Getty Images

 

4 minutes read Read Published January 04, 2023

 

Written by Allison Martin Written by

 

 

Allison Martin's work began over 10 years ago as a digital media strategist. She's been published in numerous prestigious financial media 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 editing and writing for Bankrate from late 2021. They are committed to helping readers to take control of their finances through providing precise, well-studied information that breaks down complicated topics into bite-sized pieces.

 

 

 

 

 

 

 

 

 

 

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You've refinanced your car a short time ago to get a or more affordable monthly cost and now you're interested to find out the frequency you can refinance your car if you can find a lower rate. Maybe you're considering an initial refinance , and are wondering whether you'll have the chance to later refinance. In either case, it might be a good financial move. You must understand the benefits and drawbacks and the requirements for refinancing prior to moving forward. There are many options that don't involve refinancing are better. How many times you can refinance a vehicle? If you've already , you're eligible to repeat it. In fact, there's no legal limit on the number of times you can refinance your loan if you can find an lender willing to assist with the transaction. "Vehicle refinancing is only limited by the age and value of the vehicle," says Christina Naylor the chief operating officer of Carolina Trust Federal Credit Union. However, after refinancing several times, you may have a harder time trying to obtain a new auto loan with terms that are competitive. Some lenders view steeper terms as the risk of default is more high. "The issue is why do they keep refinancing?" Naylor says. "Are they using the equity or cash to pay down revolving debt and then immediately racking up the credit card balances once more? It's a risk for the lender and a risky approach for the person who is borrowing." What is the time limit to you refinance your car? There is no legal requirement that specifies a particular waiting period to refinance. If you find that a lender will consider refinancing your loan soon after it's funded then you may be in luck. Still, it may not be a wise choice for your finances, especially when you're thinking about a refinance in a time where the depreciation percentage has reached its peak in the car's life. Why you may not want to refinance more than once But there are situations where refinancing more than once isn't sensible. You may face a prepayment penalty. Your current lender may charge you for paying the loan off early. Costs can are accumulating. There are also loan creation and title transfer costs which are typical for refinancing transactions. These costs can add up over the course of several refinances, together with the extra fees you might have to pay when you decide to extend the loan term. You may have to pay more than the vehicle is worth. One of the most important aspects to consider when refinancing more than once is the impact on depreciation. You'll generally find that refinancing more than once causes you to be liable for more than what the vehicle is worth that is described as being . This can be problematic if you want to sell or trade your vehicle before it's paid off or when your car becomes unusable. The damage to your score on credit. Credit inquiries can remain in your credit file for up to two years, but they only affect your score for 12 months. If you make more than once in a short period there is a chance that the subsequent inquiries will be affect your credit score . Refinancing conditions Lenders generally have requirements you need to follow for refinancing your car, including: Age Most lenders require that your car be not more than 10 years older. If you're refinancing a third, second, or even fourth time, your car's age could exceed the maximum and make it unsuitable to refinance. Value: The car should never be valued less than what you owe on the loan. It's easy to get upside-down on your auto loan If you have to refinance more than once, making this requirement problematic for certain borrowers. Mileage Limits for vehicle mileage to 100,000 or 150,000 miles on refinances. If you've had the car for a while, you may have many more miles than the lenders allow. What can I do to ensure that I am getting the best rate for refinancing my car loan? Refinancing your vehicle can result in huge savings, which is why it's crucial to research to ensure that you're getting most competitive rate. The first step should be to look over your current auto loan. Examine the loan conditions, such as the your interest rates and loan duration. Also, take a peek into your credit rating to see whether it's better than what it was before you were applying for your current loan. It could be a good idea refinance with a bank or credit union that you already hold an account. This could increase your chances of approval and you may be able get a lower rate due to your connection with the lender. You should also examine the rates and terms of various lenders, including banks, as well as online lenders. If possible, before submitting a full application. This can help you better make comparisons between loan options and increase your chances of getting approval. Once you've narrowed the options you can use an application to evaluate the loan deals. Pay close attention to any penalties or charges for prepayment. Be sure that the savings are greater than any cost related to refinancing. How can you lower the cost of your monthly payments If want to but find that refinancing isn't a good fit, consider these alternatives: Change your loan. Contact your lender and ask to speak to someone from the loss mitigation department to . Let the representative know of your financial situation and inquire about options to make your loan more affordable and prevent repossession. Switch your vehicle to one that's less expensive. Explore the inventory at local dealers and make a a list of vehicles with low prices and monthly payments that don't make your budget stretch too far. Reduce your options by visiting the dealership. make a deal to get you a price and the vehicle you purchase. Sell your car privately. You can get top-dollar for your car doing it yourself. Once the transaction is complete, use those funds to pay for a down payment for a used or new vehicle. Remember that the current new car shortage has , so it might take some time to find the perfect car with a reasonable price. The next step is to determine if your credit rating has improved since taking out your vehicle loan or you've refinanced before and are looking for more favorable loan terms and a less monthly payment, you can consider a second chance at refinancing. 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. Otherwise, consider modifying your existing loan to get a better deal in the event that refinancing isn't financially sense. It is also possible to trade your car in or trade it in privately if refinancing doesn't make the ideal choice for you. Find out more

 

 

 

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Written by

 

 

Allison Martin's work began over 10 years ago as a digital content strategist. She's been published in several leading financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

 

 

 

 

Edited by Rhys Subitch Edited by Auto loans editor

 

 

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex subjects into digestible pieces.

 

 

 

 

 

 

 

Auto loans editor

 

 

 

 

 

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products andservices or when you click on specific links on our website. So, this compensation can impact how, where and when products appear within listing categories, with the exception of those the law prohibits it regarding our mortgages, home equity and other home loan products. Other factors, like our own rules for our website and whether a product is offered in the area you reside in or is within your personal credit score could also affect the manner in which products are featured on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

 

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