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4 min read published January 04, 2023.
Written by Allison Martin Written by
Allison Martin's work began over 10 years ago as a digital content strategist. 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 late 2021. They are committed to helping readers feel confident to take control of their finances through providing clear, well-researched data that turns complicated subjects into digestible pieces.
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You've refinanced your car a long time ago in order to obtain a or more affordable monthly payment, but now you're curious to know how often you can refinance your vehicle if you find a better rate. Perhaps you're thinking about an initial refinance , and are wondering if you'll be able to refinance in the future. Whatever the case, it can be a smart financial choice. But you should understand the advantages and disadvantages of refinancing as well as requirements to refinance before moving forward. You might find other alternatives that don't require refinancing are more feasible. How many times can you refinance a car? If you've already , you're eligible to repeat it. In reality, there's no limit to the amount of times you may refinance if it's possible to locate a lender willing to help you with the transaction. "Vehicle refinancing is only limited to the age and value of the vehicle," claims Christina Naylor, chief operations officer at Carolina Trust Federal Credit Union. However, after refinancing several times, you might find it more challenging to get a new auto loan with terms that are competitive. Some lenders consider steeper because the risk of default is more high. "The issue is why do they continue refinancing?" Naylor says. "Are they using their money or equity to pay down revolving debt and then immediately adding the credit card balances once more? This is a risk to the lender and it's a bad approach for the creditor." When can you refinance your car? There's no legal requirement requiring the time frame for refinancing. If you find that a lender will consider refinancing your loan within a short time after it's been financed, you could be in good hands. However, it might not be a wise financial decision, particularly when you're thinking about a refinance in a time where the depreciation percentage has reached its peak in the car's life. The reasons why you shouldn't want to refinance more than once Although it , there are times when refinancing more than once isn't sensible. You may face a prepayment penalty. Your current lender may charge you fee for paying the loan off early. The fees are accumulating. There are loan creation and title transfer charges that are common to refinancing transactions. These costs can add up over the course of several refinances, together with the additional interest you may pay if you extend the loan time. You may have to pay more than the vehicle is worth. Another important consideration of refinancing several times is how it affects depreciation. It is common to refinance more than once can cause you to be liable for more than what the vehicle is worth and is known as . This is a problem when you plan to sell your car after you've paid it off, or when your car becomes unusable. The damage to your score on credit. Credit inquiries can remain on your credit report for up to 2 years, but they only affect your score for 12 months. If you make more than once in a short period it could affect your credit score slightly . Refinancing requirements Lenders often have guidelines you need to follow to refinance your car such as: Age Most lenders require that your car is at least 10 years old. old. But if you are refinancing a third, second, or even fourth time, the car's age could be over the threshold which means it is not eligible to refinance. Value: The car should have a value that is not less than the amount you have to pay on the loan. It's not difficult to go upside down on your auto loan If you make more than one refinance which can be a problem for certain lenders. Mileage Limits for vehicle mileage to 100,000 or 150,000 miles for refinances. If you've owned the car for some time it could have many more miles than the lenders allow. How can I ensure I am getting the best rate for refinancing the car loan? Refinancing your car could mean huge savings, which is why it's important to shop around to ensure that you're getting best deal possible. The first step should be to look over the current car loan. Check the loan terms, including rates of interest and loan duration. Also, look into your credit rating to determine whether it's better than what it was before you were applying for your current loan. It may be a good idea to refinance with the credit union or bank that you already have an account. This could increase your chances of being approved and you could be able to get a lower rate due to your relationship with your lender. It is also important to compare the rates and terms of different lenders, such as banks and online lenders. If possible, prior to making a full application. This will help you evaluate loan options and increase your chance of getting approved. Once you've narrowed down your choices make use of an online tool to compare the loan deals. Pay close attention to the prepayment penalties and fees. You should ensure that the savings exceed any expenses related to refinancing. How to reduce your monthly payments If you would like to, but feel that refinancing isn't a good choice, look at these options: Change your loan. Make contact with your lender and request to speak to someone from the department of loss mitigation to . Inform the representative that you're facing financial difficulties and discuss options to make your loan more affordable and prevent repossession. Change your car to an alternative that is less expensive. Explore the inventory at local dealerships and make an inventory of cars with lower price points and monthly payments that don't overstretch your budget. Narrow down your choices by visiting the dealership. agree on a deal that will get you a price and the vehicle you buy. Sell your vehicle privately. You could get the highest price for your car by selling it doing it yourself. After the transaction is completed then use the money to pay for a down payment on a new or used vehicle. Remember that the current new vehicle shortage is a problem, and it might take some time to find the ideal vehicle for you at a price that is attractive. The next step is to determine if your credit rating has improved since you took out your vehicle loan or you've refinanced before and want better loan terms and a less monthly installment, you could take another shot at refinancing. But before you move forward be sure the benefits are greater than the costs and research lenders to find the best offers to make the most of your dollars. Otherwise, consider modifying your existing loan to secure a better deal in the event that refinancing isn't financially sense. You could also consider trading your car in or sell it privately if refinancing doesn't make the best decision for you. Learn more
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Written by
Allison Martin's work started over 10 years ago as a digital media strategist. She's been published in several leading financial outlets 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 from late 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched facts that break down complicated topics into bite-sized pieces.
Auto loans editor
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