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How many times you can change the terms of an automobile loan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive financial calculators and tools that provide objective and original content. This allows you to conduct research and compare data at no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that pay us. This compensation can affect the way and where products appear on the site, such as the order in which they appear within the listing categories in the event that they are not permitted by law for our mortgage or home equity, and also other home loan products. But this compensation does not influence the content we publish or the reviews you see on this site. We do not contain the vast array of companies or financial deals that could be open to you.
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4 minutes read Read Published January 04, 2023.
Written by Allison Martin Written by
Allison Martin's career began more than 10 years prior to that as a digital content strategist, and she's since 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 writing and editing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to manage their finances by providing concise, well-studied and well-informed facts that break down complicated topics into bite-sized pieces.
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You've refinanced your car a long time ago, to secure an affordable monthly installment and now you're interested to find out how often you can refinance your car should you can find a lower rate. Perhaps you're thinking about an initial refinance , and are wondering whether you'll have the chance to refinance in the future. In either case, it might be a good financial move. You must understand the advantages and disadvantages of refinancing as well as conditions to refinance prior to moving forward. You may find that other options that don't involve refinancing are more feasible. How many times you can refinance a vehicle? If you've already done it, you're eligible to repeat it. In fact, there's no legal limit on the number of times you are able to refinance if you're able to find a lender willing to assist you in the transaction. "Vehicle refinancing is only limited to the value and age of the vehicle," states Christina Naylor Chief Operations Officer at Carolina Trust Federal Credit Union. If you refinance several times, you might be more difficult to obtain an auto loan with terms that are competitive. Some lenders view steeper terms as the chance of default is more high. "The problem is, why do they continue refinancing?" Naylor says. "Are they using the money or equity to pay off revolving debt and then immediately adding the balances on their credit cards? That is a risk for the lender and a risky option for the creditor." When can you refinance a vehicle? There's no legal requirement specifying the time frame to refinance. If you find that a lender will be willing to refinance your loan soon after it's funded then you may be in good hands. However, it might not be the best choice for your finances, especially in the event that you're looking to refinance at a time when the depreciation rate will be at the highest in the vehicle's lifespan. The reasons why you shouldn't want to make more than one loan Although it , there are instances where refinancing more than one time isn't sensible. You may face a prepayment penalty. Your current lender could charge you a fee for paying the loan off in advance. Fees will add up. Additionally, there are loan origination and title transfer fees that are common to refinancing transactions. These fees can mount up after several refinances, along with the extra interest you may pay if you extend the loan term. You may have to pay more than the vehicle is worth. Another important consideration of refinancing several times is the impact on depreciation. It is common to refinance more than once can cause you to be liable for more than the value of your car that is described as . This can be problematic if you plan to sell your car prior to the time you pay off your loan or if your vehicle becomes inoperable. You may damage your credit score. Credit inquiries linger in your credit file for upto two years, but they only affect your score for a period of 12 months. If you make more than once within one short period, the additional inquiries may have a slight impact . Refinancing requirements Lenders typically have rules you need to follow to refinance your car, including: Age: Most lenders require that your car be at least 10 years old. old. But if you are refinancing for the third, a second or even a fourth time, the car's age may exceed the limit, making it ineligible for refinancing. Value: The car should not be worth less than the amount you are obligated to pay for the loan. It's easy to get upside-down on your auto loan when you refinance more than once, making this requirement problematic for certain borrowers. Mileage: Most lenders limit vehicle mileage to 100,000 or 150,000 miles on refinances. If you've owned the vehicle for a while and you've accumulated far more miles than the lenders will allow. How do I make sure I'm getting the best rate when I refinance my vehicle loan? Refinancing your car can mean big savings, so it's crucial to research to ensure you're getting the best deal possible. The first step is to look over your current auto loan. Examine the loan conditions, including the your interest rates and loan length. Also, take a peek at your credit score to see if it's higher than it was before you were applying for your current loan. It may be beneficial to refinance with the credit union or bank that you already hold an account. This may improve your chances of getting approval, and you might be able to obtain a lower rate because of your relationship with the lender. You should also examine interest rates and terms from various lenders, including banks, as well as online lenders. If you can, do this prior to you submit a complete application. This will help you make comparisons between loan offers and could increase your chances of getting approval. Once you've narrowed the options you can use an application to evaluate the loan deals. Be aware of any penalties or charges for prepayment. Be sure that the savings are greater than any costs associated with the refinance. How to reduce the cost of your monthly payments If would like to, but feel that refinancing doesn't seem like the best option, you can consider these alternatives: Make changes to your loan. Make contact with your lender and ask to speak to someone in the loss mitigation department to . Notify the representative of your financial situation and inquire about options to make your auto loan more affordable and avoid repossession. Swap your car for an alternative that is less expensive. Look through the options at local dealerships and make lists of vehicles that have low prices and monthly payments that don't make your budget stretch too far. Reduce your options go to the dealership, and negotiate a deal that gets you a for and the car you purchase. Sell your vehicle privately. You could get the highest price for your car using your own. Once the transaction is complete you can use the funds to finance a downpayment for a brand new or used car. Remember that the current new car shortage has , so it could take a while to find the perfect car for you at a price that is attractive. The next step is to determine if your credit score has improved since you took out your car loan or you've refinanced before and are looking for more favorable loan conditions and a lower monthly cost, you may consider a second chance at refinancing. However, before moving forward, ensure the benefits outweigh the cost. Also, research lenders to find the most favorable offers to make the most of your dollars. In the event that you don't, consider changing your existing loan to secure the best deal, when refinancing isn't making financial sense. You can also trade your vehicle in or sell it privately if refinancing isn't the most beneficial option 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. Since then, she's been featured in a variety of top financial publications, 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 since late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-studied facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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