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How many times do you need to 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 smarter financial decisions by offering interactive tools and financial calculators as well as publishing quality and impartial content, by enabling users 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 products that are advertised on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this website, for example the order in which they appear in the listing categories, except where prohibited by law. Our mortgage and home equity products, as well as other products for home loans. But this compensation does not influence the content we publish or the reviews you read on this site. We do not contain the entire universe of businesses or financial offerings that could be accessible to you.

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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 prior to that as a digital content strategist. She’s been published in several leading financial 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 writing and editing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to take control of their finances by providing precise, well-studied facts that break 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 installment however, you’re now curious to find out when you could refinance your vehicle if you find a better rate. Or maybe you’re considering an initial refinance , and are wondering whether you’ll be able refinance in the future. Either way, it could be a smart financial choice. You must understand the benefits and drawbacks and conditions to refinance prior to making any decisions. You might find other alternatives that don’t require refinancing are more viable. How many times could you refinance a car? If you’ve already done it, you can do it again. In reality, there’s no limit to the number of times you are able to refinance if it’s possible to find an lender willing to help you with the transaction. « Vehicle refinancing is only restricted to the age and worth that the car is worth, » states Christina Naylor Chief Operations Officer at Carolina Trust Federal Credit Union. However, after refinancing several times, you might have a harder time trying to obtain a new auto loan with terms that are competitive. Some lenders view steeper terms as the chance of default is higher. « The question is, why do they keep refinancing? » Naylor says. « Are they using equity or cash out to pay down revolving debt and then immediately running up the credit card balances once more? That is a risk for the lender and a risky approach for the creditor. » When can you refinance your car? There’s no legal requirement specifying an exact timeframe for refinancing. If you find that a lender will consider refinancing your loan within a short time after it’s been financed it could be good hands. However, it might not be the best financial choice, particularly if you’re considering a refinance in a time where the depreciation percentage has reached its peak early in the vehicle’s lifespan. Why you may not 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 costs which are typical for refinancing transactions. These expenses can be a lot when refinancing multiple times, along with the interest you may pay if you decide to extend the loan time. There is a chance that you will have to pay more than the vehicle is worth. One of the most important aspects to consider when refinancing more than once is how it affects depreciation. You’ll generally find that refinancing more than once causes you to owe more than what the vehicle is worth that is described as being . This could be a problem if you plan to sell your car prior to the time you pay off your loan or if your vehicle becomes unusable. You may damage your score on credit. Credit inquiries linger in your credit file for upto two years, but only impact your score for a period of 12 months. If you are able to refinance more than once within an extremely short time it could affect your credit score slightly . Refinancing conditions Lenders often have guidelines that you have to meet in order for refinancing your car for refinancing, such as age: Most lenders insist that your vehicle is at least 10 years old. old. If you’re refinancing a second, third or even the fourth time, your vehicle’s age could be over the threshold which means it is not eligible for refinancing. Value: The vehicle should have a value that is not less than you are obligated to pay for the loan. It is easy to go upside down on your auto loan If you have to refinance more than once and this can cause problems for certain borrowers. Mileage: Most lenders limit vehicle mileage to 150,000 or 100,000 miles on refinances. If you’ve had the car for a while, you may have accrued more miles than the lenders will allow. What can I do to ensure that I’m getting the best rate when I refinance the car loan? Refinancing your car could mean significant savings, therefore it’s essential to compare rates to ensure that you’re getting best rate possible. Your first step should be to look over the current car loan. Review the loan conditions, such as the your interest rates and loan length. Also, look into your credit rating to see whether it’s better than what it was before you applied for your current loan. It may be a good idea refinance at a bank or credit union that you already hold an account. This may improve your chances of getting approval, and you might be able to get an interest rate that is lower due to your connection to the lender. You should also examine rates and terms offered by different lenders, like banks, and online lenders. If you can, do this prior to submitting a full application. This will allow you to better evaluate loan options and increase your chances of getting approval. Once you’ve narrowed down your choices make use of an online tool to compare the loan offers. Pay attention to any pre-payment penalties or fees. You should ensure that the savings exceed any cost that are associated with refinancing. How to lower your monthly payments If you would like to, but feel that refinancing isn’t a good fit, consider these alternatives Modify your loan. Call your lender and ask to someone in the loss mitigation department to . Let the representative know that you’re experiencing financial hardship and discuss options to make your car loan less expensive and to avoid repossession. Switch your vehicle to an alternative that is less expensive. Explore the inventory at local dealers and make a a list of vehicles with lower prices and monthly payments that don’t overstretch your budget. Narrow down your options, visit the dealership and agree on a deal that will get you a for and the car you purchase. Sell your car privately. You may get top dollar for your car by selling it using your own. When the transaction is concluded, use those funds to pay for a down payment on a new or used vehicle. Be aware that the current car shortage has , so it may take some time to find the ideal vehicle for you at a price that is attractive. If your credit rating has improved since you took out your car loan or you’ve refinanced before and would like better loan conditions and a lower monthly payment, you can take another shot at refinancing. Before you proceed be sure the benefits are greater than the costs and research lenders to find the most favorable deals to get the most value for your money. In the event that you don’t, consider changing your current loan to get the best deal, when refinancing isn’t making financial sense. It is also possible to trade your car into or trade it in privately if refinancing doesn’t make the best decision for you. Find out more

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Written by

Allison Martin’s work started over 10 years ago as a digital media strategist, and she’s since 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 take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

Auto loans editor

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