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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 ago as a digital content strategist, and she’s since been published in several leading financial outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers feel confident to take control of their finances with concise, well-studied and well-informed data that turns complex topics into manageable bites.

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You’ve refinanced your car a short time ago to get a or more affordable monthly payment and now you’re interested to find out the frequency you can refinance your car if you find a better deal. Or maybe you’re considering an initial refinance , and are wondering whether you’ll be able refinance again in the future. Whatever the case, it can be a wise financial decision. But you should understand the benefits and drawbacks and conditions to refinance prior to moving forward. There are many alternatives that don’t require refinancing are more viable. How many times can you refinance a car? If you’ve already done it, you can do it again. In reality, there’s no legal limit to the number of times you can refinance if you’re able to find an lender willing to assist in the process. “Vehicle refinancing is restricted to the age and value that the car is worth,” claims Christina Naylor the chief operating officer of Carolina Trust Federal Credit Union. But, after refinancing a number of times, you could have a harder time trying to obtain an auto loan with competitive terms. Some lenders assess steeper as the chance of default is more high. “The issue is why do they continue refinancing?” Naylor says. “Are they using their equity or cash out to pay down revolving debt and then immediately racking up the balances on their credit cards? It’s a risk for the lender and a risky strategy for the borrower.” How soon can you refinance a vehicle? There’s no legal requirement specifying the time frame for refinancing. If you find that a lender is willing to refinance your loan soon after it’s funded it could be good hands. Still, it may not be the best choice for your finances, especially if you’re considering a refinance in a time where the depreciation percentage has reached its peak early in the life of your car. Why you may not want to do more than one refinance However , there are times when refinancing more than one time isn’t a good idea. You may face a prepayment penalty. Your current lender could charge you a for paying the loan off early. The fees add up. There are loan origination and title transfer costs, which are standard with refinancing transactions. These fees can mount up over the course of several refinances, together with the extra cost of interest if you extend the loan term. There is a chance that you will be liable for more than your car is worth. Another aspect to be considered when refinancing more than once is how it affects depreciation. In general, refinancing more than once and causes you to be liable for more than the value of your car and is known 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 is non-functional. You may damage your score on credit. Credit inquiries remain over your report of credit for up to 2 years, however they will only affect your score for a period of 12 months. If you are able to refinance more than once within one short period it could affect your credit score affect your credit score . Refinancing requirements Lenders generally have requirements you need to follow for refinancing your car for refinancing, such as age Most lenders insist that your vehicle is at least 10 years old. older. However, if you’re refinancing a third, a second or even a fourth time, your car’s age could be over the threshold, making it ineligible to refinance. Valuation: The car must never be valued less than what the amount you owe on the loan. It’s not difficult to go upside-down on your auto loan when you make more than one refinance which can be a problem for some borrowers. Mileage The majority of lenders limit car mileage to 150,000 or 100,000 miles for refinances. If you’ve had the car for a long time and you’ve accrued more miles than many lenders will allow. How do I make sure I am getting the best rate for refinancing the car loan? Refinancing your car could mean significant savings, therefore it’s important to shop around to ensure you’re getting the best deal possible. The first step should be to review your current auto loan. Check the loan conditions, such as the interest rate and loan length. Also, take a peek at your credit report to determine whether it’s better than what it was when you made your application for the current loan. It could be a good idea consolidate your loan with an institution like a credit union or bank that you already have an account. This may improve your chances of approval and you may be able to get an interest rate that is lower due to your connection with the lender. You’ll also want to look at interest rates and terms from different lenders, such as banks, as well as online lenders. If you can, do this prior to you submit a complete application. This will allow you to better make comparisons between loan options and increase the likelihood of being approved. Once you’ve narrowed the options you can use an application to evaluate the loan options. Pay close attention to any pre-payment penalties or fees. Be sure that the savings are greater than any costs that are associated with refinancing. How to reduce the cost of your monthly payments If are considering refinancing but you find that refinancing isn’t a good option, you can consider these alternatives Make changes to your loan. Call your lender and ask to speak to someone from the department of loss mitigation to . Notify the representative that you’re facing financial difficulties and discuss options to make your loan more affordable and prevent repossession. Switch your vehicle to an alternative that is less expensive. Check out the available inventory at local dealers and make a an inventory of cars with low prices and monthly payments that won’t stretch your budget too thin. To narrow down your options go to the dealership, and agree on a deal that will get you a fair price as well as the car you purchase. Sell your car privately. You could get the highest price for your car using your own. When the transaction is concluded you can use the funds to make a down payment on a new or used car. Be aware that the current car shortage is real, and it may take some time to find the right vehicle for you at a price that is attractive. If your credit rating has improved since you obtained your car loan or you’ve refinanced before and are looking for higher loan terms and a lower monthly payment, you can take another shot at refinancing. Before you proceed be sure the benefits are greater than the cost. Also, research lenders to find the most favorable deals to maximize your dollars. If not, think about modifying your current loan to get the best deal, when refinancing isn’t making financial sense. It is also possible to trade your car in or sell it privately if refinancing isn’t your best decision for you. Find out more


Written by

Allison Martin’s career began more than 10 years ago as a digital content strategist, and she’s since been published in several leading financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances by providing precise, well-studied data that breaks otherwise complex topics into manageable bites.

Auto loans editor

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