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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. Since then, she’s been published in numerous prestigious financial media outlets such as 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 from late 2021. They are dedicated to helping their readers feel confident to control their finances with clear, well-researched facts that break down complicated subjects into digestible pieces.

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You’ve refinanced your car a short time ago in order to obtain a or more affordable monthly payment however, you’re now curious to find out the frequency you can refinance your vehicle if you can find a lower rate. Maybe you’re considering an initial refinance , and are wondering if you’ll be able to refinance in the future. In either case, it might be a wise financial decision. However, you must be aware of the pros and cons and requirements to refinance before proceeding. You may find that other alternatives that don’t require refinancing are more feasible. How many times you can refinance a vehicle? If you’ve already , you can do it again. In reality, there’s no limit to the number of times you are able to refinance if you’re able to locate a lender willing to help you with the transaction. «Vehicle refinancing is not limited to the age and worth that the car is worth,» claims Christina Naylor the chief operating officer of Carolina Trust Federal Credit Union. If you refinance several times, you may 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 greater. «The problem is, why do they keep refinancing?» Naylor says. «Are they using the equity or cash to pay off revolving debt and then immediately adding the credit card balances again? This is a risk to the lender and a risky strategy for the person who is borrowing.» What is the time limit to you refinance your car? There’s no legal requirement specifying an exact timeframe for refinancing. If the lender will consider refinancing your loan soon after it’s funded then you may be in luck. But, it could not be a wise choice for your finances, especially if you’re considering a refinance at a time when the depreciation rate will be at the highest early in the vehicle’s lifespan. There are reasons not to make more than one loan However , there are situations where refinancing more than once isn’t a good idea. You may face a prepayment penalty. Your current lender could charge you a to pay the loan off early. Costs can add up. There are loan origination and title transfer charges which are typical for refinancing transactions. These fees can mount up when refinancing multiple times, along with the cost of interest if you extend the loan time. It is possible that you be liable for more than your car is worth. Another aspect to be considered when refinancing more than once is the impact on depreciation. You’ll generally find that refinancing more than once and causes you to be liable for more than what the vehicle is worth that is described as being . This can be problematic if you wish to trade or before it’s paid off or if your vehicle is inoperable. You may damage the credit rating. Credit inquiries remain on your credit report for up to 2 years, however they will only affect your score for a period of 12 months. If you refinance more than once within an extremely short time, the additional inquiries may have a slight impact . Refinancing needs to meet certain requirements Lenders generally have requirements you must meet in order to refinance your vehicle, including: Age Most lenders insist that your vehicle is not more than 10 years of age. But if you are refinancing for the third, a second or even a fourth time, your car’s age may exceed the limit and make it unsuitable to refinance. Value: The vehicle should never be valued less than what you owe on the loan. It’s easy to get upside down in your auto loan when you refinance more than once and this can cause problems for some borrowers. Mileage: Most lenders limit vehicle mileage to 150,000 or 100,000 miles on refinances. If you’ve had the car for some time and you’ve accumulated far more miles than the lenders permit. How do I make sure I’m getting the best rate for refinancing my vehicle loan? Refinancing your car can mean huge savings, which is why it’s important to shop around to ensure you’re getting the best rate possible. The first step is to review your current auto loan. Check the loan conditions, including the rates of interest and loan length. Also, take a peek at your credit report to determine whether it’s better than what it was at the time you made your application for the current loan. It may be a good idea to refinance at an institution like a credit union or bank where you already have an account. This could increase your chances of approval and you may be able to get lower rates due to your relationship with the lender. You should also examine rates and terms offered by various lenders, including banks, and online lenders. If possible, before you submit a complete application. This will help you evaluate loan options and increase your chance of getting approved. After narrowing down your options, use an to compare the loan deals. Be aware of the prepayment penalties and fees. Make sure the savings outweigh any expenses related to refinancing. How can you lower the cost of your monthly payments If would like to, but feel that refinancing doesn’t seem like the best choice, look at these options: Change your loan. Contact your lender and request to speak to someone from the loss mitigation department to . Notify the representative that you’re facing financial difficulties and discuss options to make your car loan less expensive and to avoid repossession. Change your car to a cheaper option. Look through the options at local dealers and make a lists of vehicles that have lower prices and monthly installments that don’t overstretch your budget. Narrow down your choices go to the dealership, and negotiate a deal that gets you a fair price as well as the vehicle you purchase. Sell your car privately. You could get the highest price for your car by selling it doing it yourself. When the transaction is concluded you can use the funds to pay for a down payment for a used or new vehicle. Keep in mind that the current car shortage has , so it may take some time to locate the perfect car for you at a price that is attractive. Next steps Whether your credit rating has improved since taking out your car loan or you have already refinanced before and are looking for better loan terms and a lower monthly installment, you could take another shot at refinancing. Before you proceed be sure the benefits are greater than the cost and look into lenders to find the best deals to get the most value for your money. If not, think about modifying your current loan to obtain the best deal, in the event that refinancing isn’t financially sense. You could also consider trading your car in or sell it privately if refinancing isn’t the most beneficial option for you. Learn more

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Written by

Allison Martin’s work started over 10 years ago as a digital content strategist. Since then, she’s been published in several leading financial media 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 since the end of 2021. They are passionate about helping readers gain the confidence to control their finances through providing concise, well-researched and well-structured information that breaks down otherwise complex topics into manageable bites.

Auto loans editor

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