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How many times you can get a refinancing for an auto loan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare data at no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited 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 when products are featured on the site, such as, for example, the sequence in which they be listed within the categories of listing, except where prohibited by law for our mortgage or home equity, and also other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews you see on this site. We do not cover the universe of companies or financial offerings 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 work began over 10 years prior to that as a digital content strategist. Since then, she’s been published in numerous prestigious financial 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 editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to manage their finances by providing clear, well-researched facts that break down complex topics into manageable bites.

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You’ve refinanced your car a short time ago in order to obtain a or more affordable monthly installment however, you’re now curious to find out how often you can refinance your car should you find a better rate. Or maybe you’re considering an initial refinance and wonder whether you’ll have the chance to refinance again in the future. Either way, it could be a wise financial decision. You must understand the pros and cons and requirements to refinance before making any decisions. There are many options that don’t involve refinancing are more viable. How many times can you refinance a car? If you’ve already refinanced, you can do it again. In fact, there’s no legal limit to the number of times you can refinance if it’s possible to locate an lender willing to help you with the transaction. “Vehicle refinancing is not limited by the age and value that the car is worth,” states Christina Naylor the chief operating officer of Carolina Trust Federal Credit Union. But, after refinancing a number of times, you may have a harder time trying to get an auto loan with terms that are competitive. Some lenders assess steeper as the risk of default is more high. “The problem is, why do they keep refinancing?” Naylor says. “Are they using equity or cash out to pay down revolving debt and then immediately adding the balances on their credit cards? This is a risk to the lender and a risky strategy for the creditor.” When can you refinance a car? There is no legal requirement that specifies the time frame to refinance. If you find that a lender will be willing to refinance your loan within a short time after it’s been financed then you may be in good hands. Still, it may not be the best financial decision, particularly when you’re thinking about a refinance when the depreciation rate will be at the highest in the car’s life. The reasons why you shouldn’t want to do more than one refinance Although it , there are times when refinancing more than once isn’t wise. You may face a prepayment penalty. Your current lender may charge you fee for paying the loan off in advance. Costs can are accumulating. Additionally, there are loan creation and title transfer costs which are typical for refinancing transactions. These costs can add up over the course of several refinances, together with the additional cost of interest if you decide to extend the loan time. You may be liable for more than your car is worth. One of the most important aspects to consider when refinancing more than once is the impact on depreciation. You’ll generally find that refinancing more than once can cause you to be liable for more than what the vehicle is worth that is described as . This can be problematic if you want to sell or trade your vehicle after you’ve paid it off, or if your vehicle becomes non-functional. It could damage your score on credit. Credit inquiries can remain in your credit file for up to two years, however they will only affect your score for a period of 12 months. If you are able to refinance more than once in a short period there is a chance that the subsequent inquiries will be have a slight impact . Refinancing conditions Lenders often have guidelines 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. old. If you’re refinancing a second, third or even fourth time, the car’s age may exceed the limit and make it unsuitable for refinancing. Valuation: The car must have a value that is not less than you are obligated to pay for the loan. It’s not difficult to go upside down on your auto loan if you have to refinance more than once, making this requirement problematic for certain borrowers. Mileage: Most lenders limit vehicle mileage to 100,000 or 150,000 miles for refinances. If you’ve owned the car for a while it could have accumulated far more miles than lenders allow. What can I do to ensure that I am getting the best rate possible if I refinance my vehicle loan? Refinancing your vehicle can result in huge savings, which is why it’s important to shop around to ensure you’re getting the most competitive rate. The first step should be to look over your current auto loan. Examine 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 it was at the time you made your application for the current loan. It could be a good idea consolidate your loan with a bank or credit union with which you have an account. This could increase your chances of being approved and you could be able get lower rates due to your connection to the lender. It is also important to examine rates and terms offered by various lenders, including banks, as well as online lenders. If you can, do this prior to making a full application. This will help you evaluate loan offers and could increase the likelihood of being approved. After narrowing down your options, use an to compare the loan offers. Be aware of any penalties or charges for prepayment. You should ensure that the savings exceed any expenses associated with the refinance. How to lower your monthly payment If you want to but find that refinancing doesn’t seem like the best option, you can consider these alternatives Make changes to your loan. Contact your lender and ask to someone from the loss mitigation department to . Inform the representative of your financial situation and ask about alternatives to make your auto loan more affordable and prevent repossession. Change your car to an alternative that is less expensive. Look through the options at local dealers and make a an inventory of cars with low prices and monthly installments that don’t overstretch your budget. Narrow down your list of options by visiting the dealership. agree on a deal that will get you a for and the vehicle you purchase. Sell your car privately. You can get top-dollar for your car using your own. After the transaction is completed you can use the funds to finance a downpayment for a used or new vehicle. Remember that the current new car shortage is real, and it may take a while to find the ideal vehicle for you at a price that is attractive. The next step is to determine if your credit has improved since you took out your vehicle loan or you have already refinanced before and want better loan terms and a lower monthly installment, you could 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. If not, think about modifying your existing loan to secure a better deal when refinancing isn’t making financial sense. It is also possible to trade your vehicle in or trade it in privately if refinancing doesn’t make the most beneficial option for you. Learn more

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Written by

Allison Martin’s work started over 10 years prior to that 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.

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 facts that break down complicated topics into bite-sized pieces.

Auto loans editor

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