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How many times do you need to change the terms of an automobile loan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing quality and impartial content. We also allow users to conduct research and compare data for free - so that you can make sound financial decisions. 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 products that are advertised on this site come from companies that compensate us. This compensation can affect the way and when products are featured on this website, for example the order in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage or home equity, and also other home loan products. But this compensation does not influence the information we publish, or the reviews you see on this site. We do not contain the universe 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 work started over 10 years ago as a digital content strategist. Since then, she's been featured in a variety of top financial 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 editing and writing for Bankrate since late 2021. They are passionate about helping readers feel confident to manage their finances by providing precise, well-studied data that turns complex topics into manageable bites.









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You've refinanced your car a long time ago to get an affordable monthly payment however, you're now curious to know the frequency you can refinance your car if you find a better rate. Perhaps you're thinking about a refinance in the beginning and wondering whether you'll have the chance to refinance again in the future. Either way, it could be a wise financial decision. But you should understand the advantages and disadvantages of refinancing as well as the requirements for refinancing prior to making any decisions. You might find other alternatives that do not require refinancing are more feasible. How many times can you refinance a car? If you've already refinanced, you can do it again. In reality, there's no legal limit to the number of times you can refinance your loan if you can locate an lender willing to assist you in the process. "Vehicle refinancing is only limited by 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 could be more difficult to get a new auto loan with competitive terms. Some lenders view steeper terms as the chance of default is greater. "The question is, why do they continue refinancing?" Naylor says. "Are they using the equity or cash out to pay off revolving debt and then immediately running up the balances on their credit cards? This is a risk to the lender and a risky option for the person who is borrowing." What is the time limit to you refinance a vehicle? There's no legal requirement requiring a particular waiting period to refinance. If you find that a lender will be willing to refinance your loan soon after it's funded it could be good hands. But, it could not be a wise financial choice, particularly in the event that you're looking to refinance at a time when the depreciation rate has reached its peak in the car's life. The reasons why you shouldn't want to make more than one loan But there are times when refinancing more than one time isn't a good idea. You may face a prepayment penalty. Your current lender may charge you to pay the loan early. The fees add up. Additionally, there are loan beginning and transfer fees which are typical for refinancing transactions. These fees can mount up when refinancing multiple times, along with the extra cost of interest if you extend the loan time. You may be liable for more than your car is worth. Another important consideration of refinancing multiple times is the impact on depreciation. In general, refinancing more than once causes you to be liable for more than what the vehicle is worth and is known as . This is a problem when you wish to trade or prior to the time you pay off your loan or if your vehicle is non-functional. It could damage the credit rating. Credit inquiries can remain in your credit file for upto two years, but they only affect your score for a period of 12 months. If you refinance more than once within an extremely short time it could affect your credit score have a slight impact . Refinancing needs to meet certain requirements Lenders often have guidelines you need to follow in order to refinance your vehicle such as: Age The majority of lenders will require that your car be at least 10 years old. of age. But if you are refinancing for the third, second, or even fourth time, the car's age could exceed the maximum, making it ineligible for refinancing. Value: The car should never be valued less than what you owe on the loan. It is easy to go upside down in your auto loan If you make more than one refinance, making this requirement problematic for some borrowers. Mileage Limits for vehicle mileage to 100,000 or 150,000 miles for refinances. If you've owned the car for a long time and you've many more miles than many lenders allow. How can I ensure I'm getting the best rate for refinancing my car loan? Refinancing your car could mean significant savings, therefore it's important to shop around to ensure that you're getting best deal possible. The first step is to take a look at the current car loan. Review the loan conditions, including the interest rate and loan length. Also, take a peek at your credit report to see whether it's better than it was at the time you were applying for your current loan. It may be a good idea refinance with a bank or credit union with which you are a member. This may improve your chances of approval and you may be able get a lower rate because of your relationship to the lender. It is also important to compare interest rates and terms from different lenders, such as banks, as well as online lenders. If possible, before making a full application. This will allow you to better make comparisons between loan offers and could increase the likelihood of being approved. Once you've narrowed down your choices, use an to compare the loan deals. Pay close attention to any pre-payment penalties or fees. Make sure the savings outweigh any expenses that are associated with refinancing. How to reduce your monthly payment If you want to but find that refinancing isn't the right option, you can consider these alternatives: Make changes to your loan. Contact your lender and ask to speak to someone from the loss mitigation department . Notify the representative that you're experiencing financial hardship and ask about alternatives to make your loan less expensive and to avoid repossession. Switch your vehicle to one that's less expensive. Look through the options at local dealers and make a lists of vehicles that have lower price points and monthly installments that don't stretch your budget too thin. Narrow down your choices by visiting the dealership. agree on a deal that will get you a fair price as well as the car you purchase. Sell your vehicle privately. You may get top dollar for your car by selling it doing it yourself. After the transaction is completed then use the money to pay for a down payment on a new or used car. Keep in mind that the current vehicle shortage is a problem, and it may take some time to locate the right vehicle with a reasonable price. If your credit rating has improved since you took out your car loan or you've refinanced before and are looking for higher loan conditions and a lower monthly cost, you may take another shot at refinancing. But before you move forward make sure that the benefits outweigh the cost. Also, research lenders to find the best offers to make the most of your dollars. In the event that you don't, consider changing your current loan to obtain an improved rate if refinancing doesn't make financial sense. You can also trade your vehicle in or sell it privately if refinancing doesn't make the ideal choice for you. Find out more


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Written by

Allison Martin's work started over 10 years ago as a digital content strategist. She's been featured in a variety of top 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 from late 2021. They are committed to helping readers gain the confidence to manage their finances through providing precise, well-studied information that breaks down complex subjects into digestible pieces.






Auto loans editor




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