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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 mission is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. We also allow you to conduct your own research and compare information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, 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 are from companies that pay us. This compensation can affect the way and where products appear on the site, such as the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage and home equity products, as well as other products for home loans. However, this compensation will affect the information we publish, or the reviews appear on this website. We do not cover the vast array of companies 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 career began more than 10 years ago as a digital content strategist. She's been published in several leading financial outlets such as 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 late 2021. They are dedicated to helping their readers to take control of 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 long time ago in order to obtain a or more affordable monthly installment and now you're interested to know the frequency you can refinance your car if you find a better rate. Perhaps you're thinking about an initial refinance , and are wondering whether you'll be able refinance in the future. Whatever the case, it can be a wise financial decision. However, you must be aware of the advantages and disadvantages of refinancing as well as requirements to refinance before proceeding. There are many options that don't involve refinancing are better. How many times could you refinance a car? If you've already , you can do it again. There's actually no limit to the number of times you are able to refinance if you're able to locate an lender willing to assist in the transaction. "Vehicle refinancing is restricted to the age and worth that the car is worth," says Christina Naylor the chief operating officer of Carolina Trust Federal Credit Union. If you refinance several times, you could have a harder time trying to secure a new auto loan with competitive terms. 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 the equity or cash out to pay down revolving debt and then immediately adding the credit card balances again? This is a risk to the lender and it's a bad approach for the creditor." How soon can you refinance a car? There's no legal requirement specifying the time frame for refinancing. If a lender will consider refinancing your loan soon after it's funded then you may be in luck. But, it could not be a wise financial choice, particularly if you're considering a refinance at a time when the depreciation rate will be at the highest early in the car's life. There are reasons not to do more than one refinance However , there are instances where refinancing more than once isn't wise. You may face a prepayment penalty. Your current lender might charge you fee for paying the loan early. Costs can will add up. There are also loan creation and title transfer costs that are common to refinancing transactions. These costs can add up when refinancing multiple times, along with the interest you may pay if you extend the loan time. There is a chance that you will have to pay more than the vehicle is worth. Another important consideration of refinancing several times is the impact on depreciation. In general, refinancing more than once causes you to be liable for more than the car's worth, which is referred to as being . This is a problem when you wish to trade or after you've paid it off, or if your vehicle is inoperable. It could 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 12 months. If you are able to refinance more than once within an extremely short time there is a chance that the subsequent inquiries will be have a slight impact . Refinancing requirements Lenders often have guidelines that you have to meet in order to refinance your car such as: Age The majority of lenders will insist that your vehicle is at least 10 years old. of age. But if you are refinancing for a third, second, or even fourth time, your car's age could be over the threshold and make it unsuitable for refinancing. Value: The vehicle should not be worth less than what you owe on the loan. It is easy to go upside down in your auto loan when you refinance more than once which can be a problem for certain borrowers. Mileage The majority of lenders limit car mileage to 100,000 or 150,000 miles on refinances. If you've owned the vehicle for a while and you've many more miles than the lenders will 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 big savings, so it's essential to compare rates to ensure you're getting the best deal possible. Your first step should be to review the current car loan. Check the loan terms, including interest rate and loan duration. Also, look into your credit rating to see whether it's better than it was at the time you made your application for the current loan. It might be a good idea to refinance at the credit union or bank with which you are a member. This may improve your chances of approval and you may be able to get an interest rate that is lower because of your connection with the lender. You should also look at the rates and terms of different lenders, like banks, as well as online lenders. If possible, before making a full application. This will help you compare loan options and increase your chance of getting approved. After narrowing down your options make use of an online tool to compare the loan offers. Be aware of any pre-payment penalties or fees. Make sure the savings outweigh any costs that are associated with refinancing. How to lower your monthly payment If you want to but find that refinancing isn't a good choice, look at these options: Change your loan. Contact your lender and ask to speak to someone from the department of loss mitigation to . Notify the representative that you're experiencing financial hardship and ask about alternatives to make your auto loan more affordable and prevent repossession. Change your car to a cheaper option. Check out the available inventory at local dealers and make a a list of vehicles with lower price points and monthly payments that don't make your budget stretch too far. Reduce your list of options, visit the dealership and make a deal to get you a for and the car you purchase. Sell your car privately. You may get top dollar for your car using your own. After the transaction is completed, use those funds to pay for a down payment for a used or new car. Keep in mind that the current car shortage has , so it may take some time to find the ideal vehicle at an attractive price. The next step is to determine if your credit has improved since taking out your vehicle loan or you have already refinanced before and are looking for better loan terms and a lower monthly payment, you can consider a second chance at refinancing. But before you move forward be sure the benefits are greater than the costs and research lenders to find the most favorable offers to make the most of your dollars. Otherwise, consider modifying your existing loan to obtain an improved rate if refinancing doesn't make financial sense. It is also possible to trade your vehicle in or sell it privately if refinancing isn't your best decision for you. Find out more


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Written by

Allison Martin's work began over 10 years prior to that 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.



The edit was done by 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 with concise, well-researched and well-structured data that breaks complicated topics into bite-sized pieces.






Auto loans editor




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