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4 min read Published January 04, 2023.

Written by Allison Martin Written by

Allison Martin’s work started over 10 years ago as a digital media strategist, and she’s since been published in several leading financial outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers feel confident to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

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You’ve refinanced your car a long time ago in order to obtain an affordable monthly cost and now you’re interested to know the frequency you can refinance your vehicle if you find a better rate. Maybe you’re considering an initial refinance and wonder whether you’ll be able later refinance. In either case, it might be a wise financial decision. You must understand the pros and cons and the requirements for refinancing prior to moving forward. You may find that other options that don’t involve refinancing are better. How many times could you refinance a car? If you’ve already refinanced, you’re eligible to repeat it. There’s actually no legal limit on the amount of times you may refinance if you’re able to locate an lender willing to assist you with the transaction. “Vehicle refinancing is limited to the age and value of the vehicle,” says Christina Naylor the chief operating officer of Carolina Trust Federal Credit Union. But, after refinancing a number of times, you might be more difficult to get an auto loan with competitive terms. Some lenders consider steeper because the risk of default is higher. “The question is, why do they continue refinancing?” Naylor says. “Are they using the equity or cash to pay off revolving debt and then immediately adding the credit card balances once more? This is a risk to the lender and it’s a bad strategy for the creditor.” How soon can you refinance your car? There’s no legal requirement requiring the time frame for refinancing. If a lender will be willing to refinance your loan within a short time after it’s been financed then you may be in luck. However, it might not be a smart choice for your finances, especially in the event that you’re looking to refinance in a time where the depreciation percentage is at its highest early in the vehicle’s lifespan. There are reasons not to refinance more than once But there are times when refinancing more than once isn’t wise. You may face a prepayment penalty. Your current lender could charge you a fee for paying the loan early. The fees add up. Additionally, there are loan beginning and transfer charges which are typical for refinancing transactions. These expenses can be a lot over the course of several refinances, together with the fees you might have to pay when you decide to extend the loan duration. It is possible that you owe more than the car is worth. Another important consideration of refinancing more than once is the impact on depreciation. It is common to refinance more than once can cause you to owe more than what the vehicle is worth that is described as . This could be a problem if you wish to trade or after you’ve paid it off, or when your car becomes inoperable. It could damage your credit score. Credit inquiries linger in your credit file for upto two years, but only impact your score for 12 months. If you make more than once in one short period there is a chance that the subsequent inquiries will be slightly . Refinancing requirements Lenders generally have requirements you must meet in order to refinance your vehicle, including: Age The majority of lenders will insist that your vehicle is no more than 10 years older. But if you are refinancing a third, second, or even fourth time, your car’s age could be over the threshold which means it is not eligible to refinance. Value: The vehicle should 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 If you refinance more than once which can be a problem for certain lenders. Mileage Limits for vehicle mileage to 100,000 or 150,000 miles on refinances. If you’ve had the car for a while and you’ve accrued more miles than the lenders allow. What can I do to ensure that I’m getting the best rate possible if I refinance the car loan? Refinancing your car could mean huge savings, which is why it’s crucial to research to ensure that you’re getting best rate possible. Your first step should be to look over the current car loan. Review the loan conditions, such as the your interest rates and loan duration. Also, look at your credit score to see whether it’s better than what it was when you were applying for your current loan. It may be a good idea to refinance at an institution like a credit union or bank with which you are a member. This may improve your chances of approval and you may be able to obtain lower rates because of your relationship with your lender. You’ll also want to compare interest rates and terms from different lenders, such as banks and online lenders. If possible, prior to submitting a full application. This can help you better compare loan offers and could increase your chances of getting approval. Once you’ve narrowed down your choices make use of an online tool to compare the loan options. Pay close attention to any penalties or charges for prepayment. Make sure the savings outweigh any cost related to refinancing. How can you lower the cost of your monthly payments If want to but find that refinancing isn’t a good choice, look at these options Modify your loan. Call your lender and request to speak to someone in the loss mitigation department to . Let the representative know that you’re experiencing financial hardship and ask about alternatives to make your auto loan less expensive and to avoid repossession. Switch your vehicle to a cheaper option. Check out the available inventory at local dealerships and make an inventory of cars with lower prices and monthly payments that won’t overstretch your budget. Narrow down your list of options, visit the dealership and negotiate a deal that gets 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 finance a downpayment for a used or new car. Keep in mind that the current car shortage is real, and it might take some time to find the perfect car for you at a price that is attractive. The next step is to determine if your credit has improved since you obtained your car loan or you’ve refinanced before and are looking for more favorable loan terms and a less monthly payment, you can take another shot at refinancing. But before you move forward be sure the benefits are greater than the cost and look into lenders to find the best deals to maximize your dollars. Otherwise, consider modifying your existing loan to secure an improved rate in the event that refinancing isn’t financially sense. You can also trade your car in or trade it in privately if refinancing isn’t your most beneficial option for you. Learn more

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Written by

Allison Martin’s career began more than 10 years prior to that as a digital content strategist. She’s been featured in numerous prestigious financial media outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 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 complicated topics into bite-sized pieces.

Auto loans editor

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