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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 better financial decisions by offering interactive financial calculators and tools that provide objective and original content. This allows you to conduct your own research and compare data at no cost and help you 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 Earn Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity, and also other home lending products. But this compensation does have no impact on the information we provide, or the reviews you read on this site. We do not cover the universe of companies or financial offerings that could be accessible to you.



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The Good Brigade/Getty Images
4 min read Published January 04, 2023.
Written by Allison Martin Written by

Allison Martin's career began more than 10 years prior to that as a digital content strategist. She's been featured in a variety of top financial publications 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 late 2021. They are committed to helping readers gain the confidence to control their finances with clear, well-researched data that turns otherwise complex topics into manageable bites.









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You refinanced your car some time ago, to secure a or more affordable monthly installment however, you're now curious to find out when you could refinance your car should you can find a lower rate. Maybe you're considering a refinance in the beginning and wondering whether you'll have the chance to refinance again in the future. Whatever the case, it can be a wise financial decision. But you should understand the pros and cons and conditions to refinance prior to making any decisions. There are many alternatives that don't require refinancing are more viable. How many times could you refinance a car? If you've already done it, you can do it again. In fact, there's no legal limit to the number of times you can refinance if you're able to find an lender willing to assist you with the transaction. "Vehicle refinancing is only restricted to the age and value of the vehicle," says Christina Naylor, chief operations officer at Carolina Trust Federal Credit Union. If you refinance several times, you could have a harder time trying to obtain a new auto loan with competitive terms. Some lenders assess steeper as the risk of default is more high. "The question is, why do they keep refinancing?" Naylor says. "Are they using their money or equity to pay off revolving debt and then immediately running up the balances on their credit cards? It's a risk for the lender and is a poor option for the creditor." What is the time limit to you refinance your car? There is no legal requirement that specifies an exact timeframe for refinancing. 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 luck. But, it could not be the best financial decision, particularly in the event that you're looking to refinance when the depreciation rate is at its highest in the car's life. The reasons why you shouldn't want to do more than one refinance But there are situations where refinancing more than one time isn't a good idea. You may face a prepayment penalty. Your current lender could charge you a fee for paying the loan early. The fees are accumulating. Additionally, there are loan origination and title transfer costs that are common to refinancing transactions. These costs can add up after several refinances, along with the additional fees you might have to pay when you decide to extend the loan term. You may be liable for more than your car is worth. Another important consideration of refinancing several times is how it affects depreciation. In general, refinancing more than once can cause you to owe more than the car's worth that is described as being . This can be problematic if you want to sell or trade your vehicle after you've paid it off, or when your car becomes inoperable. It could damage the credit rating. Credit inquiries can remain on your credit report for up to 2 years, but they only affect your score for 12 months. If you are able to refinance more than once within one short period, the additional inquiries may slightly . Refinancing conditions Lenders often have guidelines that you have to meet in order to refinance your car, including: Age The majority of lenders will require that your car be not more than 10 years old. However, if you're refinancing a third, second, or even fourth time, your car's age could be over the threshold and make it unsuitable for refinancing. Valuation: The car must never be valued less than what what you owe on the loan. It's easy to get upside down in your auto loan if you refinance more than once which can be a problem for some borrowers. Mileage Limits for vehicle mileage to 150,000 or 100,000 miles when refinancing. If you've owned the vehicle for some time and you've many more miles than many lenders allow. How do I make sure I'm getting the best rate when I refinance the car loan? Refinancing your car could mean huge savings, which is why it's essential to compare rates to ensure that you're getting best deal possible. The first step should be to look over your current auto loan. Examine the loan conditions, such as the rates of interest and loan duration. Also, take a peek into your credit rating to determine whether it's better than what it was before you applied for your current loan. It could be a good idea refinance with an institution like a credit union or bank that you already have an account. This could increase your chances of being approved and you could be able to get a lower rate due to your relationship with your lender. You should also 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 can help you better make comparisons between loan options and increase the likelihood of being approved. Once you've narrowed the options make use of an online tool to compare the loan deals. Be aware of any penalties or charges for prepayment. You should ensure that the savings exceed any cost associated with the refinance. How to reduce your monthly payment If you would like to, but feel that refinancing isn't the right choice, look at these options: Make changes to your loan. Make contact with your lender and request to speak to someone in the loss mitigation department to . Notify the representative of your financial situation and discuss options to make your auto loan less expensive and to avoid repossession. Change your car to one that's less expensive. Explore the inventory at local dealerships and create a an inventory of cars with lower prices and monthly payments that won't make your budget stretch too far. Narrow down your choices go to the dealership, and negotiate a deal that gets you a for and the vehicle you buy. Sell your vehicle privately. You can get top-dollar for your car by selling it doing it yourself. When the transaction is concluded then use the money to make a down payment for a brand new or used car. Remember that the current new car shortage is real, and it could take a while to find the right vehicle at an attractive price. Next steps Whether your credit score has improved since you took out your vehicle loan or you have already refinanced before and are looking for higher loan conditions and a lower monthly installment, you could try refinancing again. But before you move forward, ensure the benefits outweigh the costs and research lenders to find the most favorable deals to get the most value for your money. In the event that you don't, consider changing your existing loan to secure an improved rate if refinancing doesn't make financial sense. It is also possible to trade your vehicle in or trade it in privately if refinancing isn't the ideal choice for you. Learn more


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Written by

Allison Martin's career began more than 10 years ago as a digital media strategist. Since then, she's been published in several leading 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 writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.






Auto loans editor




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