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4 min read Published January 04, 2023
Written by Allison Martin Written by
Allison Martin’s work began over 10 years ago as a digital media strategist. Since then, she’s been featured in a variety of top financial publications 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 dedicated to helping their readers to control their finances by providing precise, well-studied facts that break down complicated topics into bite-sized pieces.
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You’ve refinanced your car a long time ago in order to obtain a or more affordable monthly installment, but now you’re curious to know when you could refinance your car should you can find a lower rate. Perhaps you’re thinking about a refinance in the beginning and wondering whether you’ll be able refinance again in the future. In either case, it might be a good financial move. However, you must be aware of the pros and cons and conditions to refinance prior to making any decisions. You may find that other options that don’t involve refinancing are more viable. How many times can you refinance a car? If you’ve already , you’re eligible to repeat it. There’s actually no limit to the amount of times you may refinance if it’s possible to find a lender willing to assist you in the process. «Vehicle refinancing is only restricted to the age and worth of the vehicle,» states Christina Naylor the chief operating officer of Carolina Trust Federal Credit Union. But, after refinancing a number of times, you might find it more challenging to secure an auto loan with terms that are competitive. Some lenders view steeper terms as the likelihood of default is higher. «The issue is why do they keep refinancing?» Naylor says. «Are they using money or equity to pay down revolving debt and then immediately racking up the balances on their credit cards? That is a risk for the lender and it’s a bad approach 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 the lender is willing to refinance your loan shortly after it’s been funded, you could be in good hands. Still, it may not be the best choice for your finances, especially when you’re thinking about a refinance when the depreciation rate is at its highest early in the life of your car. 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 wise. You may face a prepayment penalty. Your current lender could charge you a for paying the loan off in advance. The fees add up. There are loan creation and title transfer fees that are common to refinancing transactions. These fees can mount up after several refinances, along with the interest you may pay if you decide to extend the loan duration. There is a chance that you will owe more than the car is worth. One of the most important aspects to consider when refinancing several times is the impact on depreciation. In general, refinancing more than once and causes you to owe more than what the vehicle is worth that is described as being . This can be problematic if you wish to trade or before it’s paid off or if your vehicle is unusable. You may damage your credit score. Credit inquiries linger on your credit report for upto two years, but they only affect your score for 12 months. If you make more than once in a short period, the additional inquiries may have a slight impact . Refinancing conditions Lenders often have guidelines you must meet to refinance your car for refinancing, such as age Most lenders insist that your vehicle is not more than 10 years older. If you’re refinancing for the second, third or even the fourth time, your vehicle’s age may exceed the limit and make it unsuitable to refinance. Valuation: The car must have a value that is not less than the amount you have to pay on the loan. It’s not difficult to go upside down in your auto loan when you refinance more than once which can be a problem for certain borrowers. Mileage Limits for vehicle mileage to 150,000 or 100,000 miles when refinancing. If you’ve owned the vehicle for a while, you may have accumulated far more miles than the lenders allow. How can I ensure I am getting the best rate for refinancing my vehicle loan? Refinancing your car could mean huge savings, which is why it’s important to shop around to ensure that you’re getting most competitive rate. The first step should be to take a look at the current car loan. Check the loan terms, including rates of interest and loan duration. Also, take a peek into your credit rating to see if it’s higher than it was when you applied for your current loan. It could be a good idea to refinance at the credit union or bank that you already hold an account. This could increase your chances of approval and you may be able get an interest rate that is lower due to your relationship with the lender. You’ll also want to look at rates and terms offered by different lenders, like banks, and online lenders. If you can, do this prior to you submit a complete application. This can help you better compare loan offers and could increase your chances of getting approval. Once you’ve narrowed the options, use an to compare the loan offers. Pay attention to any pre-payment penalties or fees. Be sure that the savings are greater than any expenses related to refinancing. How can you lower your monthly payment If you would like to, but feel that refinancing isn’t a good choice, look at these options Make changes to your loan. Make contact with your lender and ask to speak with someone in the department of loss mitigation to . Let the representative know that you’re experiencing financial hardship and inquire about options to make your auto loan more affordable and avoid 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 prices and monthly payments that don’t overstretch your budget. Narrow down your choices go to the dealership, and negotiate a deal that gets you a fair price as well as the vehicle you buy. Sell your car privately. You could get the highest price for your car by selling it on your own. When the transaction is concluded, use those funds to pay for a down payment for a brand new or used vehicle. Keep in mind that the current car shortage is real, and it could take some time to locate the right vehicle for you at a price that is attractive. If your credit has improved since taking out your vehicle loan or you have already refinanced before and would like more favorable loan conditions and a lower monthly payment, you can take another shot at refinancing. However, before moving forward, ensure the benefits outweigh the costs and research lenders to locate the best offers to make the most of your dollars. In the event that you don’t, consider changing your existing loan to get the best deal, in the event that refinancing isn’t financially sense. It is also possible to trade your car 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 started over 10 years prior to that as a digital content strategist. She’s been published in several leading 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 editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances by providing concise, well-researched and well-structured information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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