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4 minutes 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. She’s been featured in a variety of top financial outlets 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 the end of 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-studied and well-informed data that turns otherwise complicated topics into bite-sized pieces.
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You’ve refinanced your car a short time ago, to secure a or more affordable monthly cost however, you’re now curious to find out when you could refinance your vehicle if you can find a lower rate. Maybe you’re considering 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. You must understand the pros and cons and conditions to refinance prior to moving forward. You may find that other alternatives that don’t require refinancing are more viable. How many times can you refinance a car? If you’ve already refinanced, you’re able to do it again. There’s actually no limit to the number of times you are able to refinance if you’re able to find a lender willing to assist in the transaction. “Vehicle refinancing is restricted to the value and age of the vehicle,” claims Christina Naylor Chief Operations Officer at Carolina Trust Federal Credit Union. However, after refinancing several times, you may have a harder time trying to get a new auto loan with terms that are competitive. Some lenders consider steeper because the chance of default is higher. “The question is, why do they keep refinancing?” Naylor says. “Are they using money or equity to pay down debts that are revolving and then immediately running 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.” When can you refinance your car? There is no legal requirement that specifies an exact timeframe to refinance. If the lender is willing to refinance your loan shortly after it’s been funded, you could be in luck. However, it might not be a smart choice for your finances, especially when you’re thinking about a refinance in a time where the depreciation percentage will be at the highest in the car’s life. There are reasons not to do more than one refinance However , there are times when refinancing more than one time isn’t a good idea. You may face a prepayment penalty. Your current lender could charge you a to pay the loan off early. The fees will add up. Additionally, there are loan beginning and transfer charges which are typical for refinancing transactions. These fees can mount up when refinancing multiple times, along with the extra interest you may pay if you decide to extend the loan time. There is a chance that you will have to pay more than the vehicle is worth. One of the most important aspects to consider when refinancing several times is the impact on depreciation. You’ll generally find that refinancing more than once and causes you to owe more than the car’s worth that is described as . This could be a problem if you plan to sell your car before it’s paid off or when your car becomes unusable. The damage to your score on credit. Credit inquiries can remain over your report of credit for upto two years, but only impact your score for a period of 12 months. If you make more than once within one short period it could affect your credit score have a slight impact . Refinancing conditions Lenders often have guidelines that you have to meet in order to refinance your car for refinancing, such as age Most lenders require that your car be not more than 10 years old. However, if you’re refinancing for the third, a second or even a fourth time, your car’s age could exceed the maximum and make it unsuitable for refinancing. Valuation: The car must not be worth less than the amount you are obligated to pay for the loan. It is easy to go upside down on your auto loan when you make more than one refinance and this can cause problems for certain borrowers. Mileage The majority of lenders limit car mileage to 100,000 or 150,000 miles for refinances. If you’ve owned the vehicle for a long time and you’ve accumulated far more miles than the lenders permit. How do I make sure I am getting the best rate when I refinance my car loan? Refinancing your car could mean significant savings, therefore it’s essential to compare rates to make sure you’re getting the best deal possible. The first step should be to take a look at your current auto loan. Check the loan conditions, such as the interest rate and loan length. Also, take a peek into your credit rating to see if it’s higher than it was when you made your application for the current loan. It might be a good idea to refinance with the credit union or bank with which you hold an account. This can increase your odds of getting approval, and you might be able to get a lower rate because of your relationship with your lender. You’ll also want to look at interest rates and terms from different lenders, such as banks, and online lenders. If you can, do this prior to making a full application. This can help you better compare loan offers and could increase the likelihood of being approved. Once you’ve narrowed down your choices you can use an application to evaluate the loan options. Be aware of any pre-payment penalties or fees. Make sure the savings outweigh any cost associated with the refinance. 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 with someone in the loss mitigation department to . Inform the representative of your financial situation and inquire about options to make your car loan less expensive and to avoid repossession. Change your car to a cheaper option. Check out the available inventory at local dealers and make a an inventory of cars with low prices and monthly payments that don’t stretch your budget too thin. Narrow down your list of options, visit the dealership and make a deal to get you a price and the vehicle you buy. Sell your vehicle privately. You could get the highest price for your vehicle by using your own. When the transaction is concluded then use the money to make a down payment on a new or used vehicle. Remember that the current new vehicle shortage is a problem, and it could take some time to locate the right vehicle at an attractive price. If your credit has improved since you took out your car loan or you have already refinanced before and want better loan terms and a less monthly cost, you may take another shot at refinancing. But before you move forward, ensure the benefits outweigh the costs and research lenders to locate the best deals to maximize your dollars. In the event that you don’t, consider changing your existing loan to obtain the best deal, in the event that refinancing isn’t financially sense. You can also trade your vehicle in or trade it in privately if refinancing isn’t your best decision 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. She’s been featured in a variety of top financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances with precise, well-studied information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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