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4 minutes read Read Published January 04, 2023
Written by Allison Martin Written by
Allison Martin’s work started over 10 years prior to that as a digital content strategist, and she’s since been published in several leading financial publications 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 from late 2021. They are passionate about helping readers to manage their finances through providing precise, well-studied facts that break down otherwise complicated subjects into digestible pieces.
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You’ve refinanced your car a short time ago to get an affordable monthly cost however, you’re now 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 have the chance to later refinance. In either case, it might be a good financial move. However, you must be aware of the advantages and disadvantages of refinancing as well as conditions to refinance prior to proceeding. You may find that other alternatives that don’t require refinancing are better. How many times could you refinance a car? If you’ve already refinanced, you’re able to do it again. In fact, there’s no legal limit on the number of times you can refinance if you’re able to find a lender willing to assist you in the transaction. “Vehicle refinancing is limited to the value and age of the vehicle,” states Christina Naylor Chief Operations Officer at Carolina Trust Federal Credit Union. If you refinance several times, you could find it more challenging to secure the new auto loan with terms that are competitive. Some lenders view steeper terms as the risk of default is higher. “The problem is, why do they continue refinancing?” Naylor says. “Are they using their equity or cash to pay off revolving debt and then immediately adding the credit card balances again? This is a risk to the lender and is a poor approach for the person who is borrowing.” How soon can you refinance a car? There’s no legal requirement requiring the time frame to refinance. If a lender will consider refinancing your loan within a short time after it’s been financed it could be good hands. However, it might not be a smart financial decision, particularly when you’re thinking about a refinance when the depreciation rate is at its highest in the car’s life. The reasons why you shouldn’t want to refinance more than once But there are situations where refinancing more than one time isn’t wise. You may face a prepayment penalty. Your current lender might charge you fee for paying the loan early. Fees will add up. There are also loan beginning and transfer costs which are typical for refinancing transactions. These costs can add up after several refinances, along with the interest you may pay if you decide to extend the loan term. You may owe more than the car is worth. One of the most important aspects to consider when refinancing more than once is the impact on depreciation. In general, refinancing more than once and causes you to owe more than the car’s worth that is described as . This is a problem when you plan to sell your car prior to the time you pay off your loan or when your car becomes inoperable. The damage to your credit score. Credit inquiries linger on your credit report for up to 2 years, but only impact your score for a period of 12 months. If you make more than once within a short period there is a chance that the subsequent inquiries will be have a slight impact . Refinancing needs to meet certain requirements Lenders often have guidelines that you have to meet in order to refinance your car for refinancing, such as age The majority of lenders will insist that your vehicle is at least 10 years old. old. However, if you’re refinancing a second, third or even fourth time, your car’s age could exceed the maximum and make it unsuitable for refinancing. Value: The vehicle should have a value that is not less than the amount you are obligated to pay for the loan. It is easy to go upside down in 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 on refinances. If you’ve owned the vehicle for a long time it could have accumulated far more miles than lenders will allow. How can I ensure I am getting the best rate for refinancing my vehicle loan? Refinancing your car can mean huge savings, which is why it’s important to shop around to ensure you’re getting the most competitive rate. The first step should be to take a look at your current auto loan. Examine the loan conditions, such as the your interest rates and loan duration. Also, look at your credit report to determine whether it’s better than what it was before you made your application for the current loan. It might be a good idea to consolidate your loan with the credit union or bank that you already hold an account. This could increase your chances of getting approval, and you might be able to obtain an interest rate that is lower due to your connection with the lender. You should also examine interest rates and terms from various lenders, including banks and online lenders. If possible, before making a full application. This will help you compare loan offers and may improve your chance of getting approved. After narrowing down your options, use an to compare the loan offers. Be aware of any penalties or charges for prepayment. Be sure that the savings are greater than any expenses related to refinancing. How to lower your monthly payment If you want to but find that refinancing isn’t a good fit, consider these alternatives: Modify your loan. Contact your lender and request to speak with someone in the loss mitigation department . Notify the representative of your financial situation and discuss options to make your loan more affordable and avoid repossession. Switch your vehicle to one that’s less expensive. Check out the available inventory at local dealers and make a lists of vehicles that have lower price points and monthly installments 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 fair price as well as the vehicle you buy. Sell your vehicle privately. You may get top dollar for your vehicle by using your own. After the transaction is completed, use those funds to make a down payment for a used or new car. Be aware that the current car shortage has , so it could take some time to locate the perfect car with a reasonable price. If your credit rating has improved since you obtained your vehicle loan or you’ve refinanced before and are looking for more favorable loan terms and a lower monthly installment, you could try refinancing again. But before you move forward be sure the benefits are greater than the cost and look into lenders to locate the best deals to get the most value for your money. In the event that you don’t, consider changing your existing loan to get the best deal, if refinancing doesn’t make financial sense. It is also possible to trade your car in or sell it privately if refinancing doesn’t make the most beneficial option for you. Find out more
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Written by
Allison Martin’s work began over 10 years ago as a digital content strategist. She’s been published in several leading financial publications, including 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 passionate about helping readers gain the confidence to control their finances by providing concise, well-researched and well-structured data that breaks otherwise complex topics into manageable bites.
Auto loans editor
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