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Can I refinance a car loan multiple times?
I've refinanced my car three times already, but interest rates continue to fall. Is there a limit to how many times you can refinance your loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
However, just because you’ve already refinanced three times doesn’t mean a fourth one is necessary. You shouldn’t refinance the loan if you fall under one of these situations:
- You have less than a year left on the loan, as the hassle probably isn’t worth it
- Your current lender hasprepayment penalties
- Your credit has gone down substantially
- You’re extending the loan simply to get lower payments, as you’ll pay more in the long run
If you have excellent credit and can locate a better interest rate by shopping around, refinance the vehicle by all means, but your lender has to agree.
If you want to save money another way, use the
Jerry
app to save on car insurance. Sign up in just minutes to compare quotes from dozens of top insurers. Average Jerry users save $879 per year on car insurance! More: Does refinancing a car hurt your credit score?
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- Gregory R.
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