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How many times is it possible to refinance a car?
I keep paying off old debt and my credit score keeps rising. I want to refinance my loan, but if my credit score continues to go up, I'd like to refinance again later. Can I do that? How many times can I refinance my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
No stipulations exist for how many times you can refinance a
car loan
! However, you only want to refinance when it makes sense for you financially.When you refinance, the lender will pull your credit report. This is known as a hard inquiry. With a hard inquiry, your credit will fall between five and 10 points.
The good news is that you can shop around and get as many hard inquiries as you want within a 14-day period without further impacting your credit. So, make sure to shop around during that two-week timeframe to find the best refi rate and get the deal done.
You should also only refinance if it’s going to get you a better interest rate.
If rates are relatively the same, you can still save money in other ways—namely with your car insurance. Download the
Jerry
app to compare quotes from top insurers. The average Jerry user saves $879 a year on car insurance.View full answer
- Gregory R.
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