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How often can I refinance my car loan?
My credit is rapidly improving and I want to continue to get the best rate on my car loan, especially if interest rates drop. How often can I refinance my vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on your improved credit! I’m happy to say that no limits exist on how many times or how often you can refinance a
car loan
—you can refinance as many times as makes sense for your needs.However, rates may stay relatively steady in the short-term, so there’s probably no need to overdo it. Keep in mind that each time you refinance, you’ll take a five-to-10 point hit on your credit score each time you apply.
Don’t stress about shopping around though. Credit bureaus count any hard inquiries within a 14-day period as one hard inquiry, so it won’t affect your credit score while you’re comparing rates.
Remember to budget for car insurance as well. When you finance a car, you’re required to have full coverage auto insurance, which may get expensive if you choose the first quote you see. Use the
Jerry
app to easily get the best rate on the coverage you need—we’ll get you customized quotes from different top-of-the-line providers, so that all you need to do is choose the policy that works best for you!Congrats again on your improved credit, and hope the refinancing goes smoothly!
View full answer
- Gregory R.
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