The thing about high mileage auto refinancing is that ordinary auto finance depends on the lender’s ability to repossess the vehicle and sell it if you stop making payments. Sure, even with a new car there is often a balance left owing after that happens, but with an older car, or one with higher mileage, there is greater chance of a value-destroying major breakdown or repair happening with the repossessed vehicle, making high mileage auto refinancing much risker for the lender.