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You can refinance a car loan with bad credit, even if your credit score is near or below 500. But the lower the score, the harder it is to get approved.
It’s possible to refinance a car loan when you have bad credit. Here's how to know if it might make sense for you.
When you refinance your car loan, you get a new auto loan to pay off and replace your original loan. You can refinance with your current lender or find a new lender. The application process for a car loan refinance is generally quick, with many lenders making an immediate decision.
Whether you want to refinance to lower your interest rate, reduce your loan payments or get a loan with better terms, some lenders focus on auto loan refinancing for people who have bad credit. Here are some steps to consider if you want to refinance.
Refinancing an auto loan when you have bad credit can be difficult, but it might still be possible. Some lenders have minimum credit score requirements as low as 500.
APR range. 4.99% to 14.99% Minimum Credit Score. 640. Loan amounts. $10,000 to $200,000. 1. Gravity Lending. Learn More. On Gravity Lending's Website. Best Auto Loan Refinancing Lenders...
Refinancing a car loan with bad credit could get you a more affordable monthly payment, but expect higher borrowing costs over the life of the loan if you extend the term.
Key takeaways. Refinancing your vehicle loan is a good financial choice in two situations: if you can secure a better rate or if you need a lower monthly payment. Consider the amount of time...
Key takeaways: Refinancing your auto loan may help you get a better rate, reduce your monthly payments, or improve your loan terms, even if you have poor credit. Some lenders, banks, and credit unions specialize in auto loan refinancing for borrowers with bad credit.
You may be able to refinance your car loan with a bad credit score by researching potential lenders, comparing rate quotes, submitting an application and reviewing the loan agreement. But it could be difficult to qualify for favorable enough terms to make it worthwhile. In this article: How to Refinance a Car Loan With Bad Credit.