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Can I refinance a vehicle loan when I have bad credit? Part Of Refinancing a Car Loan In this series Refinancing a Car Loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct studies and compare information for free - so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies who pay us. This compensation may impact how and where products appear on this website, for example for instance, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home loan products. But this compensation does affect the information we publish, or the reviews appear on this website. We do not contain the vast array of companies or financial offerings that might be open to you. PeopleImages/Getty Images
4 min read Published 13 January 2023
Written by Allison Martin Allison Martin Written by Allison Martin's work started over 10 years prior to that as a digital content strategist, and she's since been featured in a variety of top financial media outlets, such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Edited by Rhys Subitch Edited by Auto loans Editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing concise, well-researched and reliable information that breaks down complex issues into digestible chunks. The Bankrate promise
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You have money questions. Bankrate can help. Our experts have been helping you master your finances for more than four decades. We continually strive to provide our readers with the professional guidance and tools required to make it through life's financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is truthful and accurate. Our award-winning editors and journalists provide honest and trustworthy content that will help you make the best financial decisions. The content we create by our editorial team is factual, accurate and uninfluenced through our sponsors. We're open about the ways we're able to bring quality information, competitive rates and useful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and, services, or when you click on specific links on our website. Therefore, this compensation may affect the way, location and when products appear in listing categories in the event that they are not permitted by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other factors, like our own website rules and whether or not a product is offered in your area or at your own personal credit score may also influence the manner in which products are featured on this website. We strive to provide a wide range offers, Bankrate does not include details about every financial or credit item or product. Do your vehicle loan repayments putting your budget thin? You might have thought about refinancing to lower your payment or possibly get a better interest rate. However, if your credit score isn't great, it might not be feasible or save your money. Instead, consider alternatives first. Do I have the option of refinancing a car loan even if I have bad credit?
While yes, you can refinance an auto loan even with bad credit it can put you in a financial precarious position, which is why it's advisable to first consider alternatives like asking for loan modification or trade in your car.
Why you shouldn't refinance an auto loan with bad credit Lenders start a new loan term when you . In the real world, you might obtain a less expensive monthly installment. However, there's a caveat: Unless your credit score has improved since taking out the initial loan but you're not likely to receive a lower interest rate. In addition, you may have to pay more for the duration of the loan because the lender will have more time to get the interest. If you're looking to reduce the monthly amount you pay you can do it. Otherwise, stretching out your loan term without scoring the lowest interest rate could result in paying more than what your vehicle is worth. It's equally important to determine whether your current lender charges prepayment penalties. If they do, the negatives of refinancing your car loan could outweigh the benefits of a reduced monthly payment. How do you refinance an auto loan that has bad credit If you already have a and have decreased since you purchased your vehicle or you are in need of an easier payment, refinancing could be worthwhile. Just like buying a new or used car refinancing requires an extensive amount of investigation. Make sure you review your credit score and report to avoid any unpleasant surprises prior to searching for the next loan. If you notice any inaccurate or out of date information, file disputes promptly with the credit bureaus-- Experian, TransUnion or Equifax and report the inaccurate information. You can request a copy of your credit report for free by contacting . Explore your options check with your existing lender on refinancing options that may be offered to you. Consider banks or credit unions that you have a relationship with. As well as Caribou, RefiJet and Ally that are geared towards consumers with less than perfect credit might also be an option. Based on the lender you choose, you might be able check your rate without affecting your credit score. Bankrate Tip
When shopping pay close at the repayment options and approval requirements particularly in relation to your car's age and mileage.
Apply for a fresh loan Prior to submitting a loan application, you must gather all documents that the lender needs to speed up the process of review. They will typically require evidence of your income, residency , and other information regarding your current loan. It is also necessary to supply the amount of miles in addition to the make, model, and vehicle identification number for your vehicle. If you are applying, be sure to be sure to fill in the correct information on the application forms to avoid any errors that could result in a denial of your application. The lender will verify the information you have provided. Close the loan Review the loan documents to make sure the conditions and terms are acceptable to you. If they do, then sign on the dotted line to finalize the transaction. The funds will either be sent directly to your current lender or to you so that you can pay off the initial loan off. Bankrate Tip
Make sure to contact your lender to find out when you can begin making payments. From here, you will adhere to the new monthly payment schedule until you have paid off the refinanced loan.
How to improve your credit prior to refinancing it is in your best interest to improve your credit score prior to refinancing your vehicle loan. The best interest rates are generally offered to borrowers with excellent or excellent creditscores. having a better credit score could be the difference between obtaining the loan or not . Here are some tips to pay all your bills on time. Be current on past due obligations. Reduce the amount of your credit card balance to 30 percent or less of your credit limit. Don't close old credit accounts. Only apply for credit as needed. You should also keep track of your credit score to keep track of your progress. Some credit cards or lenders will offer you free credit reports with your monthly statements. If not, you'll have to check frequently or making payments to view your score. Alternatives to the car loan refinancing There are other options available when you look at the numbers and decide that refinancing your vehicle loan isn't the best financial move. You can trade it in. Depending on what the car is worth and what is owed for the loan, you could trade it into a less expensive alternative and then roll the outstanding balance into a new loan. Request a modification. Since the majority of lenders don't refinance their own loans, you would request this in the form of . This lets you adjust the terms of your payment -- and, sometimes, interest rateswithout going through a new application process. It is possible to defer payments. This option is only available if you're facing short-term financial hardship however, it's an option. You may be able to skip up to three months of payments. But, they'll be added onto the final month of your loan and you'll being charged interest. Change your budget. If you're struggling , consider making adjustments to your budget in order to make the payments less expensive until you are eligible for a refinance. You should also improve your credit score in the meantime to qualify for a better interest rate in the event of applying for the next loan. The bottom line Unless you're experiencing financial hardship and risk having problems if you don't reduce the payments, refinancing on bad credit may not be a healthy financial decision. Instead, consider alternatives such as adjusting your spending plan to temporarily are able to get your finances and credit back on track. It's also possible to sell your car for a less expensive vehicle, depending on how much it's worth.
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Allison Martin's writing began more than 10 years ago, as a digital content strategist, and she's since been featured in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing precise, well-researched and well-researched information that breaks down otherwise complicated topics into digestible pieces.
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