Refinancing Car Loans with Bad Credit? You can do it here!
Like a mortgage refinance, refinancing auto loans with bad credit can save some money. Bad credit auto refinance, if you meet the following conditions, can be away to put much needed money back in your pocket.
- Car is no more than 5 years old
- You are not in default with your current lender
- You owe less than your car is worth
If you meet these criteria, a bad credit auto refinancing loan is available.
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How can a bad credit auto loan refinance help me?
When you refinance an auto loan you are exchanging one contract for another. The lender who provides you with an auto refinance with bad credit will pay off the current lender and you will start paying on the new contract. Simple enough, but benefits can include a lower interest rate, an extended contract length, even perhaps a month in which no payment is due.
If you purchased your car and then had financial reverses which affected your credit score, the interest rate savings may not be as great for you, but the extended contract can often significantly lower your monthly payment. The total interest paid may be higher as well, but if you need more money every month you should consider this option.
I've been late with a few payments, can I still qualify?
If you have been late with a few payments but are caught up now and back on schedule the answer is yes. Late payments do effect your credit score and your interest rate, but as long as you are not in default and fearful of a repossession, there are many bad credit auto refinance companies you can find right here who will work with you. If you are in default, you should get current before you apply. No one will consider you for a bad credit refinance auto loan if the collateral for the loan is about to be repossessed.
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Not sure what your car is worth?
There are a number of internet sites which can provide you with an estimate of your car's value. Accessing one of these sites and providing the make, model, year, mileage and condition will give you an estimate of your car's current worth. Compare this to the pay-off figure from your current lender and you can determine if you are "upside down." If you do owe more than your car is worth, it is unlikely that lender will consider re-finance because in the event of a default they will be unable to recover their money. The car is the security for the car refinance loan.
It is easy to get "upside down" because automobiles typically lose up to 20% of their value in the first year of ownership. If you added a "pay off" from a previous auto that you traded in, the problem simply compounds. Though most people who look for poor credit refinance do not have extra money to make an extra payment or two, this may make a car refinance with bad credit more attractive to a lender.
Carloans-forall.com is auto refinance with bad credit headquarters!
If you are looking to refinance, bad credit auto loans are available through our network of lenders. Professional service, courteous treatment and a prompt reply to your request for auto refinance. Bad credit is no problem. Our secure website protects your financial and personal information. Our experts will only call if they can help!
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