Refinancing a Car Loan With Bad Credit
It can be difficult to refinance a car loan when you have bad credit, but it is not impossible. Refinancing can help you get a lower interest rate and monthly payment on your existing auto loan. Depending on how poor your credit score is, however, and how much equity there is in the vehicle, it can still be an uphill battle to secure a refinanced loan with favorable terms.
If you're looking to refinance an auto loan with bad credit, the first step is to check your credit score and understand where it stands. If your FICO score falls below 600 or 620 (depending on the lender), this could affect whether or not they will approve the refinancing request. Additionally, lenders may require that you have at least 10-20% equity in the car before they will consider approving a loan for refinancing purposes.
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