Bad Credit Auto Refinancing

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Bad Credit Auto Refinancing If you stepped into an auto loan with extremely high monthly payments then you definitely want to look into refinancing, but if you have bad credit there are certain qualifications that need to be met. Most people are under the impression that if you have poor credit that you will most certainly be unable to get approved for auto loan refinancing, but we have learned that it is not true. While it is certainly not easy and not a possible option for everyone we have learned here at that you will be able to find any and all choices for you.

Why Should I Refinance?

Refinancing is exactly what it sounds like it is where you finance your current car loan all over again except the goal will be to make sure that you end up with a lower interest rate. So for those of you who have been feeling a little bit of pressure with your monthly expenses this can be a great way to relieve some of that pressure.

There are two different ways that refinancing can help to make your payments lower:

  • Lower the amount of interest you are paying.
  • Extend the terms.

Since you have bad credit it may not be possible to lower the interest since that is based on credit unless you have improved your credit somewhat since the time the loan was taken out. It is also a possibility that rates in the industry have changed, so it is definitely still a viable option.

Extending the Term with Bad Credit

While it is possible that you can get a better interest rate, better chances are you will need to extend the term to get lower payments. For an example if you have a common 48 month loan and are struggling to make your payments you may want to switch over to a 97 month auto loan. That seems like an outrageous amount of time, but with the economy in the state that it is more and more people are switching over to this. If you were to do this then automatically your payment are cut in half! So even if you can not score lower interest rates you can already put a lot of money in your pocket just by doing this.

Get on the Right Path

So if you are ready to get refinanced then let help you out. With our quick online application it takes just minutes to be on your way to a better financial future. Once we have received your application we will match you with the dealer who will get you the best rates in town. There is no faster, easier, or safer process than the one we provide.

Car Loan Auto Financing Online

Do you meet the basic qualifications?

  • At least 1 year with current employer
  • A minimum income of $1,500 per month
  • No repossesions within the last year
  • Any bankruptcies must be discharged
  • Money down may be required, but not in all cases
  • Must be a current resident of the U.S. or Canada