1. Check your credit reports and credit scores. The first thing you should do when looking to refinance a car loan when you have bad credit is to check your credit reports and credit scores. "Review your credit reports to make sure that everything that is reported is reported accurately according to your records," Douville says.
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If you’ve found yourself struggling to keep up with monthly expenses and are looking for ways to ease your financial burden (even with less than ideal credit) there are steps you may be able to take to refinance a car loan with bad credit. Of course, eliminating an automobile payment completely would certainly relieve some [.]
Most lenders require a minimum credit score in the region of 620 in order to approve a refinancing application. Federal Housing Administration programs typically have lower minimums, although their lenders can insist on higher credit score requirements for some borrowers.
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To refinance, you’ll need a car that has held its value; generally, the car must be worth more than what you still owe on it for lenders to consider refinancing. Refinancing a Personal Loan You might consider refinancing a personal loan if your credit score has improved or interest rates have dropped since you first got the loan.
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Research your credit score. If it has improved, apply for refi. In many cases, a better credit score results in better offers for loan refinancing. Individuals with poor credit scores under 600 can have trouble finding good refinancing deals.
For example, if you have $7,500 or more remaining on your car loan ($8,000 if the loan was made in Minnesota) and the car is less than 10 years old with fewer than 125,000 miles on it, you may be eligible to refinance with Bank of America. Our auto loan refinance calculator will show you whether refinancing can save you money.
Confirming your credit score, and exactly what loans, lines of credit, credit cards, mortgages, and other information is on your credit file can help you determine what has caused your "bad credit" score so you can work on fixing any errors or repairing issues before trying to refinance your car with bad credit.