Bad Credit Auto Loan Refinance – Should You Refinance With Bad Credit?
Should you refinance with bad credit? Yes, but only if you can get a savings with a lower rate or need a more manageable monthly payment. Luckily, with so many lenders competing for your business, you can often find good rates and terms for bad credit auto refinance loans.
Has Your Credit Score Improved?
If your credit score has improved since you originally financed your auto loan, then you probably qualify for better rates. Fortunately, time is your chief ally when it comes to seeing your credit score improve. Two years after a negative event, like a bankruptcy or foreclosure, and it ceases to have a significant impact on your score.
Improvements in your income, investments, and cash reserves can also increase your score. Reductions in your overall debt levels will also boost your score.
Have You Compared Auto Loan Rates Recently?
The only way to see if you can get a better deal on your auto loan is to compare loan quotes. In a few minutes you can have multiple offers from broker sites. You can also research rates lender by lender.
Regardless of which...
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