If you are asking yourself, “Can I refinance my car if I have poor credit?” then this article is for you.
There is a good possibility you will be able to do so, provided you have been making your current payments on time.
Refinancing a car with poor credit will be slightly more difficult, but it can be done.
Following these few steps to refinance your car can help make the process a little easier even with poor credit.
You Will Want To Do This First When It Comes To Refinancing Your Car With Bad Credit
The first step to take is to determine the balance of your current auto loan. Call your lender and speak with customer service, they can provide you with your balance.
In addition, they can help you determine the cost per day which will allow you to re-figure the balance due as needed.
Another source for this information is your last statement; many lenders make the payoff information available each month.
Now, determine the value of your car.
Use the Kelley Blue Book, the NADA guide or the Black Book online. There will be step by step instructions for you to follow before determining the value of your car.
Using all three can help you come up with an average price to give you the most accurate value possible.
You Will Need The Following To Determine The Value Of Your Vehicle
Information you will need is your zip code and the make and model of your car. In addition you will need the engine information along with any extra options your car may have.
List if you have a sunroof, electric windows and door locks or alloy wheels. And, finally the sites will ask you to evaluate the condition of your car as excellent, good, fair or poor.
The next step is to look for a company who may be willing to refinance your auto loan even if you have poor credit.
The best place to start may be with your current car loan company. If you have been making your payments on time, this company may be able to help you extend the loan to help lower the monthly payments.
Or they may be able to lower the interest rate slightly to help you save money each month.
If All Else Fails… You May Want To Check This Out
If this doesn’t work, look for subprime lenders who specialize in auto financing for people with poor credit. The internet is a good resource to find subprime lenders in your local area.
These lenders will want your current identification, current address and proof of that address. In addition they will require proof of income such as check stubs along with the name and number of your supervisor to verify you do have a consistent job.
Shop the subprime lenders for the best possible interest rate.
If you have been making your current car loan payments on time, you may be able to get a lower interest rate.
This could help you reduce your monthly payments and save you money.
And that’s not all…
The Bottom Line Is…
The terms and rates you get will depend on your credit history and your current financial situation. An auto loan calculator can show you how much you can really afford.
If you need help or have questions please contact us and we’ll see what we can do to help you out.
After Bankruptcy Auto Loans | JFR & Associates, Inc.
8371 Southpark Lane
Littleton, CO 80120