Look for a sub-prime auto loan lender. If you have bad credit, stay away from prime lenders. Instead, research different sub-prime or high-risk auto lenders.
Instructions
1. Contact the auto lender and check your loan balance. Before you can refinance an auto loan with bad credit, you'll need to know the actual loan balance. Call your lender and speak with a customer service representative. This information is also available on your most recent statement.
2. Determine how much your vehicle is worth. To qualify for a bad credit refinance, your vehicle's worth must be more than the amount you owe. The official Kelley Blue Book (see Resources below) can provide information on used car values.
3. Maintain a good payment history with your auto lender. If you habitually submit late payments to your auto lender, a refinance may be impossible. Although auto lenders approve bad credit borrowers, they're less likely to approve your refinance application if you have a history of skipped or missed car loan payments.
4.
It's imaginable to receive a vehivle loan with evil credit. Unfortunately, you won't bias the first-class game proportion or terms. On the contrary, there's always the choice of an Car loan refinance in the likely. A refinance with poor credit can breakthrough/section your loan phrase or dilute your interest rate. These lenders specialize in bad credit refinances, and they have access to several types of loans.5. Compare interest rates and terms. It's important for bad credit applicants to compare rates and terms. Some lenders purposely inflate the interest rate, which can create an upside-down car loan. Contact at least three sub-prime auto lenders.
