Sometimes, people who have poor credit end up needing to refinance their auto loans. This is not as easy – or as difficult – as it sounds. There are lenders out there that specialized in this kind of thing; however, the interest rates they offer can be high. The following will look into how to refinance a car with bad credit.
Phoenix, AZ -- (SBWIRE) -- 01/02/2013 -- When addressing how to refinance car with bad credit, contact the current lien holder to find out exactly how much is owed on the loan. Without this information, a refinance of the loan is unlikely. One can obtain the information by calling the customer service department of the bank or credit union that originally lent the money for the car. While on the phone with a customer representative, ask if the institution has an in-house refinance program. If it does, and they are willing to work something out for one, continue with that company. If they do not offer in-house help, look elsewhere.
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One must know how much the vehicle in question is worth to refinance a car with bad credit. To qualify for bad credit refinancing, the car must be worth more than what one owes on it. Finding the true current value of the automobile is relatively easy: Just look it up in the Kelley Blue Book, the official vehicle value guide. Most banks and credit unions have one in house and can help find out what a car or truck is worth. If a person intends to refinance and has poor or no credit, he must keep up with his payments on the current loan. Sending in late payments or missing them altogether does not encourage lenders to take a chance on someone.
If one is still wondering how to refinance car with bad credit, he should look into sub-prime lenders. Most prime lenders will not approve an auto loan refinance simply based on a poor credit score. Sub-prime, or high-risk, financers specialize in working with those whose credit is not very good and they have several types of loans to choose from, as well as access to other lenders who may be able to help if they, themselves, cannot. The reason a person would want to refinance his auto loan is to reduce the payments on it, get a longer term to pay it off, or lower the interest rate on it. Doing some research on many different high-risk financers can result in any or all of these, so put some time into it.
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