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10 months ago · by · 0 comments

How To Refinance A Car Loan With Bad Credit?

How To Refinance A Car Loan With Bad Credit

One of the most commonly asked questions in the lending world, is : How to refinance a car loan with bad credit? While it may be more difficult for people with bad credit to refinance car loan rates, it’s not impossible. People with bad credit have options to refinance car loan rates, just like people with good credit do. But the interest rate (APR) they pay will be much higher.

Good Credit Refinancing APR : 4.75%

Bad Credit Refinancing APR : 13.21%

The problem that people with bad credit run into, is they can’t justify refinancing as much as they would like. However, the CRUCIAL parts of refinancing for the better are definitely there. Even borrowers with bad credit get lower monthly payments and extended payment terms that make the whole refinancing effort worthwhile.

Here Are Some Ways To Defeat The “Bad Credit” Refinancing Blues

When people in bad credit situations refinance their car loan, they should DEFINITELY have a structured plan in place to ensure they get the most from their refinancing effort. For people with bad credit, this may seem like a foreign language and/or daunting task. Being proactive has a learning curve, but is easy to adapt to. Below, we’re going to outline a few key ways to beat the “Bad Credit” refinancing blues. Relax! We’re here to make it easy for you!

1. Use Your Loan Refinancing To Save Yourself The Most – Understand that refinancing with bad credit means you’re obviously in a bad financial situation, to begin with. That said, figure out how to use your lower interest rate and/or extended loan repayment terms to your advantage. If your lower monthly payment allows you to buy advance supplies to help you solve some really big problems, great!

But really put some thought into your refinancing effort and prepare to discipline yourself. But, also understand that depriving yourself of every day “creature comforts” is dangerous and NOT ADVISED! Many borrowers have learned the hard way, that attempting outlandish financial disciplines during times of trouble, usually equals, you guessed it : EVEN MORE TROUBLE!

Use the refinancing to fix your financial situation the best you can, yes, but remember, any “crazy” changes you decide to make during loan repayment can go on for years, and if you mess up, you could spiral out of control! This can easily lead to serious impulsive decisions because you have no clue what to do! Dedicate yourself to looking at your refinancing like only a “small boost” to improve your situation. It’s safer to think this way because small financial success leads to bigger financial success through what’s called : “Baby Steps”.

2. “Baby Steps” Are The Key To Refinancing Success – Many borrowers in compromised financial situations are ignorant of the fact that one small success can easily lead to another. For example, Borrower A is used to spending tons of money on electric and gas costs to heat their home. But with their new refinance car loan rates, Borrower A is able to afford medicine to greatly improve their health status. From there, staying warmer is easier to do, so less gets spent on heating costs. This is a prime example of “Baby Steps” in action!

Another good example is : Borrower B desperately needs to take advantage of bulk food purchasing to escape paying retail cost for food time and time again. Through car loan refinancing, Borrower B’s bulk food purchasing leads to extra money being available. This allowed for the purchase of replacement car parts to keep his vehicle in great shape. So you see, one good event leads to more good events. Like a snowball growing bigger as it rolls downhill! “Baby Steps” may take time to achieve, but for people with bad credit, these “snowball-type” opportunities to get ahead are a LIFESAVER!

3. Use A Cosigner With Better Credit Than You – Having a cosigner with better credit than you improve your chances of being approved. If a lender knows you’ll most likely pay back the loan, but if for some strange reason you don’t, your cosigner will be right there to take over the payments.

4. Improve Your Credit Score BEFORE You Apply – You can improve your credit score in a variety of easy ways. Eliminate credit card balances (or at the very least keep them 30% or lower), pay your bills on time, don’t erase your successfully paid debt history, avoid risky spending or activities (these leave traces behind that frighten lenders), and regularly check your credit reports for changes. You can also set up an emergency fund for yourself, made up of 6 months of your yearly salary. This will eliminate the need to take out a loan if you experience a period of financial hardship.

Hard credit inquiries hurt your credit at a rate of 4-10 points each. The fewer applications you fill out the better because each one results in a hard inquiry. Only apply when you’re absolutely sure you’re prepared.

Richard Administrator
FInancial expert and founder of
Richard Administrator
FInancial expert and founder of


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