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How can you refinance a car loan with bad credit?
I work two jobs but still struggle to make my monthly loan payment on time. I also made some poor decisions in the past that made a negative impact on my credit. Can I refinance my car loan if I have bad credit?
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can refinance a
car loan
if you have bad credit! Refinancing a loan is one way to lower your monthly payment and reduce your interest rate, which can make payments more manageable. You just need to check your credit, shop around, and find the best rate possible.The first step to apply for an
auto loan refinance
is to go over your current credit reports and make sure all the information is correct. Any inaccurate information can hurt your credit score and impact your chances of getting approved. You can also pay off any other delinquencies or derogatory marks that are harming your score.Next, shop around from different lenders that specialize in refinancing loans with bad credit. Collect at least three quotes to compare, but remember that every hard inquiry you get during a 14-day period only counts as one hard inquiry for credit report purposes.
On average, car owners pay $85 less every month by refinancing their auto loan. If you want to save even more money, review your car insurance and search quotes on Jerry.
As a licensed broker,
Jerry
helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!View full answer
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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