Does anyone know how to go about refinancing a Auto Loan?

May 6th, 2010
by admin.

Even with bad credit… and about how much would it save me a month?
I’ve had the loan for 2 yrs and consistantly made full payments until just recently when I fell behind.

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3 Comments

  1. sukbunny says:
    May 6, 2010 at 4:10 am

    It depends on how much your credit has improved since you got the loan, and how long it’s been. If you had bad credit when you got the loan and it hasn’t improved any you’re wasting your time. You’ll get alomost the exact rate you’re getting now. If you’ve improved it and it’s been over a year or so…then you might save a little..depends on what rate you have now. You need to give a little more info.

    Well you had a chance until you missed, or were late with some payments…that basically sets the clock back to when you started the loan. Call your bank or credit union and see what they will offer you…I wouldnt be too optimistic.

  2. CarMan says:
    May 6, 2010 at 4:14 am

    Unless your credit has improved significantly from the time you first financed, refinancing won’t help you much, if any. However, call your bank just to make sure.

    If you have missed payments, call your bank or finance company NOW to work out a repayment plan. Otherwise, your credit rating will suffer even more — and they’ll repossess your car.

  3. Luna says:
    May 6, 2010 at 4:42 am

    If you think that you are paying a higher repayment amount for your existing car loan