So I have bad credit and hours at work were cut so want to refinance my auto loan to bring down payment any suggestions?
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Do you owe more than the car is currently worth? If so, you are upside down on the loan and you’re not going to be able to refinance it. If you aren’t upside down on the loan, expect interest rates up to 29% for bad credit. Depending on your current interest rate and your loan status, refinancing may not be in your best interests.
If you really can’t afford the car, your best (and only) options may be to sell it or see if someone will take over the loan.
If you have bad credit, you won’t be getting a loan to refinance your car. Period.
Second, if you have bad credit, my guess is if you even found someone to take on your loan, they would be charging a much higher interest rate, and your payment would actually increase, not decrease! LOL
Another thing to consider is how old is the car and how long have you been paying on the loan you do have for the car? Most likely, you are upside down in your loan, meaning your car is worth less than the balance on your loan. Another thing that will nix your ability to refi.