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You can still refinance an auto loan with bad credit, but getting a good rate can be difficult. Borrowers with low credit scores generally pay much higher interest rates.
You can refinance a car loan with a bad credit score to get a lower monthly interest rate if you can boost your credit score compared to the time of your original loan.
Knowing your credit score and the average rates to expect and applying for preapproval are just a few of the many ways you can secure a budget-friendly car loan. 1. Know your credit score
For example, if your original $36,000 auto loan came with a 7 percent interest rate, even at just one point lower, you could save $1,012 over 60 months. Your Credit Score Has Improved
A bad credit auto loan is a car financing solution tailored to drivers with lower credit scores — typically, below 580. It’s important to avoid costly but common bad credit auto loan pitfalls ...
She took out a $6,100 personal loan at 29% interest to cover rent and refinanced her car to borrow more, also at a 29% interest rate. She now has an outstanding auto loan balance of $21,560.
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