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Most lenders will not refinance a loan if your car is too old or has high mileage. ... Regular source of income. Low debt-to-income ratio. Good credit score (minimum of 670) ... it's a good idea ...
How to determine if refinancing your car is a good idea The key to determining if refinancing your loan is a good idea comes down to the amount of money you can potentially save.
Good news: If you have good enough credit and get approved by a lender, you can refinance an auto loan. Refinancing to a lower rate on an auto loan could help drivers cut their monthly car payments.
"The ideal candidate for debt consolidation is someone with a credit score of at least 670 and a debt-to-income ratio of 35%, meaning the debt payments are no more than 35% of their income," says ...
Use Your Payment-to-Income Ratio or Your Debt-to-Income Ratio. You can use your payment-to-income ratio (PTI) — which ideally should be 15% or lower — and which measures your car payment as a ...
Refinancing car loans can be a smart way to save money each month. But refinancing your car loan -- that is, taking out a new secured loan to pay off the balance of your current loan and using your...
Improve your debt-to-income ratio. Your debt-to-income ratio is the percentage of your gross monthly income that goes toward debt payments. It helps lenders determine how much you can afford to ...
However, if your goal is to get a lower interest rate, it helps to have a higher credit score when you refinance than when you took out your original car loan. You can request a free copy of your ...