How Do You Refinance An Automobile With Less Than Perfect Credit?
The cost of carrying a car loan can be burdensome, especially if your monthly payments make up a significant percentage of your take-home pay. Fortunately, as with owning a home, you can refinance your car loan in a bid to obtain more favorable financing terms. If your credit score is not within the range where most consumers have credit–that is, between 600 and 750 as outlined by Experian–then a lower score can make it more difficult for you to obtain refinancing. Review your credit reports. A low credit score means that you most likely will not be approved for refinancing. Since you already are making payments on a car, you should keep your current loan, but work on raising your credit. Within six months to a year, you may be able to improve your score enough to find a car loan with favorable terms, including a decent interest rate. Visit AnnualCreditReport.com and obtain all three copies of your credit reports, which are offered through that site for free. Review each report, maki
