Refinance Car with Bad Credit & Late Payments

Your credit score is a work in progress. It goes up, and then it goes down. Life always seems to get in the way of your next credit card, rent, or car payment. What if you could lower one of these bills, even a little bit? Would it help you catch up and stay ahead of the game? There might be a way you can refinance your auto loan despite bad credit and late payments. We’ll show you how.

Talk with your current lender.

If your credit score is higher than when you first applied for a car loan, call your current lender! This is a great time to ask them about refinancing, especially if you can prove that your credit has improved or your situation has changed for the better.

Like with most things in life, you never know unless you ask. And what do you have to lose? Lenders dont like losing customers, since losing customers means theyll also miss out on interest payments. They may work with you to modify your current loan or help you refinance, despite your credit or payment situation.

When you talk to your lender, ask if theyre going to run a hard credit check. Then be prepared to apply for refinancing elsewhere. Hard credit checks can lower your credit score by a few points, but you can avoid multiple dings by applying for auto refinancing within a short timeframe. The major reporting agencies roll multiple auto inquiries into one inquiry on a continuous 14-45 day cycle.

Or, turn to a company that understands you.

We believe that refinancing isnt a luxury thats reserved for people with perfect credit scores; however, this belief isnt shared by everyone in the industry. It may not even be a belief thats shared by your local bank.

Youll save yourself time and frustration if you turn to a lender that works with everyone who wants financing and offers you options from the very beginning.