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 don’t like losing customers, since losing customers means they’ll 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 they’re 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 isn’t a luxury that’s reserved for people with perfect credit scores; however, this belief isn’t shared by everyone in the industry. It may not even be a belief that’s shared by your local bank.
You’ll 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.
myAutoloan has a proven history of working with people who have bad credit. Just check out our customer reviews!