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If you have received a bad credit auto loan in the past you're not alone. There have been many people in recent years that have received an auto loan with bad loan terms because they had poor credit at the time. Luckily, after paying on a loan for a few months, maybe even a year or two your credit should have improved, and you should be eligible to apply for auto refinancing.
Every situation is different and you may have your own reasons as to why bad credit auto refinancing would benefit you most, but the most common reasons are:
If your credit rating has improved at least a few percentage points since taking out the first loan then you most likely will be able to benefit from a lower payment or interest rate. If you score has not improved, but you're having a hard time making the monthly payments each month then you may be able to take advantage of the extending your loan term. This may cause you to pay more interest in the long run, but it will put extra cash in your pocket each month.
Depending on where your original loan was borrowed you may not be able to do a refi with them, unless you're looking to extend the terms. If you're looking to lower your monthly payment or the interest rate you will probably need to look for a local refi lender to do so. This is because lenders look to make a profit from your loan, and they do that on the interest you pay each month.
Here at SmallerCarPayments.com, we have a nationwide network of lenders that specialize in car refinancing with poor credit. They have both the tools and experience needed to get you into more affordable loan terms that will fit your budget. Apply online today to see how much you could save your vehicle.
"My monthly payment went down by almost a hundred dollars per month, and applying was so easy!"