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Can I refinance a vehicle loan even with bad credit? Part Of Refinancing a Car Loan In this series Refinancing a Car Loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive financial calculators and tools that provide objective and original content. We also allow users to conduct research and analyze information for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation could affect how and when products are featured on this website, for example for instance, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other products for home loans. This compensation, however, does affect the information we provide, or the reviews you see on this site. We do not cover the entire universe of businesses or financial offers that may be available to you. PeopleImages/Getty Images

4 min read Read Published January 13, 2023

Written by Allison Martin Written by Allison Martin’s career began more than 10 years ago as a digital media strategist, and she’s since been featured in a variety of top financial media outlets, such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Written by Rhys Subitch Edited by Auto loans Editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances by providing precise, well-researched, and well-researched data that breaks down otherwise complex subjects into bite-sized pieces. The Bankrate promises

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who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. We have loans reporter and editor concentrate on the points consumers care about most — the different kinds of loans available and the most competitive rates, the best lenders, the best ways to repay debt, and more — so you can feel confident when making a decision about your investment. Integrity of the editing

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You have money questions. Bankrate has the answers. Our experts have been helping you master your finances for more than four decades. We strive to continuously provide our readers with the professional advice and tools needed to succeed throughout life’s financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our information is trustworthy and accurate. Our award-winning editors and reporters create honest and accurate content that will help you make the right financial choices. The content we create by our editorial team is factual, accurate and is not influenced by our advertisers. We’re honest about how we are able to bring quality information, competitive rates and helpful tools to our customers by revealing how we make money. is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services, or by you clicking on specific links that are posted on our site. This compensation could impact how, where and in what order products appear within listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. Other factors, like our own rules for our website and whether a product is available within your area or at your personal credit score could also affect the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include specific information on every financial or credit product or service. Are your car loan payments stretching your budget thin? You may have considered refinancing your loan to reduce your payments or perhaps get a lower interest rate. However, if your credit score is not high the refinancing might not be feasible or cost you money. Instead, consider alternatives first. Can I refinance a car loan with bad credit?

Although you are able to refinance an auto loan even with bad credit it can put you in a difficult financial situation, so it’s best to think about alternatives such as asking for loan modification or trade in your car.

Why you shouldn’t refinance a car loan that has bad credit Lenders start a new loan term once you . In practice, you could obtain a less expensive monthly installment. However, there’s a caveat that if the credit scores have improved after taking out the original loan but you’re not likely to receive a lower interest rate. In addition, you may have to pay more for the duration of the loan because the lender will have more time to collect interest from you. If you’re looking to reduce the monthly amount you pay you can do it. In other cases, prolonging the loan term without scoring the lowest interest rate could mean paying far more than your vehicle is worth. It’s also important to know whether your current lender charges prepayment penalties. If it does, the disadvantages of refinancing your vehicle loan could outweigh the benefits of a lower monthly payment. How do you refinance the car loan for those with bad credit If you already have a credit score that has decreased in value since purchasing your car, or you absolutely need to lower your monthly payments, refinancing could be worthwhile. Just like buying new or used cars refinancing requires a lot of research. Check your credit Review your credit report and score to avoid any unpleasant surprises before searching for an additional loan. If you discover any inaccurate or out-of-date information, file disputes promptly to the bureaus that handle credit — Experian, TransUnion or Equifax reporting the wrong information. You can request a copy your credit report free of charge using . Explore your options consult with your current lender regarding refinancing options that may be open to you. Look into credit unions and banks that you have a relationship with. Also, like Caribou, RefiJet and Ally that are geared towards consumers with less than perfect credit could be a good option. Depending on the lender you can be able to check the rate of your loan without impacting the score of your credit. Bankrate Tip

When you shop, pay at the conditions for approval and repayment options particularly for your vehicle’s age and mileage.

Apply for a new loan Prior to submitting the loan application, collect any documents that the lender needs to speed up the review process. Most will request documents proving your the income, residency and details about your current loan. Additionally, you will need to provide your mileage as well as the make, model, and the vehicle identification number for your car. If you are applying, be sure to be sure to fill in the correct information on the application forms to avoid any errors that could cause rejection of your application. The lender will confirm the information you provide. Finalize the loan Check and review the loan documents to ensure that the terms and conditions are in place for you. If they do, then sign on the dotted line to complete the transaction. The funds will either be transferred direct to your existing lender as well as to your current lender in order to pay off the initial loan off. Bankrate Tip

Check with your lender to find out the date you will begin making payments. From here, you’ll follow the new monthly payment schedule until the time you are able to pay off your loan. loan.

How to boost your credit prior to refinancing it is in your best interest to increase your credit score prior refinancing your vehicle loan. The best interest rates are generally offered to borrowers with excellent or excellent credit, and an improved credit score can make the difference between getting the loan or not . Here are some practical ways to make sure you pay your bills promptly. Be current on past due loans. Reduce the amount of your credit card balance by 30 percent to less than 30% than your credit limit. Don’t close your old credit accounts. Only apply for new credit as required. You should also be aware of your credit score in order to track your progress. Some credit cards or lenders offer free credit checks on your monthly statement. In other cases, you might have to check them infrequently or paying to see your score. Alternatives to refinancing your car loan refinancing There are other options available in the event that you analyze the data and determine that refinancing your vehicle loan isn’t a smart financial move. Sell it. Depending on what your car is worth and the amount that is owed to the loan, you could trade it in for a more affordable option and possibly roll the outstanding balance into an entirely new loan. Request modification. Since most lenders do not refinance their own loans so you can ask for this in the form of . This allows you to adjust payment terms — and, sometimes, interest rates- without having to go through a fresh application process. You can also defer payments. This option is only available if you’re in a financial crisis that is short-term, but it is an alternative. It is possible to cut off up to 3 months of installments. But, they’ll be added onto the final month to your loan and you will still incur interest. Make adjustments to your budget. If you’re in the process of doing so, think about changing your budget so that your monthly payments are less expensive until you are eligible for a refinance. It is also advisable to improve your credit score the meantime to get an improved interest rate when you apply for the next loan. The bottom line Unless you are experiencing financial hardship and risk having if you can’t lower the cost of the loan, refinancing a mortgage with bad credit may not be a healthy financial decision. Instead, explore alternatives, such as adjusting your spending plan for a short period until you can get your finances and credit health back on track. Or you may be able to exchange your vehicle to a cheaper car depending on the amount it’s worth.


Allison Martin’s writing began more than 10 years ago when she was a digital content strategist, and since then she’s been published in various top financial media which include The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-researched and well-researched information that breaks down complex subjects into bite-sized pieces.

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