Many borrowers may think, “Can you refinance an auto loan?” Well, they might not be unjustified in their thinking since refinancing a car loan could be challenging especially if your credit rating is bad. Typically, the process of auto refinancing could be very much similar to the procedure involved in refinancing a mortgage. A new lender will provide you a loan at a lower rate of interest to pay off all outstanding dues on your existing car loan. The term provided for repaying the new loan will be longer and in some cases, it may be even possible to draw cash although such a proposition could depend on the current market price of the car being refinanced as well as the type of lender. Usually, people opt for getting a car refinance loan to lower their auto loan interest rate and thus, reduce their monthly payments substantially.
Nevertheless, the moment you feel, “Can you refinance a car loan?” it could be important for you to first determine the conditions which apply to the process. Lenders that specialize in providing such types of financial solutions may stipulate certain credit as well as Debt-To-Income (DTI) requirements. Normally, lenders approve auto refinance loan applications quickly if the credit score of an applicant is 720 or more. But if your past debt repayment history is questionable, then you need to search for lenders that specialize in providing such loans to even those borrowers who have bad credit histories. But it could be better if you checked the correctness of your credit score before you approached various specialized loan dealers. Besides, there may be a couple of other aspects which you may need to take into consideration prior to applying for a loan.
Instead of wasting time on thinking, “Can I refinance my auto loan?” you could get the current market value of your car assessed by using the Kelly Blue Book or the NADA guide. Most of the lenders will want applicants to offer details about your vehicle’s make, model and year of manufacturing as well as the Vehicle Index Number (VIN). Also find if lenders will demand a down payment for granting your bad credit car refinancing loan application a quick approval. Gather documents which highlight that you have enough monthly income to pay the new monthly auto loan installments. Lenders will verify the information that you have provided and also check if there are any closing fees or penalties which will have to be paid. Last but not the least, to find the right lender, you will have to get and compare several different free non-binding quotes.
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