A bad credit car loan makes it possible for you to secure your dream car. With a stable job and another source of income, you have managed to pay your car finance regularly and ahead of time, building your credit positively in the process. You have better control over your finances and even managed to eliminate debts on your credit file.
Do you think you deserve more?
Yes, you do – through a car loan refinance.
Car loan refinance are available both for regular borrowers and people with bad credit. Through a refinance, you can get a better interest rate than the one that you had on your initial bad credit car loan.
Responsibly pay off your car loan monthly payments in full and on time to create a good impression on your credit history
Eliminate as much debt as you can. The least debts you have, the more extra money you’ll have to save or afford a better car or any other personal need you might see fit.
A steady source of income is always considered as a low-risk client for banks. The higher this steady income is, the better deals you’ll have access too.
You might have been religiously paying for your car loan on time, but how about your other financial obligations? Multiple defaults can damage whatever good you have put into paying for your car loan in full and on time. Do the same with your other monthly dues such as phone lines and other utility bills.
Some of the items you can look at are the following:
If you have ticked most of the qualifications for a bad credit car loan refinance above, you can consider yourself as a borrower with a correctible credit. Here are some of the advantages you might enjoy in a car refinance.
The interest rates improve as your risk as a borrower decrease. Check if a refinance could give you access to a lower interest rate making it easier and faster for you to pay for your loan.
If you still owe $5000 for your auto loan and get a refinance amounting $7000, you’ll be able to pay for your auto loan balance and have an extra $2000 to be spent on your other needs.
A refinance can be applied with a longer loan term, thus easing you with a few hundred dollars monthly in payments that can be allocated elsewhere on your budget.
A bad credit car loan refinancing is not essential but can be beneficial, depending on the prevailing rates in the market and your credit-worthiness as a borrower. Interested in refinancing a car loan or even a home loan? Talk to an Intellichoice loan specialist. We are ready to help.
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