We've all been working on something and made a mistake, if it's a document on your computer it's as easy as ctrl + z to get it fixed but the real world isn't so easy. Or is it? What if you could go back and wipe out that outrageous loan rate when you took out that bad credit car loan? While refinancing your vehicle isn't as easy as ctr + z, it certainly can undo some of your past mistakes!
Redo Your Auto Loan
At the time, it made sense. Your credit was good, your job was even better, what could go wrong? Then, everything did go wrong and that brand new shiny car or truck you took out on that short contract you thought you could pay off is starting to feel like a dead weight. You could possibly sell the car, get out that way, but for many people there's a reason they bought that vehicle. They need it for work, or family, or maybe you just don't want to give it up.
Whatever the reason, you need a lower payment on your car loan. Like, yesterday. Problem is, your contract still has plenty of time on it so riding it out doesn't seem like an option either. Here's where refinancing can help rebalance things for you. Say you have 36 months left on your vehicle's loan, you could take that balance due over the next 36 months and refinance it to say a 48 or 60 month term and lower your monthly payment.
Even if you took out a loan from a buy here pay here dealership, bad credit refinancing is still possible, as long as the following is true:
- You're not upside down currently on the loan, or owe more than the vehicle is worth.
- You're current on all your bills. It won't look good for your refinance if you're already behind
Choosing to Refinance
At Auto Credit Express, we understand that life can sometimes throw you unexpected hurdles. If you're struggling to keep up with the payments month to month, our advice is don't wait to act until you've already fallen behind. Refinancing your auto loan is a great choice to make when you need to find a way to keep up with your monthly payments.