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If you have bad credit, you should still explore your loan options, as refinancing for a better loan with better terms may still be possible. But your individual eligibility essentially comes down to the lender’s judgment on your unique situation.
Even if you are approved for a refinance with bad credit, it might be challenging to lock in a lower loan rate if your credit score hasn’t changed since you finalized your existing auto loan. As a general rule, a lower credit score leads to higher interest rates.
While no one wants to hear this answer, there isn’t a specific minimum credit score to refinance a car loan. Every lender has different credit requirements, and they generally look at your whole credit profile, not just your credit score.
It’s hard to pinpoint a minimum credit score, especially considering how broad the ranges are.
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Can I Refinance My Car Loan if I Have Bad Credit? If you have bad credit, you should still explore your loan options, as refinancing for a better loan with better terms may still be possible. But your individual eligibility essentially comes down to the lender’s judgment on your unique situation.…
You can refinance a car loan with bad credit. But you might miss out on the best interest rates. If your existing auto loan payment for a new or used car is putting a strain on your budget, refinancing could be the solution you’ve been searching for. A refinance…
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