Buy Here Pay Here Fort Myers, FL

Most people don't realize that a home is not the only thing that can be refinanced. There are also lenders that are able to do auto bad credit refinancing. This means that if your monthly bills are stretching your current budget to the breaking point, you can refinance your car in much the same way you can refinance your mortgage. There are some similarities to the two. When auto bad credit refinancing a car, you select a lender and apply for a loan in the amount required to pay off your current loan. This new loan will have either a lower interest rate than you currently pay or a longer term than what remains on your current loan. Either way, the object is to reduce your monthly payment and relieve some of the stress on your budget. A second similarity to a mortgage refinance is that, in both instances, you need to have equity in order to successfully refinance your car. In order to do this, you will need to be at least half way through the original loan term - especially if you used no money down auto lenders and put zero cash down on the original loan. Auto bad credit refinancing throws an additional wrinkle into the process. Unlike conventional auto loans on used cars under $12K, car dealers do not offer refinancing. Auto refinancing in general and auto bad credit refinancing in particular are only done through direct lending. This means it is your responsibility to find a lender that will accept your credit application and begin the process of refinancing. While there are a number of online lenders and brokers that offer this service, your best bet is to try your local bank or credit union, first. Credit unions, in particular, are able to offer more competitive rates to their members than online brokers. Once you have been approved to refinance a car with bad credit, be sure and make all your remaining monthly payments on time. If you do this, chances are you will not only raise your FICO score, you will also qualify for a lower interest rate on your next car loan.