Can I Refinance My Car with Poor Credit?

United States
January 4, 2007 1:12pm CST
My fiance and I bought a car about 4-5 months ago. Out interest rate is extremely high. We are approved for a new vehicle but we are not approved for refinance which I don't understand why. I have looked at common companies like Road Loans and they denied us. Does anyone know of a company online that you can refinance your vehicle with poor/bad credit? I would rather not say how much my car payment is but it through the roof. It is close to being a rent payment for us. We were extremely nieve about this situation until someone pointed it out to us. We have a 2006 Nissan Special Edition Altima. I am just hoping that you/someone would know of a place that does refinance with really bad credit to see if I have any options from getting less upside down. Any suggestions or thoughts would be great. Thanks.
2 people like this
6 responses
@Reviver (339)
• Romania
5 Jan 07
in my opinion it's not a good ideea...
1 person likes this
@classy56 (2882)
• United States
5 Jan 07
try with citifinanalauto.com they will refinace this were i refinance my car a few yrs ago ,try looking on the web by typeing in key word like {refinance auto} an see what you come up with.good luck
1 person likes this
@Sthurm86 (17)
• United States
5 Jan 07
Honestly it doesnt make sense to me that you were approved for a car but not approved for refinancing but at the same time it can be because dealerships want a sale and will do what they can to make money. My advice would be to try to wait a while to try to boost up your credit a little bit and then try to refinance in a few months.
1 person likes this
• United States
5 Jan 07
I would definately NOT refinance a car. It's never a good idea. It would be best to just pay off the car & try to improve your credit. You can go to freecreditreport.com & get your credit report. That will help you figure out what you need to do to improve your credit.
1 person likes this
@pookie92 (1714)
• United States
5 Jan 07
You probably cannot refinance with bad credit. It is much easier to get a loan on a new car than even a used one, much less trying to refinanace. Once you pay the fees for refinance, I'm not sure you would be any better off. have you been making good payments? You can always ask for a better deal if you have been good and on time.
• United States
4 Jan 07
I would steer away from trying to refinance the vehicle on line because I have heard of on-line refinancing having a lot of added on fees. Have you guys had a chance to review your credit reports recently to see what's really on them. The three companies in the United States for credit reports are Experian, Equifax, and TransUnion. Most of these companies will allow you to receive one free copy of your credit report once a year. Look to see if there are any errors on either one of your credit reports. Find out what your credit score is just in case an error on your credit report is affecting your overall credit score. I would see if there is a credit union or a bank in your area that would consider re-financing your vehicle. I believe you have a better chance of re-financing your vehicle with a place that you already do business with than an online refinancer. Hope this helps.