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Posted in Auto Loans
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CLPS5150

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Can I refinance my auto loan for lower interest if my credit was good but is now bad?
When I got my auto loan my credit was good it's not now and I want to refinance for lower interest and payments

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You do understand that when you have good credit you get lower interest rates and when you have bad credit you get higher interest rates right? Do not expect to get a better interest rate and expect a much higher rate if your credit has worsened. You may be able to refi for a longer termed loan, but the rate would be much higher possibly costing you the same monthly payment as you have now even with a longer term loan. I would really try to improve your credit before you do this. As of right now, all you can do is apply with some lenders and see what they say, but expect some dings to your scores for added credit inquiries.

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