Must be current on auto loan payments to be considered for refinance.
Your car must be worth at least as much as the outstanding debt on the current loan.
Credit score of 600 or better is required for refinancing.
Auto Credit Express will not refinance anyone with a repossession on their credit history.
Can you refinance auto loan with bad credit?
Although there are no guarantees, you may be able to refinance your car loan with bad credit. Whether you want to refinance to lower your interest rate, lower your payments or for any other reason, certain lenders specialize in providing auto loan refinancing for those who have bad credit.
How long should you wait to refinance a car?
At IFS, we use the following rules of thumb to guide customers on when to refinance their auto loans:
- Wait at least 60-90 days from getting your original loan to refinance.
- Consider refinancing after six months.
- If you are a first-time car loan borrower, wait at least a year to refinance your loan.
Who is the best to refinance a car?
The 8 Best Auto Loan Refinance Banks of 2019
- Best for Great Credit: LightStream.
- Best for Poor Credit: CarFinance.com.
- Best for Checking Rates Without Impacting Your Credit: Capital One.
- Best Trusted Name: Bank of America.
- Best for The Most Options: AutoPay.
- Best for Members of the Military: USAA.
- Best for Peer-to-Peer Loans: Lending Club.
What credit score is needed to refinance a car with Capital One?
Capital One Auto Finance at a glance
|APR*||As low as 3.59%**||4.15% – 24.99%|
|Amounts||Min: $4,000||$7,500 – $50,000|
|Min credit score||500||540|
|Min monthly income||$1,500 – $1,800, depending on credit|
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