How can I refinance my vehicle with bad credit?
Many consumers agree to unfavorable loan terms when financing used vehicles because they are, as you say, “desperate.” In our society, many people are unable to carry out their day-to-day activities, such as going to work and taking their children to school, without owning a vehicle. As a result, consumers in a financial bind are often forced to pay high prices and interest rates to finance a car, because without it their financial situation would be even worse. Many used car dealers make huge profits by financing cars for people with credit problems, convincing buyers to finance over-priced vehicles at bloated interest rates. The good news is that you may be able to refinance your current auto loan at a lower rate, potentially saving you thousands of dollars over the life of the loan. An auto loan refinance basically works the same as a home loan refinance–you new lender will pay off your old auto loan, leaving you with a new loan with the same balance as your old loan, but with a low
