Can I refinance a car if I'm behind on my payments?

I'm currently one month behind on my car payments, but it's partly because my monthly payments are outrageous—I have a 19% interest rate! Can I still refinance my car if I'm behind on payments?

Answer
That 19% interest rate is definitely high, so having the forethought to refinance your car loan is smart! Unfortunately, you cannot refinance your car while behind on payments—but you still have a couple options.
The best move here is to get current on your car payments. Hopefully, you haven’t delayed your payments long enough to drastically diminish your credit score—but even if you have, the quicker you act, the less damage will be done.
Once you’re up to date on your payments, you can start to shop around for the best rate possible.
In the meantime, shopping for the best car insurance rate can free up some money to put toward your car loan. If you want to do this easily, check out the Jerry app—we’ll get you personalized quotes from top providers in seconds, so that all you have to do is pick the plan that works best for you. And once you choose one, we’ll even help you switch!
Best of luck! Hopefully your financial straits improve soon.
Eric Schad
Answered on Nov 22, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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