What credit score is needed to refinance a car loan?

I got a new job recently that pays more and is salaried. Having a salary has made budgeting and paying bills more manageable, so I want to refinance my car loan and hopefully pay it off sooner. My credit score is still pretty bad, and I’ve been working to improve it, but what credit score is needed to refinance a car loan?

Answer
Congratulations on the new job! Having a steady income can undoubtedly make a big difference.
There is no required credit score to refinance your car loan. However, having a credit score of 661 or higher can significantly improve your chances of approval and help you receive a lower interest rate.
The best way to find out if you can refinance your car loan to include more favorable terms is to talk with multiple lenders and compare offers. If you are struggling to refinance, you may want to consider finding a cosigner or use proof of income and examples of previously financed purchases to make your case.
If you’re looking for other ways to improve your credit, consider paying for your car insurance with a credit card. If you make your credit card’s monthly payments on time, your credit score can increase.
Additionally, if you want to save money on car insurance, the Jerry app is a good place to start. A licensed broker, Jerry does all the hard work of finding cheap quotes from more than 50 top name-brand insurance companies, including Nationwide, Allstate, and Travelers, and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!
Jack Walsh
Answered on Nov 18, 2021
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