Where can I refinance my auto loan with a credit score of 550 and a current APR of 9.5%?
"I want to refinance my car loan. Currently, it's 9.5% APR for 84 months. My income is around $5,000 a month, but my credit score is only 550.
Where should I go to refinance and get a lower rate?"
“A 9.5% APR for 84 months with your credit score is a phenomenal deal. You’re probably not going to find a place to refinance for less than that, even if you cut your loan length down to 48 or 60 months.
However, it’s worth a shot. Check with your current lender to see what they can do for you. And, like you would with car insurance, shop around online or in person to find the best rate possible.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
Is it necessary to have PIP, medical payments, and uninsured motorist coverage on my policy for my Hyundai Palisade?
I have all three on my current auto policy. I don't really know what they cover and if it's necessary that I have all of them. I don't have health insurance, if that matters.
May 18, 2021
What does medical pay auto insurance cover in Georgia?
Will my Med Pay insurance cover the costs of our hospital bills? I was rear-ended in traffic and both my daughter and I have neck injuries.
Jul 01, 2021
What methods of payment are available for car loans?
I just want to know what my options are before I sign up for a car loan.
Aug 09, 2021