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Will a lender refinance my loan if I have bad credit?
When I initially applied for a car loan, I got an interest rate of 22%. I've rebuilt my credit since then, but it’s still below prime. Can I still get a refinance if my credit score is still low?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great job on rebuilding your credit! The good news is that even if your credit is a tad bit on the low side, you may still find a lender that’s willing to work with you.
Generally speaking, lenders want you to have a credit score at a minimum of 600 to 660, but the score depends on the requirements of the lender. The closer you are to 660, the better your chances at getting approved.
However, lenders will also look at your income and debt-to-income ratio to determine if you’re a viable loan candidate, so don’t think your entire approval hinges on your credit score.
Grab a copy of your credit report and see what’s on it. To further build your score in a short time, pay off any charge-offs or delinquent accounts first, then move onto revolving credit, such as credit cards.
Once you’ve completed this, get ready to shop around for both a new interest rate and car insurance. Scour the internet for lenders and then use the
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- Gregory R.
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