How do I refinance my car loan with bad credit? | Jerry

Refinancing isn’t always an option either, as most lenders won’t take on a person with bad credit and negative equity on their vehicle.

You’re not alone, and unfortunately, many people with bad credit get approved for car loans they cannot afford.

contact your current lender and see if they can offer you a more manageable finance plan. This may not be an actual refinance, but rather a shuffling or restructuring of your payment plan.

If you want to attempt to refinance your car loan,and see if they can offer you a more manageable finance plan.

If your current lender doesn’t allow you to refinance the loan, shop around and compare offers from multiple lenders to find the best plan. Unfortunately, finding a new lender or better rate can be challenging when you have bad credit. But some lenders are more willing to work with you than others. Places to start include:

Local banks
Credit unions
Online lenders

Once you find a new lender, refinancing is essentially the same process you went through when getting approved for the initial loan.

Besides saving the average customer $879 a year on their car insurance , the Jerry app can also connect you with lenders and takes into trương mục your specific financial needs to find a loan that works for you.

MORE: How to reduce car payments without refinancing your car loan