Buy Here Pay Here Nashville, TN

If unforeseen events are putting the squeeze to your budget, there may be something you can do even if you have bad credit. If you are more than halfway through your car loan, you may qualify for a bad credit car loan refinance. Refinancing your current car loan works in much the same way as applying for a regular bad credit car lease. First, it's a good idea to know your current credit history as well as your credit score. If either of these two has changed significantly since you last applied for a vehicle loan, it could affect your chances for a refinance loan. You also must be current on your present loan with a good payment history. This means that if you have any late payments of if your present car loan is in default, obtaining a bad credit car loan refinance will be very difficult. One other thing that needs to be taken into account is that you can't apply for a bad credit car loan refinance through a car dealer. Unlike new and used car loans, dealers are not equipped to process a loan refinance. Here are your best sources for a bad credit car loan refinance:

1. Your current lender - This is probably your best choice, since your current lender is the one entity that is most familiar with your current payment history. Even if you have had other credit issues since your original car loan, most lenders will give more weight to how they were paid.
2. Your credit union - Credit unions will usually offer more latitude to their members than other lending institutions. They usually buy deeper than banks and their rates, for a given credit score, are usually more competitive than other lenders.
3. Finance companies - Finance companies are a third source for bad credit car loan refinance. Although they serve a broad spectrum of the market - from good credit customers to those with tarnished credit - their interest rates can be significantly higher than credit unions.