Wanting to try to refinance my car with bad credit...

[cheyenne52883 35]

Can anyone suggest somewhere that I can try to refinance my car? I have bad credit (better than when I initially got the car loan) and want to see if I can lower my interest rate.

The loan is through Wells Fargo. I already called Wells Fargo and did not qualify for better rates...

[mt2va 10]

I just bought a car in December & it was financed through Nuvell Credit (GMAC company). Mine was 21% interest (yes ouch!!!) but I had to have a car to get to work. My credit score is 578. And I just barely qualified to get a loan. I think the way the economy is makes it that much harder. Good luck & please post if you get something better as I hope to re-finance mine in 6 months or so.

[trhonda2000 10]

Yes I got a loan thru Drive Financial, my highest FICO was approx. 578 at the time. The interest is 24.5%. My plan was to make on time payments for a year and then attempt a refinance through one of my many nice banks. That is what the car salesman and my father suggested I do. So hopefully it works. Will be a year in August.

[Dre 305]

That's a smart idea. Keep paying on the car, lower any balances you have on credit cards, clean up anything on your credit report - afterwards, I would def. go for the refinance.

[dazedandconfusedincali 26]

NO one has given a clear answer on this question. Everyone wants to do it but no one knows if it is possible. Including me.

[Denita 434]

You have a better shot at refinancing thru a credit union once you have shown on time payments for at least a year.

I would open a savings account with a credit union and estabilish a relationship first ....then try for the refi.

[cap1kid 111]

It can be done- I financed my car with Chase at 16%- 4 months later I re-financed with HSBC for 14%- then 6 months later with NFCU for 12%- And now I make bi-weekly payments which pays off more of the principle.

I believe HSBC is no longer doing car loans. Your local banks or CUs should be able to help.

[cheyenne52883 35]

Thank you for your response. I will have had the car for a year this May. I have never missed a payment and I have always paid more than the payment amount. Unfortunately the bank that I am currently financed through does not refi.

I think I will try and contact my local credit union and see if I can refi through them.