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Article - I have poor credit and want to refinance my auto loan.
By David J. Lalonde
I'm often asked by customers how to trade out of, or refinance, their current auto loan because their current loan is at a high rate due to poor credit.
Often consumers are told that they can refinance or trade out of their high interest loan after just one year of making steady payments. They are told this by the sales person or finance manager closing the current loan. This may be true if you had a large down payment when you purchased your auto. If you did not, you will owe allot more on your auto than it is worth after the first year of making payments. I always recommend that you keep your current auto until at least half way through the term of your current loan. The following diagram displays the typical chronology of an auto loan.
Although it may be true that you would qualify for a better interest rate on your auto loan you can see from the diagram that
after 12 months you typically owe a lot more on your auto than its trade in value.
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