Car refinance with fair credit is an option for many people. Fair credit refers to a credit score between 640 and 699. If your credit score may not be the highest, but you could benefit from a loan with lower interest rates and terms, it’s worth taking a closer look at refinancing your current loan into one that’s more affordable to you. Refinancing your car loan may mean providing you with access to more affordable terms. However, even with fair credit, some lenders are likely to work with you.

Make refinancing your car with fair credit easy. You’ll learn a great deal on this page about what we can do for you. However, to provide you with accurate information about your specific qualifications, we highly recommend that you complete our form. Doing so will not hurt your credit. We use only a soft credit pull to get the necessary information for you. Then, in a matter of minutes, you’ll have a customized loan offer to choose from, if you like.

Not everyone has excellent credit. Many people get into car loans that may be too expensive for them. Or the loan may simply be too costly because of high interest rates for the long term. If you want to get a more affordable loan to you, refinancing your current auto loan may be an option. The new loan pays off the existing loan. It applies new terms that may mean more affordability. Some of these loans may save you money.

How Does Fair Credit Impact Your Ability to Obtain a Car Refinance?

Like with most personal loans, lenders need to determine how much of a risk a person is before they will provide a loan. One way to do that is to check your credit report and credit score. This provides the lender with information about how reliable you have been in making payments with other lenders. Lenders typically assume you’ll maintain the same credit habits with your new loan.

Having fair credit may be somewhat limiting in that not all auto loan refinancing companies work with people with fair credit. Yet, many do, which means you may have options for obtaining a loan.

Just fill out some basic information about yourself on our form at the bottom of this page. Our lending partners may be able to help you refinance a car loan with fair credit.

Should You Refinance Your Car Loan?

Deciding to refinance a car is very much dependent on your specific needs and goals. Your financial situation may determine if there are benefits to refinancing or not. Take a few minutes to learn as much as you can about your existing car loan. What’s the interest rate? How much longer do you need to repay the loan?

Before you dive into any loan option, you may want to be sure it is going to improve your situation in some way. Many people have an opportunity to see benefits with auto refinance loans. Here are some.

• Lower your monthly payment. One of the most common reasons to refinance a car loan with fair credit is because you may qualify for a lower monthly payment. If your credit score has improved since you obtained your initial loan, or you can stretch out the loan term a bit longer, you may be able to lower your monthly payment.
• Get a lower interest rate. You may be able to obtain competitive rates from some of our lending partners. Depending on your existing loan, these may be several points lower than what you are paying now. When you get a lower interest rate, you may end up paying significantly less for the loan. That means more money is kept in your pocket.
• Get cash out. Depending on the loan amount and what the car is worth, you may qualify for a loan that is more than what you owe on the car. When you do this, it may mean that you are able to get cash out to use for any other need you have. You’ll have to have a car that offers enough value to secure this, though.

RefiJet’s lending partners offer several potential benefits for those who want to change their existing loan terms and conditions. It’s always wise to consider the costs of refinancing and whether, in the long term, it is beneficial for you to refinance.

When it comes to car loan refinancing with fair credit, you want to make sure it is the right decision for your situation. Many factors play a role in that decision. Here are some questions to answer before you refinance your car loan outright.

Did you obtain dealer financing when you bought your car?

Sometimes dealership financing is more expensive than other loans you may qualify for from a financial institution like a bank or a credit union. Often, dealership loans are more expensive because the buyer wants to get the loan so they can leave the lot with the vehicle they desire. If you have dealership financing, you may benefit from refinancing if refinancing rates are lower than what you are paying.

What is your current credit score and history?

Lenders want to be sure they can lend to you. That’s why RefiJet helps you obtain multiple offers on these loans so you can compare what is available to you. If you have not done so yet, look at your credit report to be sure your credit history is up to date and accurate.

What is your car worth?

You don’t need to have an exact value for your car. However, you do want to be sure that your car is worth and  what you owe on the loan. If you owe more than the car is worth, you may be upside down in the loan. Not all lenders will lend to you when this happens. You may need to pay down the balance on your car, if possible.

How Do You Choose a Car Refinance with Fair Credit?

When you use the RefiJet, it’s very easy to learn which lenders you can work with – and the good news is you don’t have to waste your time applying to loans that may no longer be the right option for you with fair credit.

Still, there are a few things you want to consider about any lender before you obtain a financial product, like a loan from them. It’s always a good idea to learn as much as you can about the loan offers.

• What are the terms of the loan? The term is the length of the loan. A longer-term may help you have a lower monthly payment. However, a shorter term means you spend less on interest overall to buy your car. Finding the right in-between that fits your budget and needs is always a good idea.
• What are available interest rates? Look at the offer loans carefully to determine what the interest rate is. Even if you have fair credit, you may qualify for a loan with a competitive interest rate. Not all lenders offer the same rate, though. You’ll want to be able to compare several loans to determine which is a good fit for your needs if possible.
• Is there a minimum amount to borrow from the lender? This is often one of the requirements from some lenders. Look for a loan option that fits your needs – it should be affordable to you and provide enough to cover your loan. If you do not owe much on a loan, some lenders may not work well for you.
• Is it a soft credit pull? RefiJet uses a soft credit pull to get initial information about you in order to run it against the criteria of our lending partners.  A soft pull will not harm your credit score. Most lenders need to see financial information that’s on your credit report before they can lend to you. The soft pull just helps protect your score during that process.
• What is the company’s reputation? Choose a fair provider to work with, one that can provide you with a loan that fits your needs and provides excellent customer service when you have questions or need support. Learn as much as you can about companies to determine how well they treat their customers – whether for an auto loan or credit card. Reviews of past transactions from previous customers can help you have a better idea of the companies’ reputation.

The more information you have, the better your chances of getting a loan that is going to better your financial situation. It’s worth spending a few extra minutes comparing your options.

Let RefiJet Help You

RefiJet provides you with outstanding tools to help you find the loan you need. If you need a car refinance with fair credit, our partner lenders may be able to offer options to you. All you have to do is fill out our form below with some basic information. We’ll then find available loans based on your qualifications. RefiJet does not perform a hard inquiry on your credit report to see what you qualify for – rather, it is a soft pull that does not impact your credit report.

Best of all, our team is here to help you. Ask us questions. We provide exceptional customer service to you. There is no obligation to work with us through any of the loans we offer. It’s that easy to find the loan that is right for you. We aim to help you save time and money throughout this process of shopping for a new auto loan.

If you have fair credit and want a car loan that will make payments more manageable, fill out the form on this page and get started. It takes just a few minutes to learn about your options and secure a new loan that fills your needs.

RefiJet offers a simple-to-use system. Don’t worry about overpaying on your auto loan any longer. Let us help you to save money, save time, and get into a loan that you feel better about using on your car.