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Bad Credit Auto Refinancing

Having bad credit scores is stifling in a number of ways. When you want to get a car loan, You may run into difficulties with some auto loan lenders. Or perhaps you already have the car loan after getting pre-approved through one of our lenders, and you are looking into bad credit auto refinancing. Fortunately, this is a possibility, but there are a few thing that are important information for you to know.

What Exactly is a Bad Credit Auto Refinance?

Before you undergo bad credit auto refinancing in Ontario, you should understand what the refinance process actually entails. Basically, when you refinance a car, or a house for that matter, you are generally able to work toward two particular goals:

  • Lowering the interest rates on your car loan
  • Extending the number of months in the term of your loan
  • The end result is lower monthly payments

Often times, your current lender do a refi for you. Here at we can help you get approved for an auto refinance regardless of where your current loan was opened.

Lowering Your Interest Rate with an Auto Refinance

If you had poor credit when you first obtained the loan, you probably had a higher interest rate. Luckily, you aren’t stuck with that rate forever. We can help you lower the rates with the best North York refi loans available. Right now, interest rates are lower than they have been at many other points in the past, and it’s a great time for you to rework your car note to benefit your financial situation.

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Auto Refinancing for Bad Credit Can Lower Your Monthly Payments

Going for a refinance means that both of these possibilities are available to you. Canada Auto Approval can help you lower your interest rate and extend the length of your loan at the same time. With low credit scores, this option might work out better for you. Basically, by extending the number of months that are in your loan agreement, you are able to pay less money per month. While the total amount will be the same at the end of the agreement, you will have less of a financial burden right now.

Auto refinancing for bad credit is definitely something that is possible. You should know what refinancing actually is, and you should definitely take advantage of it to lower your monthly payments.

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