Can I refinance my car loan with bad credit? I am currently in a debt settlement program have many charge offs on my report at the current time. I was wondering if there is any way to refinance this to make the payment lower with bad credit?

As a matter of policy, most financial institutions do not refinance auto loans.

Cars depreciate faster than the loan is being paid off, and nobody wants to write a new loan on a car for *more* than the car is worth. Especially if you have bad credit.

Talk to the people who currently hold your car loan. Faced with the prospect of default, they may be willing to negotiate smaller payments - but you're going to have to be very convincing to sell them on that idea.

NO! First off, car loans do not usually get "refinanced" since the property is losing value on a daily basis. (unlike real estate which gains value with time, a car loses value) hence even with good credit its rare, with bad credit, NOWAY!
In general financing a car is ALWAYS a suckers bet, always buy cash.

You have 3 options:
1) sell the car and pay the it off.
2) If you owe more than the car is worth, than option 1 is no good so what you can do is actually pay MORE a month. Since any extra dollar you pay goes directly to your principle and not to interest.
3) If neither of these options are feasible, than just stop paying for it. Your credit being so bad, the repo will not make that big of a difference anyways. But with the money you save by not paying them for cuople of months before it gets repo'd you save enough money to buy a cheap car cash!!



cheers

You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.

WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.

There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...

http://www.axalda.info/bad-credit-car-loans.html