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Individuals with a bad credit history and thus a poor credit score fall under this category. Similarly, people with a low income every month or those who are not affluent enough to pay a big amount as down payment are also offered auto refinancing at higher rates of interest. Thus, prior to applying for a car refinance, make sure you have corrected all the errors in your credit report. Also, get in touch with at least 3-4 different short-listed lenders to gather quotes for a car loan. This will help you find out the interest rate you are eligible for and make the best deal.
Although the car refinance rate varies between states and exhibit monthly fluctuations, the average car refinance rate accepted by majority of people is 7 percent. While the average rate is as much as 7.71 percent for all borrowers in Philadelphia, it is just 6.19 percent in Illinois. As per recent estimates made by the HSH Associates, Los Angeles borrowers can obtain car refinance at average rate of 7.54 percent for amounts up to $20,000. On the other hand, the average rate in Cleveland is 6.19 percent, same as that of Illinois. A detailed list of current, state-wise average car refinance rates can be obtained from the official websites of the HSH Associates. Keep in mind that these are just the average rates. The final rate would depend largely on your financial status and personal details. However, it is good to do a good homework so that you can shop for rates and get the best deal for refinancing your car.
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