When is a good time to refinance an auto loan you got with poor credit?

Any of the following situations may indicate it is a good time to refinance the auto loan you received with poor credit:

  • Your credit has increased, and you are now eligible for lower interest rates. This increase in credit should be large enough to provide substantial benefits to counter any penalties that may be assessed as part of your refinancing.
  • The national prime interest rate has dropped substantially, leading you to believe the general market rate is very low at the time.
  • You have a significant change in your spending power that would allow you to pay down the loan faster.
  • You have a significant change in your spending power that puts you at risk of default without refinancing.

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