Refinancing an existing car loan, generally means to replace your existing car loan with a new credit agreement having its own repayment schedule, a set new terms and conditions with lower interest rate.
If you are finding it hard to stay current on your existing car loan, you could get rid of it by securing a bad credit auto refinancing loan. This could enable you to save some dollars every month by deriving substantially lower interest rates, reduced monthly payments and secure a facility to skip a car payment.
Refinancing broadly means to convert your existing debts into a single new entity, having terms which suit you, at an amount you can afford. In the auto industry it’s called car refinancing. Many auto refinance or car refinance companies offer plans for refinancing your existing car loan with a new one.