Advertised rates for car loans, mortgages and even some credit cards are tantalizingly low, promising big savings for borrowers who can refinance. But just because you see that rate advertised doesn't mean you'll qualify.
Here are three loans that can be difficult to refinance, as well as strategies for lowering your rate if you are stuck with one of them.
Used Auto Loan
If you bought a new vehicle with little or no money down, or if you're driving a clunker, refinancing it may be tough. That's because you may be upside down on your loan -- you owe more than the vehicle is worth; or the value of your vehicle is so low that the lender may not want to be saddled with it if you default.
Lenders who finance car loans are typically looking at the borrower's credit and income, as well as the value of the car as collateral for the loan. "If you have strong credit then you may be able to refinance," says Phillip Reed, http://www.edmunds.com/
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