[{"data":1,"prerenderedAt":10876},["Reactive",2],{"/":3},{"data":4,"headers":10848,"perPage":10874,"total":10875},{"stories":5,"cv":10845,"rels":10846,"links":10847},[6,1791,3370,4804,6119,7239,8432,9377,10026],{"name":7,"created_at":8,"published_at":9,"updated_at":10,"id":11,"uuid":12,"content":13,"slug":1782,"full_slug":1783,"sort_by_date":178,"position":1784,"tag_list":1785,"is_startpage":46,"parent_id":1786,"meta_data":178,"group_id":1787,"first_published_at":1788,"release_id":178,"lang":1789,"path":178,"alternates":1790,"default_full_slug":178,"translated_slugs":178},"Is it better to get a loan through your bank or a private lender? ","2025-04-07T18:30:44.392Z","2026-04-01T17:00:51.758Z","2026-04-01T17:00:51.792Z",651798174,"4d10e474-8337-46c0-99dd-24cd985a923d",{"seo":14,"_uid":20,"body":21,"author":47,"category":1778,"featured":46,"component":1779,"canonicalTag":1780,"_editable":1781},{"_uid":15,"title":16,"plugin":17,"og_image":18,"og_title":18,"description":19,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"4b4c02b6-74d1-4881-a9f0-d7b66a7d218f","Is It Better To Get a Loan Through Your Bank or a Private Lender?","seo_metatags","","Each type has its own pros and cons. Here’s how to decide whether it’s better to get a loan through your bank or through a private lender. 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Navient is not being compensated for any application, quotation, or the purchase of any financial products.","text",[76],{"type":77,"attrs":78},"textStyle",{"color":18},{"type":70,"content":80},[81,83,89,91,96,98,103,105,109,111,115],{"text":82,"type":74},"The first step to taking out a ",{"text":84,"type":74,"marks":85},"personal loan",[86],{"type":77,"attrs":87},{"color":88},"black",{"text":90,"type":74}," is deciding on a ",{"text":92,"type":74,"marks":93},"lender",[94],{"type":77,"attrs":95},{"color":88},{"text":97,"type":74},". While there are a number of different types of ",{"text":99,"type":74,"marks":100},"lenders",[101],{"type":77,"attrs":102},{"color":88},{"text":104,"type":74}," on the market, two emerge as the most popular by far: banks and private ",{"text":99,"type":74,"marks":106},[107],{"type":77,"attrs":108},{"color":88},{"text":110,"type":74},". Each type has its own pros and cons, and understanding the differences can help you make an informed choice. Here’s how to decide whether it’s better to get a loan through your bank or through a private ",{"text":92,"type":74,"marks":112},[113],{"type":77,"attrs":114},{"color":88},{"text":116,"type":74},".",{"type":118,"attrs":119,"content":121},"heading",{"level":120},2,[122],{"text":123,"type":74},"Key takeaways",{"type":125,"content":126},"bullet_list",[127,165,191,216],{"type":128,"content":129},"list_item",[130],{"type":70,"content":131},[132,137,139,143,145,150,152,157,159,164],{"text":133,"type":74,"marks":134}," ",[135],{"type":77,"attrs":136},{"color":18},{"text":138,"type":74},"A ",{"text":84,"type":74,"marks":140},[141],{"type":77,"attrs":142},{"color":88},{"text":144,"type":74}," is a versatile source of funding that generally has ",{"text":146,"type":74,"marks":147},"lower interest rates",[148],{"type":77,"attrs":149},{"color":88},{"text":151,"type":74}," than ",{"text":153,"type":74,"marks":154},"credit cards",[155],{"type":77,"attrs":156},{"color":88},{"text":158,"type":74}," or open ",{"text":160,"type":74,"marks":161},"lines of credit",[162],{"type":77,"attrs":163},{"color":88},{"text":116,"type":74},{"type":128,"content":166},[167],{"type":70,"content":168},[169,171,183,185,190],{"text":170,"type":74},"While banks have strict lending criteria, they ",{"text":172,"type":74,"marks":173},"tend to offer lower interest rates",[174,180],{"type":175,"attrs":176},"link",{"href":177,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.fundingcircle.com/us/resources/banks-vs-online-lenders-how-to-decide-whats-best-for-your-business/",null,"url",{"type":77,"attrs":181},{"color":182},"rgb(17, 85, 204)",{"text":184,"type":74}," to people with high ",{"text":186,"type":74,"marks":187},"credit scores",[188],{"type":77,"attrs":189},{"color":88},{"text":116,"type":74},{"type":128,"content":192},[193],{"type":70,"content":194},[195,197,201,203,208,210,214],{"text":196,"type":74},"Private ",{"text":99,"type":74,"marks":198},[199],{"type":77,"attrs":200},{"color":88},{"text":202,"type":74}," can be an excellent option for ",{"text":204,"type":74,"marks":205},"borrowers",[206],{"type":77,"attrs":207},{"color":88},{"text":209,"type":74}," who have low ",{"text":186,"type":74,"marks":211},[212],{"type":77,"attrs":213},{"color":88},{"text":215,"type":74}," or who need funds fast.",{"type":128,"content":217},[218],{"type":70,"content":219},[220,222,227,229,234,236,241],{"text":221,"type":74},"When shopping for ",{"text":223,"type":74,"marks":224},"personal loans",[225],{"type":77,"attrs":226},{"color":88},{"text":228,"type":74},", make sure to compare ",{"text":230,"type":74,"marks":231},"interest rates",[232],{"type":77,"attrs":233},{"color":88},{"text":235,"type":74},", fees, and available ",{"text":237,"type":74,"marks":238},"loan terms",[239],{"type":77,"attrs":240},{"color":88},{"text":116,"type":74},{"type":118,"attrs":243,"content":244},{"level":120},[245,247],{"text":246,"type":74},"Differences between banks and private ",{"text":99,"type":74,"marks":248},[249],{"type":77,"attrs":250},{"color":88},{"type":70,"content":252},[253,255,262,264,268,270,275],{"text":254,"type":74},"When you apply for a ",{"text":84,"type":74,"marks":256},[257,260],{"type":175,"attrs":258},{"href":259,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://marketplace.navient.com/blog/what-is-a-personal-loan/",{"type":77,"attrs":261},{"color":182},{"text":263,"type":74},", your choice of ",{"text":92,"type":74,"marks":265},[266],{"type":77,"attrs":267},{"color":88},{"text":269,"type":74}," can significantly impact your ",{"text":271,"type":74,"marks":272},"borrowing",[273],{"type":77,"attrs":274},{"color":88},{"text":276,"type":74}," experience. Here’s how to make a solid decision.",{"type":118,"attrs":278,"content":280},{"level":279},3,[281],{"text":282,"type":74},"It may be easier to qualify through your bank",{"type":70,"content":284},[285,287,291,293,298,300,305,307,312,314,318,320,325,327,332,334,338],{"text":286,"type":74},"Many banks have stricter lending criteria than private ",{"text":99,"type":74,"marks":288},[289],{"type":77,"attrs":290},{"color":88},{"text":292,"type":74}," do. Some also require extensive documentation during the ",{"text":294,"type":74,"marks":295},"loan application process",[296],{"type":77,"attrs":297},{"color":88},{"text":299,"type":74},". However, you may have some leverage if you have a longstanding relationship with your bank, since many banks prioritize their existing customers. For example, both ",{"text":301,"type":74,"marks":302},"Wells Fargo",[303],{"type":77,"attrs":304},{"color":88},{"text":306,"type":74}," and Citizen Bank offer a 0.25% ",{"text":308,"type":74,"marks":309},"interest rate",[310],{"type":77,"attrs":311},{"color":88},{"text":313,"type":74}," reduction for ",{"text":204,"type":74,"marks":315},[316],{"type":77,"attrs":317},{"color":88},{"text":319,"type":74}," who already have a qualifying ",{"text":321,"type":74,"marks":322},"bank account",[323],{"type":77,"attrs":324},{"color":88},{"text":326,"type":74}," and are enrolled in automatic payments at the time of application. This is a unique ",{"text":328,"type":74,"marks":329},"perk",[330],{"type":77,"attrs":331},{"color":88},{"text":333,"type":74}," that’s not available with most private ",{"text":99,"type":74,"marks":335},[336],{"type":77,"attrs":337},{"color":88},{"text":116,"type":74},{"type":118,"attrs":340,"content":341},{"level":279},[342,344,349],{"text":343,"type":74},"You may be more likely to get a ",{"text":345,"type":74,"marks":346},"lower interest rate",[347],{"type":77,"attrs":348},{"color":18},{"text":350,"type":74}," through a bank",{"type":70,"content":352},[353,361,363,367,369,374,376,380,381,385,387,391,393,397],{"text":354,"type":74,"marks":355},"Banks often have an advantage",[356,359],{"type":175,"attrs":357},{"href":358,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.consumerfinance.gov/about-us/blog/fed-is-raising-interest-rates-what-does-that-mean-for-borrowers-and-savers/",{"type":77,"attrs":360},{"color":182},{"text":362,"type":74}," over private ",{"text":99,"type":74,"marks":364},[365],{"type":77,"attrs":366},{"color":88},{"text":368,"type":74}," when it comes to ",{"text":370,"type":74,"marks":371},"annual percentage rates",[372],{"type":77,"attrs":373},{"color":88},{"text":375,"type":74}," (APRs). Due to their size, established reputation, and access to low-cost funding, banks are sometimes able to offer ",{"text":204,"type":74,"marks":377},[378],{"type":77,"attrs":379},{"color":88},{"text":133,"type":74},{"text":146,"type":74,"marks":382},[383],{"type":77,"attrs":384},{"color":88},{"text":386,"type":74}," compared to private ",{"text":99,"type":74,"marks":388},[389],{"type":77,"attrs":390},{"color":88},{"text":392,"type":74},". If you can secure a ",{"text":345,"type":74,"marks":394},[395],{"type":77,"attrs":396},{"color":88},{"text":398,"type":74}," — even by just a point or two — that can result in significant savings over the life of your loan.",{"type":118,"attrs":400,"content":401},{"level":279},[402,404],{"text":403,"type":74},"You’re more likely to be approved faster with a private ",{"text":92,"type":74,"marks":405},[406],{"type":77,"attrs":407},{"color":18},{"type":70,"content":409},[410,412,416,418,422,424,429,431,436,438,443],{"text":411,"type":74},"Today, most private ",{"text":99,"type":74,"marks":413},[414],{"type":77,"attrs":415},{"color":88},{"text":417,"type":74}," are online. (For that reason, we use the terms “private ",{"text":92,"type":74,"marks":419},[420],{"type":77,"attrs":421},{"color":88},{"text":423,"type":74},"” and “",{"text":425,"type":74,"marks":426},"online lender",[427],{"type":77,"attrs":428},{"color":88},{"text":430,"type":74},"” interchangeably.) Thanks to that robust digital presence, ",{"text":432,"type":74,"marks":433},"online lenders",[434],{"type":77,"attrs":435},{"color":88},{"text":437,"type":74}," usually issue ",{"text":439,"type":74,"marks":440},"loan approvals",[441],{"type":77,"attrs":442},{"color":88},{"text":444,"type":74}," much faster than banks do. A quick lending decision may be attractive if you need funds urgently or want to take advantage of a time-sensitive investment opportunity.",{"type":118,"attrs":446,"content":447},{"level":279},[448,450,455,457],{"text":449,"type":74},"You may need ",{"text":451,"type":74,"marks":452},"good credit",[453],{"type":77,"attrs":454},{"color":18},{"text":456,"type":74}," to qualify for a ",{"text":458,"type":74,"marks":459},"bank loan",[460],{"type":77,"attrs":461},{"color":18},{"type":70,"content":463},[464,466,471,473,481,483,488,490,498,500,505,507,511,513,518],{"text":465,"type":74},"You’ll need an ",{"text":467,"type":74,"marks":468},"excellent credit score",[469],{"type":77,"attrs":470},{"color":88},{"text":472,"type":74},", stable income, and a solid financial history to ",{"text":474,"type":74,"marks":475},"qualify for a personal loan",[476,479],{"type":175,"attrs":477},{"href":478,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://marketplace.navient.com/blog/how-do-personal-loans-work/",{"type":77,"attrs":480},{"color":182},{"text":482,"type":74}," with most banks. Banks typically look at your ",{"text":484,"type":74,"marks":485},"credit history",[486],{"type":77,"attrs":487},{"color":88},{"text":489,"type":74},", income stability, and ",{"text":491,"type":74,"marks":492},"debt-to-income ratio",[493,496],{"type":175,"attrs":494},{"href":495,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-en-1791/#:~:text=Your%20debt%2Dto%2Dincome%20ratio,money%20you%20plan%20to%20borrow.",{"type":77,"attrs":497},{"color":182},{"text":499,"type":74}," to assess your ",{"text":501,"type":74,"marks":502},"eligibility",[503],{"type":77,"attrs":504},{"color":88},{"text":506,"type":74},". Private ",{"text":99,"type":74,"marks":508},[509],{"type":77,"attrs":510},{"color":88},{"text":512,"type":74},", on the other hand, are more flexible and may take collateral or consider a ",{"text":514,"type":74,"marks":515},"borrower",[516],{"type":77,"attrs":517},{"color":88},{"text":519,"type":74},"’s potential for future cash flow.",{"type":118,"attrs":521,"content":522},{"level":279},[523,525],{"text":524,"type":74},"It can be easier to compare rates among private ",{"text":99,"type":74,"marks":526},[527],{"type":77,"attrs":528},{"color":18},{"type":70,"content":530},[531,533,537,539,544,546,550,552,556,558,563,565,573,575,580,582,590,592,596,598,602,604,609],{"text":532,"type":74},"Some banks require ",{"text":204,"type":74,"marks":534},[535],{"type":77,"attrs":536},{"color":88},{"text":538,"type":74}," to apply for loans ",{"text":540,"type":74,"marks":541},"in person",[542],{"type":77,"attrs":543},{"color":88},{"text":545,"type":74}," or via mail or email. That makes it tough to shop around efficiently. Most ",{"text":432,"type":74,"marks":547},[548],{"type":77,"attrs":549},{"color":88},{"text":551,"type":74},", on the other hand, let you check your ",{"text":230,"type":74,"marks":553},[554],{"type":77,"attrs":555},{"color":88},{"text":557,"type":74}," online through a process called ",{"text":559,"type":74,"marks":560},"prequalification",[561],{"type":77,"attrs":562},{"color":88},{"text":564,"type":74},". ",{"text":566,"type":74,"marks":567},"Prequalification",[568,571],{"type":175,"attrs":569},{"href":570,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.experian.com/blogs/ask-experian/how-to-prequalify-for-loan/",{"type":77,"attrs":572},{"color":182},{"text":574,"type":74}," will also give you an estimate of what your monthly ",{"text":576,"type":74,"marks":577},"loan payments",[578],{"type":77,"attrs":579},{"color":88},{"text":581,"type":74}," will be. Some online platforms, including ",{"text":583,"type":74,"marks":584},"Navient Marketplace",[585,588],{"type":175,"attrs":586},{"href":587,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://marketplace.navient.com/",{"type":77,"attrs":589},{"color":182},{"text":591,"type":74},", even let you prequalify for multiple ",{"text":99,"type":74,"marks":593},[594],{"type":77,"attrs":595},{"color":88},{"text":597,"type":74}," at once. You can then compare rates and loan features side by side. Unlike filling out a formal application, ",{"text":559,"type":74,"marks":599},[600],{"type":77,"attrs":601},{"color":88},{"text":603,"type":74}," doesn’t require a hard credit check and therefore won’t negatively affect your ",{"text":605,"type":74,"marks":606},"credit score",[607],{"type":77,"attrs":608},{"color":88},{"text":116,"type":74},{"type":118,"attrs":611,"content":612},{"level":279},[613,615,619],{"text":614,"type":74},"You’ll be able to meet ",{"text":540,"type":74,"marks":616},[617],{"type":77,"attrs":618},{"color":18},{"text":620,"type":74}," with someone from the bank",{"type":70,"content":622},[623,625,629,631,635,637,642,644,649,651,656,658,662],{"text":624,"type":74},"If you prefer a hands-on approach and face-to-face conversations with your ",{"text":92,"type":74,"marks":626},[627],{"type":77,"attrs":628},{"color":88},{"text":630,"type":74},", you may want to consider ",{"text":271,"type":74,"marks":632},[633],{"type":77,"attrs":634},{"color":88},{"text":636,"type":74}," from a ",{"text":638,"type":74,"marks":639},"traditional bank",[640],{"type":77,"attrs":641},{"color":88},{"text":643,"type":74},". Banks let you schedule ",{"text":645,"type":74,"marks":646},"in-person",[647],{"type":77,"attrs":648},{"color":88},{"text":650,"type":74}," meetings with loan officers or financial advisors to discuss your ",{"text":652,"type":74,"marks":653},"loan options",[654],{"type":77,"attrs":655},{"color":88},{"text":657,"type":74},", ask questions, and receive personalized guidance. Conversely, ",{"text":432,"type":74,"marks":659},[660],{"type":77,"attrs":661},{"color":88},{"text":663,"type":74}," conduct most of their business virtually. That makes it tough to schedule face-to-face conversations when you need help.",{"type":118,"attrs":665,"content":666},{"level":279},[667],{"text":668,"type":74},"Banks have a long history of providing loans",{"type":70,"content":670},[671,673,678,680,684,686,690,692,696,698,704,706,710,712,720],{"text":672,"type":74},"Banks are established ",{"text":674,"type":74,"marks":675},"financial institutions",[676],{"type":77,"attrs":677},{"color":88},{"text":679,"type":74},", many with long track records of offering various financial services. That extensive lending history usually makes them quite reliable. Many private ",{"text":99,"type":74,"marks":681},[682],{"type":77,"attrs":683},{"color":88},{"text":685,"type":74},", however, are recent additions to the lending landscape. Many lack established reputations, putting the onus on the ",{"text":514,"type":74,"marks":687},[688],{"type":77,"attrs":689},{"color":88},{"text":691,"type":74}," to do extensive research to protect themselves against predatory ",{"text":99,"type":74,"marks":693},[694],{"type":77,"attrs":695},{"color":88},{"text":697,"type":74},". One useful workaround is to borrow through lending marketplaces such as ",{"text":583,"type":74,"marks":699},[700,702],{"type":175,"attrs":701},{"href":587,"uuid":178,"anchor":178,"target":178,"linktype":179},{"type":77,"attrs":703},{"color":182},{"text":705,"type":74},", which vets all the ",{"text":99,"type":74,"marks":707},[708],{"type":77,"attrs":709},{"color":88},{"text":711,"type":74}," on its platform. That way, you know you’re getting matched with a ",{"text":713,"type":74,"marks":714},"reputable institution",[715,718],{"type":175,"attrs":716},{"href":717,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.experian.com/blogs/ask-experian/can-i-trust-online-personal-loan-lenders/#:~:text=Unlike%20big%20banks%2C%20online%20lenders,quick%20application%20and%20funding%20process.",{"type":77,"attrs":719},{"color":182},{"text":116,"type":74},{"type":118,"attrs":722,"content":723},{"level":279},[724,726],{"text":725,"type":74},"Not all banks offer ",{"text":223,"type":74,"marks":727},[728],{"type":77,"attrs":729},{"color":18},{"type":70,"content":731},[732,734,738,740,744,746,750,752,757,759,763,765,770,772,780,782,786,788,792,794,799,801,805,807,812],{"text":733,"type":74},"Also keep in mind that not all banks offer ",{"text":223,"type":74,"marks":735},[736],{"type":77,"attrs":737},{"color":88},{"text":739,"type":74},". Banks are more likely to tailor their loan products and services to ",{"text":204,"type":74,"marks":741},[742],{"type":77,"attrs":743},{"color":88},{"text":745,"type":74}," with ",{"text":451,"type":74,"marks":747},[748],{"type":77,"attrs":749},{"color":88},{"text":751,"type":74},". As such, they tend to specialize in ",{"text":753,"type":74,"marks":754},"checking accounts",[755],{"type":77,"attrs":756},{"color":88},{"text":758,"type":74},", ",{"text":153,"type":74,"marks":760},[761],{"type":77,"attrs":762},{"color":88},{"text":764,"type":74},", and ",{"text":766,"type":74,"marks":767},"small business",[768],{"type":77,"attrs":769},{"color":88},{"text":771,"type":74}," loans. If you’re specifically ",{"text":773,"type":74,"marks":774},"seeking a personal loan",[775,778],{"type":175,"attrs":776},{"href":777,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://marketplace.navient.com/blog/should-i-get-a-personal-loan/",{"type":77,"attrs":779},{"color":182},{"text":781,"type":74},", you may find a broader range and potentially more favorable terms through ",{"text":432,"type":74,"marks":783},[784],{"type":77,"attrs":785},{"color":88},{"text":787,"type":74},". Some ",{"text":432,"type":74,"marks":789},[790],{"type":77,"attrs":791},{"color":88},{"text":793,"type":74}," even specialize in specific ",{"text":795,"type":74,"marks":796},"types of loans",[797],{"type":77,"attrs":798},{"color":88},{"text":800,"type":74}," or cater to specific types of ",{"text":204,"type":74,"marks":802},[803],{"type":77,"attrs":804},{"color":88},{"text":806,"type":74},", such as people with ",{"text":808,"type":74,"marks":809},"bad credit",[810],{"type":77,"attrs":811},{"color":88},{"text":116,"type":74},{"type":118,"attrs":814,"content":815},{"level":120},[816,818,822,824],{"text":817,"type":74},"The pros and cons of getting a ",{"text":84,"type":74,"marks":819},[820],{"type":77,"attrs":821},{"color":88},{"text":823,"type":74}," through a private ",{"text":92,"type":74,"marks":825},[826],{"type":77,"attrs":827},{"color":88},{"type":70,"content":829},[830],{"text":831,"type":74},"So, all that considered, should you get a loan from a private lender or your bank? 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Here are some pros and cons to consider.",{"type":118,"attrs":833,"content":834},{"level":279},[835],{"text":836,"type":74},"Pros:",{"type":838,"attrs":839,"content":842},"ordered_list",{"order":840},{"order":841},1,[843,849,862],{"type":128,"content":844},[845],{"type":70,"content":846},[847],{"text":848,"type":74},"Qualification criteria may be less stringent.",{"type":128,"content":850},[851],{"type":70,"content":852},[853,855,860],{"text":854,"type":74},"The ",{"text":856,"type":74,"marks":857},"loan approval",[858],{"type":77,"attrs":859},{"color":88},{"text":861,"type":74}," process is much faster.",{"type":128,"content":863},[864],{"type":70,"content":865},[866],{"text":867,"type":74},"It’s easy to shop around and compare rates.",{"type":118,"attrs":869,"content":870},{"level":279},[871],{"text":872,"type":74},"Cons",{"type":838,"attrs":874,"content":876},{"order":875},{"order":841},[877,895,907],{"type":128,"content":878},[879],{"type":70,"content":880},[881,883,887,889,894],{"text":882,"type":74},"Some private ",{"text":99,"type":74,"marks":884},[885],{"type":77,"attrs":886},{"color":88},{"text":888,"type":74}," offer ",{"text":890,"type":74,"marks":891},"higher interest rates",[892],{"type":77,"attrs":893},{"color":88},{"text":116,"type":74},{"type":128,"content":896},[897],{"type":70,"content":898},[899,901,905],{"text":900,"type":74},"You’ll get limited ",{"text":645,"type":74,"marks":902},[903],{"type":77,"attrs":904},{"color":88},{"text":906,"type":74}," interaction.",{"type":128,"content":908},[909],{"type":70,"content":910},[911,913,917],{"text":912,"type":74},"Most private ",{"text":99,"type":74,"marks":914},[915],{"type":77,"attrs":916},{"color":88},{"text":918,"type":74}," don’t have a long track record in the lending market.",{"type":118,"attrs":920,"content":921},{"level":120},[922,923,927],{"text":817,"type":74},{"text":84,"type":74,"marks":924},[925],{"type":77,"attrs":926},{"color":88},{"text":928,"type":74}," through your bank",{"type":118,"attrs":930,"content":931},{"level":279},[932],{"text":933,"type":74},"Pros",{"type":838,"attrs":935,"content":937},{"order":936},{"order":841},[938,950,956],{"type":128,"content":939},[940],{"type":70,"content":941},[942,944,949],{"text":943,"type":74},"You may be able to get ",{"text":945,"type":74,"marks":946},"lower rates",[947],{"type":77,"attrs":948},{"color":88},{"text":116,"type":74},{"type":128,"content":951},[952],{"type":70,"content":953},[954],{"text":955,"type":74},"It’s easy to schedule face-to-face interaction.",{"type":128,"content":957},[958],{"type":70,"content":959},[960],{"text":961,"type":74},"Banks have long lending histories and established reputations.",{"type":118,"attrs":963,"content":964},{"level":279},[965],{"text":872,"type":74},{"type":838,"attrs":967,"content":969},{"order":968},{"order":841},[970,976,982],{"type":128,"content":971},[972],{"type":70,"content":973},[974],{"text":975,"type":74},"It’s not easy to compare rates.",{"type":128,"content":977},[978],{"type":70,"content":979},[980],{"text":981,"type":74},"Many banks have stricter qualification criteria",{"type":128,"content":983},[984],{"type":70,"content":985},[986,988],{"text":987,"type":74},"Available loan products may be more limited.",{"text":989,"type":74,"marks":990}," ",[991],{"type":77,"attrs":992},{"color":18},{"type":118,"attrs":994,"content":995},{"level":120},[996,998],{"text":997,"type":74},"What to look for when you pick a ",{"text":92,"type":74,"marks":999},[1000],{"type":77,"attrs":1001},{"color":88},{"type":70,"content":1003},[1004,1006,1010],{"text":1005,"type":74},"Whether you choose to go through a bank or a private ",{"text":92,"type":74,"marks":1007},[1008],{"type":77,"attrs":1009},{"color":88},{"text":1011,"type":74},", here are a few qualifying factors to consider:",{"type":125,"content":1013},[1014,1043,1073,1095,1121],{"type":128,"content":1015},[1016],{"type":70,"content":1017},[1018,1025,1029,1031,1035,1037,1041],{"text":1019,"type":74,"marks":1020},"Interest rate",[1021,1023],{"type":1022},"bold",{"type":77,"attrs":1024},{"color":88},{"text":1026,"type":74,"marks":1027},":",[1028],{"type":1022},{"text":1030,"type":74}," Compare different ",{"text":99,"type":74,"marks":1032},[1033],{"type":77,"attrs":1034},{"color":88},{"text":1036,"type":74},"’ ",{"text":230,"type":74,"marks":1038},[1039],{"type":77,"attrs":1040},{"color":88},{"text":1042,"type":74}," to ensure you’re getting the lowest available to you.",{"type":128,"content":1044},[1045],{"type":70,"content":1046},[1047,1051,1053,1058,1060,1064,1066,1071],{"text":1048,"type":74,"marks":1049},"Fees:",[1050],{"type":1022},{"text":1052,"type":74}," Look for additional fees associated with the loan, such as loan ",{"text":1054,"type":74,"marks":1055},"origination fees",[1056],{"type":77,"attrs":1057},{"color":88},{"text":1059,"type":74}," or prepayment penalties. The loan ",{"text":1054,"type":74,"marks":1061},[1062],{"type":77,"attrs":1063},{"color":88},{"text":1065,"type":74}," should always be added to the total ",{"text":1067,"type":74,"marks":1068},"loan amount",[1069],{"type":77,"attrs":1070},{"color":88},{"text":1072,"type":74},", so if you’re asked to pay any fees upfront, consider that a red flag.",{"type":128,"content":1074},[1075],{"type":70,"content":1076},[1077,1081,1083,1087,1089,1093],{"text":1078,"type":74,"marks":1079},"Customer service:",[1080],{"type":1022},{"text":1082,"type":74}," Does the ",{"text":92,"type":74,"marks":1084},[1085],{"type":77,"attrs":1086},{"color":88},{"text":1088,"type":74}," have a good reputation for customer service? Read reviews to determine how responsive and helpful a ",{"text":92,"type":74,"marks":1090},[1091],{"type":77,"attrs":1092},{"color":88},{"text":1094,"type":74}," is.",{"type":128,"content":1096},[1097],{"type":70,"content":1098},[1099,1104,1107,1109,1113,1115,1119],{"text":566,"type":74,"marks":1100},[1101,1102],{"type":1022},{"type":77,"attrs":1103},{"color":88},{"text":1026,"type":74,"marks":1105},[1106],{"type":1022},{"text":1108,"type":74}," Not all banks offer ",{"text":559,"type":74,"marks":1110},[1111],{"type":77,"attrs":1112},{"color":88},{"text":1114,"type":74},". That makes it tough to estimate the exact ",{"text":308,"type":74,"marks":1116},[1117],{"type":77,"attrs":1118},{"color":88},{"text":1120,"type":74}," range you’ll be offered without applying for the loan. Applying outright without prequalification will incur a hard credit check, which can hurt your credit score and make it difficult to qualify for other loans.",{"type":128,"content":1122},[1123],{"type":70,"content":1124},[1125,1129,1131,1135,1137,1142,1144,1148,1150,1155,1157,1161,1163,1168,1170,1174,1176,1181,1183,1188],{"text":1126,"type":74,"marks":1127},"Credit requirements:",[1128],{"type":1022},{"text":1130,"type":74}," Most ",{"text":223,"type":74,"marks":1132},[1133],{"type":77,"attrs":1134},{"color":88},{"text":1136,"type":74}," are ",{"text":1138,"type":74,"marks":1139},"unsecured loans",[1140],{"type":77,"attrs":1141},{"color":88},{"text":1143,"type":74},", or loans that don’t have collateral attached to them. The credit requirements for these ",{"text":795,"type":74,"marks":1145},[1146],{"type":77,"attrs":1147},{"color":88},{"text":1149,"type":74}," can be strict. If you don’t have ",{"text":1151,"type":74,"marks":1152},"excellent credit",[1153],{"type":77,"attrs":1154},{"color":88},{"text":1156,"type":74},", look for ",{"text":99,"type":74,"marks":1158},[1159],{"type":77,"attrs":1160},{"color":88},{"text":1162,"type":74}," that offer ",{"text":1164,"type":74,"marks":1165},"secured loans",[1166],{"type":77,"attrs":1167},{"color":88},{"text":1169,"type":74}," instead. Just keep in mind that you’ll have to have a large asset, such as a house or car, to use as collateral. If you don’t, try to keep an eye out for alternative ",{"text":99,"type":74,"marks":1171},[1172],{"type":77,"attrs":1173},{"color":88},{"text":1175,"type":74},", which may check your income or employment history in addition to your ",{"text":1177,"type":74,"marks":1178},"credit report",[1179],{"type":77,"attrs":1180},{"color":88},{"text":1182,"type":74}," to build a more holistic view of your ",{"text":1184,"type":74,"marks":1185},"creditworthiness",[1186],{"type":77,"attrs":1187},{"color":88},{"text":116,"type":74},{"type":118,"attrs":1190,"content":1191},{"level":120},[1192,1194,1199,1201],{"text":1193,"type":74},"How to get the ",{"text":1195,"type":74,"marks":1196},"best rates",[1197],{"type":77,"attrs":1198},{"color":88},{"text":1200,"type":74}," on a ",{"text":84,"type":74,"marks":1202},[1203],{"type":77,"attrs":1204},{"color":88},{"type":70,"content":1206},[1207,1209,1216],{"text":1208,"type":74},"To ",{"text":1210,"type":74,"marks":1211},"secure the best personal loan rates",[1212,1214],{"type":175,"attrs":1213},{"href":777,"uuid":178,"anchor":178,"target":178,"linktype":179},{"type":77,"attrs":1215},{"color":182},{"text":1217,"type":74},", consider the following strategies:",{"type":125,"content":1219},[1220,1272,1318,1344,1368,1408],{"type":128,"content":1221},[1222],{"type":70,"content":1223},[1224,1228,1233,1236,1237,1242,1243,1247,1249,1257,1259,1263,1265,1270],{"text":1225,"type":74,"marks":1226},"Monitor national ",[1227],{"type":1022},{"text":230,"type":74,"marks":1229},[1230,1231],{"type":1022},{"type":77,"attrs":1232},{"color":88},{"text":1026,"type":74,"marks":1234},[1235],{"type":1022},{"text":133,"type":74},{"text":1238,"type":74,"marks":1239},"Personal loan",[1240],{"type":77,"attrs":1241},{"color":88},{"text":133,"type":74},{"text":230,"type":74,"marks":1244},[1245],{"type":77,"attrs":1246},{"color":88},{"text":1248,"type":74}," are often calculated based on ",{"text":1250,"type":74,"marks":1251},"national interest rates",[1252,1255],{"type":175,"attrs":1253},{"href":1254,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.fdic.gov/resources/bankers/national-rates/index.html",{"type":77,"attrs":1256},{"color":182},{"text":1258,"type":74},". When the Fed sets ",{"text":146,"type":74,"marks":1260},[1261],{"type":77,"attrs":1262},{"color":88},{"text":1264,"type":74},", that can translate to better ",{"text":1266,"type":74,"marks":1267},"loan offers",[1268],{"type":77,"attrs":1269},{"color":88},{"text":1271,"type":74},". 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This will help you improve your ",{"text":605,"type":74,"marks":1308},[1309],{"type":77,"attrs":1310},{"color":88},{"text":1312,"type":74}," and qualify for better ",{"text":230,"type":74,"marks":1314},[1315],{"type":77,"attrs":1316},{"color":88},{"text":116,"type":74},{"type":128,"content":1319},[1320],{"type":70,"content":1321},[1322,1326,1328,1336,1338,1342],{"text":1323,"type":74,"marks":1324},"Apply with a cosigner:",[1325],{"type":1022},{"text":1327,"type":74}," Consider applying for a loan with a ",{"text":1329,"type":74,"marks":1330},"cosigner",[1331,1334],{"type":175,"attrs":1332},{"href":1333,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-co-signer-en-745/",{"type":77,"attrs":1335},{"color":182},{"text":1337,"type":74},". 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The lower your ",{"text":491,"type":74,"marks":1397},[1398],{"type":77,"attrs":1399},{"color":88},{"text":1401,"type":74},", the better ",{"text":230,"type":74,"marks":1403},[1404],{"type":77,"attrs":1405},{"color":88},{"text":1407,"type":74}," you’ll be offered on new loans.",{"type":128,"content":1409},[1410],{"type":70,"content":1411},[1412,1416,1418,1422,1424,1428,1430,1435],{"text":1413,"type":74,"marks":1414},"Compare offers: ",[1415],{"type":1022},{"text":1417,"type":74},"Shop around and obtain quotes from multiple ",{"text":99,"type":74,"marks":1419},[1420],{"type":77,"attrs":1421},{"color":88},{"text":1423,"type":74},". Compare their ",{"text":230,"type":74,"marks":1425},[1426],{"type":77,"attrs":1427},{"color":88},{"text":1429,"type":74},", fees, and ",{"text":1431,"type":74,"marks":1432},"repayment",[1433],{"type":77,"attrs":1434},{"color":88},{"text":1436,"type":74}," terms. 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If you don’t have a strong ",{"text":484,"type":74,"marks":2111},[2112],{"type":77,"attrs":2113},{"color":88},{"text":2115,"type":74},", though, you may still be able to qualify for a secured ",{"text":84,"type":74,"marks":2117},[2118],{"type":77,"attrs":2119},{"color":88},{"text":564,"type":74},{"text":2122,"type":74,"marks":2123},"Secured loans",[2124],{"type":77,"attrs":2125},{"color":88},{"text":2127,"type":74}," tend to have higher ",{"text":230,"type":74,"marks":2129},[2130],{"type":77,"attrs":2131},{"color":88},{"text":2133,"type":74},", but the collateral provides ",{"text":99,"type":74,"marks":2135},[2136],{"type":77,"attrs":2137},{"color":88},{"text":2139,"type":74}," with a little extra reassurance in lieu of a strong ",{"text":484,"type":74,"marks":2141},[2142],{"type":77,"attrs":2143},{"color":88},{"text":116,"type":74},{"type":118,"attrs":2146,"content":2147},{"level":120,"textAlign":178},[2148,2150,2154],{"text":2149,"type":74},"What is ",{"text":1956,"type":74,"marks":2151},[2152],{"type":77,"attrs":2153},{"color":1960},{"text":1996,"type":74},{"type":70,"attrs":2156,"content":2157},{"textAlign":178},[2158,2162,2164,2168,2170,2178,2180,2184,2185,2189,2191,2195,2197,2201,2203,2207,2209,2213,2215,2219,2221,2225,2227,2231,2233,2238,2239,2244,2246,2251],{"text":1956,"type":74,"marks":2159},[2160],{"type":77,"attrs":2161},{"color":1960},{"text":2163,"type":74}," is the engine behind Navient Marketplace’s ",{"text":84,"type":74,"marks":2165},[2166],{"type":77,"attrs":2167},{"color":88},{"text":2169,"type":74}," search platform. To use it, simply go to ",{"text":2171,"type":74,"marks":2172},"the Navient website",[2173,2176],{"type":175,"attrs":2174},{"href":1723,"uuid":178,"anchor":178,"target":2175,"linktype":179},"_self",{"type":77,"attrs":2177},{"color":182},{"text":2179,"type":74}," and enter your desired ",{"text":1067,"type":74,"marks":2181},[2182],{"type":77,"attrs":2183},{"color":88},{"text":758,"type":74},{"text":605,"type":74,"marks":2186},[2187],{"type":77,"attrs":2188},{"color":88},{"text":2190,"type":74},", and a few other details. Your information will then be passed on to the ",{"text":1956,"type":74,"marks":2192},[2193],{"type":77,"attrs":2194},{"color":1960},{"text":2196,"type":74}," system, which is a powerful ",{"text":223,"type":74,"marks":2198},[2199],{"type":77,"attrs":2200},{"color":88},{"text":2202,"type":74}," marketplace that partners with more than 300 ",{"text":99,"type":74,"marks":2204},[2205],{"type":77,"attrs":2206},{"color":88},{"text":2208,"type":74}," to help you find the ",{"text":1195,"type":74,"marks":2210},[2211],{"type":77,"attrs":2212},{"color":88},{"text":2214,"type":74}," and terms available. Once Navient passes off your personal information, ",{"text":1956,"type":74,"marks":2216},[2217],{"type":77,"attrs":2218},{"color":1960},{"text":2220,"type":74}," will use it to match you with custom ",{"text":1266,"type":74,"marks":2222},[2223],{"type":77,"attrs":2224},{"color":88},{"text":2226,"type":74}," from top ",{"text":99,"type":74,"marks":2228},[2229],{"type":77,"attrs":2230},{"color":88},{"text":2232,"type":74}," like ",{"text":2234,"type":74,"marks":2235},"Best Egg",[2236],{"type":77,"attrs":2237},{"color":88},{"text":758,"type":74},{"text":2240,"type":74,"marks":2241},"Upstart",[2242],{"type":77,"attrs":2243},{"color":88},{"text":2245,"type":74},", LendingClub, and ",{"text":2247,"type":74,"marks":2248},"LightStream",[2249],{"type":77,"attrs":2250},{"color":88},{"text":116,"type":74},{"type":118,"attrs":2253,"content":2254},{"level":120,"textAlign":178},[2255,2257,2261],{"text":2256,"type":74},"How does a ",{"text":84,"type":74,"marks":2258},[2259],{"type":77,"attrs":2260},{"color":88},{"text":2262,"type":74}," marketplace work?",{"type":70,"attrs":2264,"content":2265},{"textAlign":178},[2266,2267,2271,2273,2277,2279,2283,2284,2288],{"text":138,"type":74},{"text":84,"type":74,"marks":2268},[2269],{"type":77,"attrs":2270},{"color":88},{"text":2272,"type":74}," marketplace is not a direct ",{"text":92,"type":74,"marks":2274},[2275],{"type":77,"attrs":2276},{"color":88},{"text":2278,"type":74},". Instead, it serves as a bridge, connecting ",{"text":99,"type":74,"marks":2280},[2281],{"type":77,"attrs":2282},{"color":88},{"text":2075,"type":74},{"text":204,"type":74,"marks":2285},[2286],{"type":77,"attrs":2287},{"color":88},{"text":2289,"type":74},". Here’s how the process works in five basic steps:",{"type":118,"attrs":2291,"content":2292},{"level":279,"textAlign":178},[2293],{"text":2294,"type":74},"1. Input your information",{"type":70,"attrs":2296,"content":2297},{"textAlign":178},[2298,2300,2304,2306,2310,2312,2320,2322,2327,2329,2334,2336,2340,2342,2347],{"text":2299,"type":74},"First visit the marketplace website to complete a ",{"text":559,"type":74,"marks":2301},[2302],{"type":77,"attrs":2303},{"color":88},{"text":2305,"type":74}," form. This form will ask some basic questions about your identity and ",{"text":484,"type":74,"marks":2307},[2308],{"type":77,"attrs":2309},{"color":88},{"text":2311,"type":74},". You’ll need a ",{"text":2313,"type":74,"marks":2314},"good credit score",[2315,2318],{"type":175,"attrs":2316},{"href":2317,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.cnbc.com/select/what-credit-score-is-needed-for-personal-loan/",{"type":77,"attrs":2319},{"color":182},{"text":2321,"type":74}," to qualify for most options and an ",{"text":2323,"type":74,"marks":2324},"excellent credit profile",[2325],{"type":77,"attrs":2326},{"color":88},{"text":2328,"type":74}," to qualify for the ",{"text":2330,"type":74,"marks":2331},"best personal loan offers",[2332],{"type":77,"attrs":2333},{"color":88},{"text":2335,"type":74},". You may also have to state your desired ",{"text":1067,"type":74,"marks":2337},[2338],{"type":77,"attrs":2339},{"color":88},{"text":2341,"type":74}," and intended ",{"text":2343,"type":74,"marks":2344},"loan purpose",[2345],{"type":77,"attrs":2346},{"color":88},{"text":2348,"type":74},". Usually, the process takes only a few minutes.",{"type":118,"attrs":2350,"content":2351},{"level":279,"textAlign":178},[2352,2354],{"text":2353,"type":74},"2. Get ",{"text":2355,"type":74,"marks":2356},"prequalified",[2357],{"type":77,"attrs":2358},{"color":18},{"type":70,"attrs":2360,"content":2361},{"textAlign":178},[2362,2364,2368,2370,2375,2377,2381,2383,2387,2389,2393,2395,2399,2401,2405,2406,2410,2412,2417],{"text":2363,"type":74},"Once it has your basic personal info, ",{"text":1956,"type":74,"marks":2365},[2366],{"type":77,"attrs":2367},{"color":1960},{"text":2369,"type":74}," conducts a soft ",{"text":2371,"type":74,"marks":2372},"credit inquiry",[2373],{"type":77,"attrs":2374},{"color":88},{"text":2376,"type":74},". This helps the platform verify your identity and ",{"text":1923,"type":74,"marks":2378},[2379],{"type":77,"attrs":2380},{"color":88},{"text":2382,"type":74}," you for ",{"text":1266,"type":74,"marks":2384},[2385],{"type":77,"attrs":2386},{"color":88},{"text":2388,"type":74}," with various ",{"text":674,"type":74,"marks":2390},[2391],{"type":77,"attrs":2392},{"color":88},{"text":2394,"type":74},". Unlike browsing ",{"text":99,"type":74,"marks":2396},[2397],{"type":77,"attrs":2398},{"color":88},{"text":2400,"type":74},"’ advertised rates, which are usually only offered to very few ",{"text":204,"type":74,"marks":2402},[2403],{"type":77,"attrs":2404},{"color":88},{"text":758,"type":74},{"text":559,"type":74,"marks":2407},[2408],{"type":77,"attrs":2409},{"color":88},{"text":2411,"type":74}," helps you get an accurate idea of what ",{"text":2413,"type":74,"marks":2414},"personal loan rates",[2415],{"type":77,"attrs":2416},{"color":88},{"text":2418,"type":74}," you could qualify for personally.",{"type":70,"attrs":2420},{"textAlign":178},{"type":70,"attrs":2422,"content":2423},{"textAlign":178},[2424,2426,2430,2432,2440,2442,2446,2448,2452,2454,2459,2461,2466,2468,2473],{"text":2425,"type":74},"This ",{"text":559,"type":74,"marks":2427},[2428],{"type":77,"attrs":2429},{"color":88},{"text":2431,"type":74}," step only involves a ",{"text":2433,"type":74,"marks":2434},"soft inquiry",[2435,2438],{"type":175,"attrs":2436},{"href":2437,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://navirefi.com/blog/soft-inquiry-vs-hard-inquiry/",{"type":77,"attrs":2439},{"color":182},{"text":2441,"type":74}," into your credit, which won’t affect your ",{"text":605,"type":74,"marks":2443},[2444],{"type":77,"attrs":2445},{"color":88},{"text":2447,"type":74},". A soft inquiry is just a preliminary peek at your ",{"text":1177,"type":74,"marks":2449},[2450],{"type":77,"attrs":2451},{"color":88},{"text":2453,"type":74},". Credit ",{"text":2455,"type":74,"marks":2456},"bureaus",[2457],{"type":77,"attrs":2458},{"color":88},{"text":2460,"type":74}," know that ",{"text":2462,"type":74,"marks":2463},"prequalifying",[2464],{"type":77,"attrs":2465},{"color":88},{"text":2467,"type":74}," doesn’t necessarily mean you’re taking out a new ",{"text":2469,"type":74,"marks":2470},"line of credit",[2471],{"type":77,"attrs":2472},{"color":88},{"text":2474,"type":74},", so they won’t count it against you.",{"type":70,"attrs":2476},{"textAlign":178},{"type":70,"attrs":2478,"content":2479},{"textAlign":178},[2480,2482,2486,2488,2492,2494,2499,2501,2506],{"text":2481,"type":74},"Remember: ",{"text":559,"type":74,"marks":2483},[2484],{"type":77,"attrs":2485},{"color":88},{"text":2487,"type":74}," is not a guarantee of ",{"text":856,"type":74,"marks":2489},[2490],{"type":77,"attrs":2491},{"color":88},{"text":2493,"type":74},". You won’t get your final, official ",{"text":2495,"type":74,"marks":2496},"loan offer",[2497],{"type":77,"attrs":2498},{"color":88},{"text":2500,"type":74}," until you complete a formal ",{"text":2502,"type":74,"marks":2503},"application process",[2504],{"type":77,"attrs":2505},{"color":88},{"text":116,"type":74},{"type":118,"attrs":2508,"content":2509},{"level":279,"textAlign":178},[2510,2512],{"text":2511,"type":74},"2. Receive ",{"text":1266,"type":74,"marks":2513},[2514],{"type":77,"attrs":2515},{"color":18},{"type":70,"attrs":2517,"content":2518},{"textAlign":178},[2519,2521,2525,2526,2531,2533,2537,2539,2543,2545,2553,2554,2556],{"text":2520,"type":74},"Once ",{"text":1956,"type":74,"marks":2522},[2523],{"type":77,"attrs":2524},{"color":1960},{"text":133,"type":74},{"text":2527,"type":74,"marks":2528},"prequalifies",[2529],{"type":77,"attrs":2530},{"color":88},{"text":2532,"type":74}," you, you should see several ",{"text":1266,"type":74,"marks":2534},[2535],{"type":77,"attrs":2536},{"color":88},{"text":2538,"type":74}," pop up on your screen. Each offer will list its ",{"text":1067,"type":74,"marks":2540},[2541],{"type":77,"attrs":2542},{"color":88},{"text":2544,"type":74},", its annual percentage yield (APR), and whether it has a ",{"text":2546,"type":74,"marks":2547},"variable or fixed rate",[2548,2551],{"type":175,"attrs":2549},{"href":2550,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://fiona.com/learn/articles/whats-the-difference-between-a-fixed-and-variable-rate-loan",{"type":77,"attrs":2552},{"color":182},{"text":564,"type":74},{"type":2555},"hard_break",{"type":2555},{"type":70,"attrs":2558,"content":2559},{"textAlign":178},[2560,2562,2566,2568,2576,2578,2582,2584,2589,2591,2595,2597,2601,2603,2608,2610,2614,2616,2620,2622,2626],{"text":2561,"type":74},"If you submit your details but no ",{"text":1266,"type":74,"marks":2563},[2564],{"type":77,"attrs":2565},{"color":88},{"text":2567,"type":74}," come up, it’s possible that ",{"text":2569,"type":74,"marks":2570},"your credit score",[2571,2574],{"type":175,"attrs":2572},{"href":2573,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.earnest.com/blog/personal-financial-health/",{"type":77,"attrs":2575},{"color":182},{"text":2577,"type":74}," isn’t high enough to meet ",{"text":92,"type":74,"marks":2579},[2580],{"type":77,"attrs":2581},{"color":88},{"text":2583,"type":74}," requirements. While there’s no ",{"text":2585,"type":74,"marks":2586},"minimum credit score requirement",[2587],{"type":77,"attrs":2588},{"color":88},{"text":2590,"type":74}," to use the marketplace, many ",{"text":99,"type":74,"marks":2592},[2593],{"type":77,"attrs":2594},{"color":88},{"text":2596,"type":74}," have more stringent requirements. If you have a ",{"text":605,"type":74,"marks":2598},[2599],{"type":77,"attrs":2600},{"color":88},{"text":2602,"type":74}," below 580, a lot of ",{"text":2604,"type":74,"marks":2605},"credit card debt",[2606],{"type":77,"attrs":2607},{"color":88},{"text":2609,"type":74},", a high ",{"text":491,"type":74,"marks":2611},[2612],{"type":77,"attrs":2613},{"color":88},{"text":2615,"type":74},", or several open ",{"text":160,"type":74,"marks":2617},[2618],{"type":77,"attrs":2619},{"color":88},{"text":2621,"type":74},", you may not qualify for many ",{"text":1266,"type":74,"marks":2623},[2624],{"type":77,"attrs":2625},{"color":88},{"text":116,"type":74},{"type":118,"attrs":2628,"content":2629},{"level":279,"textAlign":178},[2630,2632],{"text":2631,"type":74},"3. Compare ",{"text":99,"type":74,"marks":2633},[2634],{"type":77,"attrs":2635},{"color":18},{"type":70,"attrs":2637,"content":2638},{"textAlign":178},[2639,2641,2646],{"text":2640,"type":74},"Once you have a few ",{"text":2642,"type":74,"marks":2643},"personal loan options",[2644],{"type":77,"attrs":2645},{"color":88},{"text":2647,"type":74}," to choose from, it’s time to compare. Be sure to consider these factors:",{"type":70,"attrs":2649},{"textAlign":178},{"type":70,"attrs":2651,"content":2652},{"textAlign":178},[2653,2659,2663,2664,2668,2670,2675,2677,2681,2683,2687,2689,2694,2696,2701,2703,2711,2713,2717,2719,2724,2726,2731,2733,2737,2739,2747,2749,2753,2755,2756],{"text":2654,"type":74,"marks":2655},"Annual percentage rate",[2656,2658],{"type":77,"attrs":2657},{"color":88},{"type":1022},{"text":2660,"type":74,"marks":2661}," (APR):",[2662],{"type":1022},{"text":1130,"type":74},{"text":204,"type":74,"marks":2665},[2666],{"type":77,"attrs":2667},{"color":88},{"text":2669,"type":74}," know to look for loans with the ",{"text":2671,"type":74,"marks":2672},"lowest rates",[2673],{"type":77,"attrs":2674},{"color":88},{"text":2676,"type":74},". That said, ",{"text":230,"type":74,"marks":2678},[2679],{"type":77,"attrs":2680},{"color":88},{"text":2682,"type":74}," aren’t the only factor in a loan’s price tag. Some ",{"text":99,"type":74,"marks":2684},[2685],{"type":77,"attrs":2686},{"color":88},{"text":2688,"type":74}," also ",{"text":2690,"type":74,"marks":2691},"charge origination fees",[2692],{"type":77,"attrs":2693},{"color":88},{"text":2695,"type":74}," and other costs. The best way to gauge the ",{"text":2697,"type":74,"marks":2698},"total cost",[2699],{"type":77,"attrs":2700},{"color":88},{"text":2702,"type":74}," of a loan is to look at its APR. ",{"text":2704,"type":74,"marks":2705},"APR is a measure",[2706,2709],{"type":175,"attrs":2707},{"href":2708,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.earnest.com/blog/interest-rate-vs-apr-personal-loan/",{"type":77,"attrs":2710},{"color":182},{"text":2712,"type":74}," of a loan’s ",{"text":308,"type":74,"marks":2714},[2715],{"type":77,"attrs":2716},{"color":88},{"text":2718,"type":74}," combined with any regular fees. 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",{"type":2555},{"type":2555},{"type":125,"content":2758},[2759,2813,2859],{"type":128,"content":2760},[2761],{"type":70,"attrs":2762,"content":2763},{"textAlign":178},[2764,2768,2770,2774,2776,2781,2782,2790,2792,2797,2799,2803,2805,2809,2811,2812],{"text":2765,"type":74,"marks":2766},"Fees: ",[2767],{"type":1022},{"text":2769,"type":74},"On top of the regular fees included in APR, some ",{"text":99,"type":74,"marks":2771},[2772],{"type":77,"attrs":2773},{"color":88},{"text":2775,"type":74}," charge ",{"text":2777,"type":74,"marks":2778},"late fees",[2779],{"type":77,"attrs":2780},{"color":88},{"text":758,"type":74},{"text":2783,"type":74,"marks":2784},"prepayment penalties",[2785,2788],{"type":175,"attrs":2786},{"href":2787,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-prepayment-penalty-en-1957/",{"type":77,"attrs":2789},{"color":182},{"text":2791,"type":74},", or overdraft fees. 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",[3383,3394,4782],{"id":23,"_uid":3384,"image":3385,"intro":3381,"author":26,"classes":3386,"imageAlt":18,"blogTitle":3390,"component":44,"imageLink":3391,"blendImage":46,"authorRoute":47,"publishedDate":3392,"backgroundColor":49,"_editable":3393},"9ef851e7-a5b3-494b-8ebd-84b07b50aa1b","//a.storyblok.com/f/110029/6720x4480/620fc7ee96/what-is-moneylion-and-how-does-it-work.png",[3387],{"_uid":3388,"component":30,"titleColor":31,"dateClasses":32,"titleClasses":33,"authorClasses":34,"subtitleColor":35,"titleMaxWidth":36,"subtitleClasses":37,"dateMobileClasses":38,"titleMobileClasses":39,"authorMobileClasses":40,"featuredMobileClasses":41,"subtitleMobileClasses":42,"_editable":3389},"f2b62997-5516-414a-9e3f-11401e977f34","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"f2b62997-5516-414a-9e3f-11401e977f34\", \"id\": \"651798176\"}-->","What is MoneyLion and How Does it Work?","/images/what-is-fiona-and-how-does-it-work.png","Updated: July 18, 2023 ","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"9ef851e7-a5b3-494b-8ebd-84b07b50aa1b\", \"id\": \"651798176\"}-->",{"_uid":3395,"bloks":3396,"classes":1749,"component":1750,"mobileClasses":18,"containerContent":4780,"_editable":4781},"57bc8e99-7e3f-4c40-a23f-1654ee8a8b93",[3397],{"_uid":3398,"bloks":3399,"classes":18,"justify":1695,"component":1747,"mobileClasses":18,"_editable":4779},"66715cc4-b810-49c1-8d66-0ffa7c6cc813",[3400,4751],{"lg":58,"md":58,"sm":59,"_uid":3401,"cols":59,"bloks":3402,"alignSelf":1695,"component":1696,"_editable":4750},"ceee7e65-6411-4835-b5e7-eb37ad228d61",[3403],{"_uid":3404,"color":64,"classes":65,"content":18,"richText":3405,"component":1688,"mobileClasses":1689,"enableRichText":1690,"richTextMobile":4746,"_editable":4749},"5be43ce7-e8c5-4db7-bdea-adb1ae23c623",{"type":67,"content":3406},[3407,3417,3418,3439,3440,3466,3467,3507,3516,3579,3580,3638,3648,3668,3675,3722,3723,3737,3750,3758,3773,3790,3798,3838,3839,3861,3866,3905,3914,3933,3934,4021,4026,4073,4081,4108,4123,4133,4138,4183,4188,4237,4242,4266,4267,4308,4313,4335,4351,4394,4395,4418,4419,4464,4475,4524,4535,4564,4565,4595,4596,4644,4649,4691,4692,4708,4716,4724],{"type":118,"attrs":3408,"content":3409},{"level":841},[3410,3411,3415],{"text":2149,"type":74},{"text":1956,"type":74,"marks":3412},[3413],{"type":77,"attrs":3414},{"color":88},{"text":3416,"type":74}," and How Does it Work?",{"type":70},{"type":70,"content":3419},[3420,3424,3426,3431,3433,3437],{"text":2088,"type":74,"marks":3421},[3422],{"type":77,"attrs":3423},{"color":88},{"text":3425,"type":74}," are a popular way to make big purchases, ",{"text":3427,"type":74,"marks":3428},"refinance",[3429],{"type":77,"attrs":3430},{"color":88},{"text":3432,"type":74}," debt, and cover emergency expenses. But their popularity means there are a lot of ",{"text":1266,"type":74,"marks":3434},[3435],{"type":77,"attrs":3436},{"color":88},{"text":3438,"type":74}," out there — which can make it hard to zero in on the best option for you.",{"type":70},{"type":70,"content":3441},[3442,3444,3448,3450,3454,3455,3459,3461,3465],{"text":3443,"type":74},"Fortunately, ",{"text":204,"type":74,"marks":3445},[3446],{"type":77,"attrs":3447},{"color":88},{"text":3449,"type":74}," these days can use a loan comparison site — sometimes called a lending marketplace — to efficiently sift through available ",{"text":652,"type":74,"marks":3451},[3452],{"type":77,"attrs":3453},{"color":88},{"text":564,"type":74},{"text":583,"type":74,"marks":3456},[3457],{"type":77,"attrs":3458},{"color":88},{"text":3460,"type":74}," is one such site, and it’s powered by a financial search tool called ",{"text":1956,"type":74,"marks":3462},[3463],{"type":77,"attrs":3464},{"color":1960},{"text":116,"type":74},{"type":70},{"type":70,"content":3468},[3469,3471,3475,3477,3481,3483,3487,3489,3493,3495,3499,3501,3505],{"text":3470,"type":74},"Founded more than a decade ago to help streamline the loan search process, ",{"text":1956,"type":74,"marks":3472},[3473],{"type":77,"attrs":3474},{"color":1960},{"text":3476,"type":74}," is a top lending search platform and one of Navient’s trusted partners. Through its robust loan matching algorithm, ",{"text":1956,"type":74,"marks":3478},[3479],{"type":77,"attrs":3480},{"color":1960},{"text":3482,"type":74}," can help you discover new ",{"text":99,"type":74,"marks":3484},[3485],{"type":77,"attrs":3486},{"color":88},{"text":3488,"type":74},", compare rates, and make smarter ",{"text":271,"type":74,"marks":3490},[3491],{"type":77,"attrs":3492},{"color":88},{"text":3494,"type":74}," decisions. In this article, we’ll talk about what ",{"text":1956,"type":74,"marks":3496},[3497],{"type":77,"attrs":3498},{"color":1960},{"text":3500,"type":74}," is, how ",{"text":1956,"type":74,"marks":3502},[3503],{"type":77,"attrs":3504},{"color":1960},{"text":3506,"type":74}," works, and how to use it to accomplish your goals.",{"type":118,"attrs":3508,"content":3509},{"level":120},[3510,3511,3515],{"text":2149,"type":74},{"text":1956,"type":74,"marks":3512},[3513],{"type":77,"attrs":3514},{"color":1960},{"text":1996,"type":74},{"type":70,"content":3517},[3518,3522,3524,3529,3531,3536,3538,3542,3544,3548,3550,3554,3556,3560,3562,3566,3567,3571,3573,3577],{"text":1956,"type":74,"marks":3519},[3520],{"type":77,"attrs":3521},{"color":1960},{"text":3523,"type":74}," is a user-friendly online lending tool that was founded in 2015 by ",{"text":3525,"type":74,"marks":3526},"Engine by MoneyLion",[3527],{"type":77,"attrs":3528},{"color":88},{"text":3530,"type":74},", a ",{"text":3532,"type":74,"marks":3533},"New York",[3534],{"type":77,"attrs":3535},{"color":88},{"text":3537,"type":74},"-based digital finance company. Since then, ",{"text":1956,"type":74,"marks":3539},[3540],{"type":77,"attrs":3541},{"color":1960},{"text":3543,"type":74}," has helped thousands of ",{"text":204,"type":74,"marks":3545},[3546],{"type":77,"attrs":3547},{"color":88},{"text":3549,"type":74}," find the perfect ",{"text":92,"type":74,"marks":3551},[3552],{"type":77,"attrs":3553},{"color":88},{"text":3555,"type":74}," for their needs. That process works through a simple but powerful algorithm: when you sign up for ",{"text":1956,"type":74,"marks":3557},[3558],{"type":77,"attrs":3559},{"color":1960},{"text":3561,"type":74},", the algorithm takes your desired ",{"text":1067,"type":74,"marks":3563},[3564],{"type":77,"attrs":3565},{"color":88},{"text":2075,"type":74},{"text":605,"type":74,"marks":3568},[3569],{"type":77,"attrs":3570},{"color":88},{"text":3572,"type":74},", then matches you with ",{"text":1266,"type":74,"marks":3574},[3575],{"type":77,"attrs":3576},{"color":88},{"text":3578,"type":74}," based on those criteria.",{"type":70},{"type":70,"content":3581},[3582,3584,3588,3590,3595,3597,3601,3603,3607,3609,3617,3619,3623,3625,3629,3631,3636],{"text":3583,"type":74},"The unique thing about ",{"text":1956,"type":74,"marks":3585},[3586],{"type":77,"attrs":3587},{"color":1960},{"text":3589,"type":74}," is the sheer number of ",{"text":3591,"type":74,"marks":3592},"lending partners",[3593],{"type":77,"attrs":3594},{"color":88},{"text":3596,"type":74}," it works with. In 2019 alone, ",{"text":1956,"type":74,"marks":3598},[3599],{"type":77,"attrs":3600},{"color":1960},{"text":3602,"type":74}," originated more than $600 million in ",{"text":223,"type":74,"marks":3604},[3605],{"type":77,"attrs":3606},{"color":88},{"text":3608,"type":74}," through ",{"text":3610,"type":74,"marks":3611},"300+ lending partners",[3612,3615],{"type":175,"attrs":3613},{"href":3614,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://fiona.com/learn/partners",{"type":77,"attrs":3616},{"color":182},{"text":3618,"type":74},". These include some of the most reputable ",{"text":674,"type":74,"marks":3620},[3621],{"type":77,"attrs":3622},{"color":88},{"text":3624,"type":74}," in the game, like LendingClub, Best Egg and ",{"text":2247,"type":74,"marks":3626},[3627],{"type":77,"attrs":3628},{"color":88},{"text":3630,"type":74},". 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They’re also a common tool for ",{"text":2067,"type":74,"marks":3691},[3692,3695],{"type":175,"attrs":3693},{"href":3694,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.earnest.com/blog/what-is-debt-consolidation/",{"type":77,"attrs":3696},{"color":182},{"text":564,"type":74},{"text":1956,"type":74,"marks":3699},[3700],{"type":77,"attrs":3701},{"color":1960},{"text":3703,"type":74}," can help you get matched with a number of high-quality ",{"text":3705,"type":74,"marks":3706},"personal loan offers",[3707],{"type":77,"attrs":3708},{"color":88},{"text":564,"type":74},{"text":1956,"type":74,"marks":3711},[3712],{"type":77,"attrs":3713},{"color":1960},{"text":3715,"type":74},"’s ",{"text":223,"type":74,"marks":3717},[3718],{"type":77,"attrs":3719},{"color":88},{"text":3721,"type":74}," typically fall within these parameters:",{"type":70},{"type":70,"content":3724},[3725,3730,3735],{"text":3726,"type":74,"marks":3727},"●       ",[3728],{"type":77,"attrs":3729},{"color":18},{"text":3731,"type":74,"marks":3732},"Loan amount",[3733],{"type":77,"attrs":3734},{"color":88},{"text":3736,"type":74},": $1,000 to $250,000",{"type":70,"content":3738},[3739,3743,3748],{"text":3726,"type":74,"marks":3740},[3741],{"type":77,"attrs":3742},{"color":18},{"text":3744,"type":74,"marks":3745},"Loan term",[3746],{"type":77,"attrs":3747},{"color":88},{"text":3749,"type":74},": 6 to 144 months",{"type":70,"content":3751},[3752,3756],{"text":3726,"type":74,"marks":3753},[3754],{"type":77,"attrs":3755},{"color":18},{"text":3757,"type":74},"APR: From 5.99% (fixed)",{"type":70,"content":3759},[3760,3764,3766,3771],{"text":3726,"type":74,"marks":3761},[3762],{"type":77,"attrs":3763},{"color":18},{"text":3765,"type":74},"Minimum ",{"text":3767,"type":74,"marks":3768},"credit rating",[3769],{"type":77,"attrs":3770},{"color":88},{"text":3772,"type":74},": 600+ FICO score",{"type":70,"content":3774},[3775,3779,3784,3786],{"text":3726,"type":74,"marks":3776},[3777],{"type":77,"attrs":3778},{"color":18},{"text":3780,"type":74,"marks":3781},"Origination fees",[3782],{"type":77,"attrs":3783},{"color":88},{"text":3785,"type":74},": Varies by ",{"text":92,"type":74,"marks":3787},[3788],{"type":77,"attrs":3789},{"color":88},{"type":118,"attrs":3791,"content":3792},{"level":279},[3793],{"text":3794,"type":74,"marks":3795},"Student loan refinancing",[3796],{"type":77,"attrs":3797},{"color":18},{"type":70,"content":3799},[3800,3807,3809,3813,3814,3818,3820,3824,3826,3830,3832,3836],{"text":3794,"type":74,"marks":3801},[3802,3805],{"type":175,"attrs":3803},{"href":3804,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://navirefi.com/blog/how-to-refinance-student-loans/",{"type":77,"attrs":3806},{"color":182},{"text":3808,"type":74}," can help you save money in interest over the life of your loan. If you’re considering a ",{"text":3427,"type":74,"marks":3810},[3811],{"type":77,"attrs":3812},{"color":88},{"text":758,"type":74},{"text":1956,"type":74,"marks":3815},[3816],{"type":77,"attrs":3817},{"color":1960},{"text":3819,"type":74}," can help you find ",{"text":1975,"type":74,"marks":3821},[3822],{"type":77,"attrs":3823},{"color":88},{"text":3825,"type":74}," and better ",{"text":1982,"type":74,"marks":3827},[3828],{"type":77,"attrs":3829},{"color":88},{"text":3831,"type":74}," for your student debt. All you have to do is enter your current ",{"text":1067,"type":74,"marks":3833},[3834],{"type":77,"attrs":3835},{"color":88},{"text":3837,"type":74}," and a few personal details.",{"type":70},{"type":70,"content":3840},[3841,3843,3847,3849,3857,3860],{"text":3842,"type":74},"Keep in mind that while refinancing can help you get a lower ",{"text":308,"type":74,"marks":3844},[3845],{"type":77,"attrs":3846},{"color":88},{"text":3848,"type":74}," on all types of loans, it’s generally only ",{"text":3850,"type":74,"marks":3851},"recommended for private student loans",[3852,3855],{"type":175,"attrs":3853},{"href":3854,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.earnest.com/blog/pros-and-cons-of-refinancing-student-loans/",{"type":77,"attrs":3856},{"color":182},{"text":1949,"type":74,"marks":3858},[3859],{"type":1952},{"text":116,"type":74},{"type":118,"attrs":3862,"content":3863},{"level":279},[3864],{"text":3865,"type":74},"Auto loan refinancing",{"type":70,"content":3867},[3868,3870,3874,3876,3880,3882,3886,3888,3893,3895,3899,3901],{"text":3869,"type":74},"If you’re tired of paying high ",{"text":230,"type":74,"marks":3871},[3872],{"type":77,"attrs":3873},{"color":88},{"text":3875,"type":74}," on your auto loan, ",{"text":1956,"type":74,"marks":3877},[3878],{"type":77,"attrs":3879},{"color":1960},{"text":3881,"type":74}," may be able to help you find a better deal. Simply input some details about your car and current loan, and ",{"text":1956,"type":74,"marks":3883},[3884],{"type":77,"attrs":3885},{"color":1960},{"text":3887,"type":74}," will connect you with ",{"text":3889,"type":74,"marks":3890},"direct lenders",[3891],{"type":77,"attrs":3892},{"color":88},{"text":3894,"type":74}," who offer competitive ",{"text":3427,"type":74,"marks":3896},[3897],{"type":77,"attrs":3898},{"color":88},{"text":3900,"type":74}," rates.",{"text":989,"type":74,"marks":3902},[3903],{"type":77,"attrs":3904},{"color":18},{"type":118,"attrs":3906,"content":3907},{"level":279},[3908,3910],{"text":3909,"type":74},"Mortgage ",{"text":3427,"type":74,"marks":3911},[3912],{"type":77,"attrs":3913},{"color":18},{"type":70,"content":3915},[3916,3920,3922,3926,3927,3931],{"text":1956,"type":74,"marks":3917},[3918],{"type":77,"attrs":3919},{"color":1960},{"text":3921,"type":74}," can connect you with mortgage ",{"text":3427,"type":74,"marks":3923},[3924],{"type":77,"attrs":3925},{"color":88},{"text":133,"type":74},{"text":99,"type":74,"marks":3928},[3929],{"type":77,"attrs":3930},{"color":88},{"text":3932,"type":74}," that offer two different types of loans:",{"type":70},{"type":125,"content":3935},[3936,3997],{"type":128,"content":3937},[3938],{"type":70,"content":3939},[3940,3944,3949,3952,3954,3958,3960,3965,3967,3971,3973,3977,3978,3982,3984,3988,3990,3994,3995,3996],{"text":3941,"type":74,"marks":3942},"Rate-and-term ",[3943],{"type":1022},{"text":3427,"type":74,"marks":3945},[3946,3947],{"type":1022},{"type":77,"attrs":3948},{"color":88},{"text":1026,"type":74,"marks":3950},[3951],{"type":1022},{"text":3953,"type":74}," This is the most common type of ",{"text":3427,"type":74,"marks":3955},[3956],{"type":77,"attrs":3957},{"color":88},{"text":3959,"type":74},". 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It then gives you the remainder of your new loan disbursement in cash. This allows you to liquidate a portion of your home equity, which you can use for personal or emergency expenses.",{"type":118,"attrs":4022,"content":4023},{"level":279},[4024],{"text":4025,"type":74},"Insurance",{"type":70,"content":4027},[4028,4032,4034,4039,4041,4049,4051,4055,4060,4062,4066,4067,4071],{"text":1956,"type":74,"marks":4029},[4030],{"type":77,"attrs":4031},{"color":1960},{"text":4033,"type":74}," can also help you find ",{"text":4035,"type":74,"marks":4036},"life insurance",[4037],{"type":77,"attrs":4038},{"color":88},{"text":4040,"type":74}," and auto insurance through our partners, ",{"text":4042,"type":74,"marks":4043},"LeapLife",[4044,4047],{"type":175,"attrs":4045},{"href":4046,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.leaplife.com/partner/navientlifeinsurance/life-insurance",{"type":77,"attrs":4048},{"color":182},{"text":4050,"type":74}," and Savvy. 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Credit","2025-04-07T18:30:46.359Z","2025-12-26T13:45:12.676Z","2025-12-26T13:45:12.713Z",651798175,"fa6eecbf-52ec-4c95-9797-67f137b14466",{"seo":4812,"_uid":1803,"body":4815,"author":47,"category":6111,"featured":46,"component":1779,"canonicalTag":6112,"_editable":6113},{"_uid":3379,"title":4813,"plugin":17,"og_image":18,"og_title":18,"description":4814,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"How Many Credit Cards Should I Have to Build Credit?","The right number of credit cards depends on your financial situation, credit utilization, and your ability to manage credit. ",[4816,4824,6098],{"id":23,"_uid":4817,"image":4818,"intro":4814,"author":26,"classes":4819,"blogTitle":4813,"component":44,"imageLink":4822,"blendImage":46,"authorRoute":47,"publishedDate":3392,"backgroundColor":49,"_editable":4823},"e9957afe-149e-4588-8480-848baca44a46","//a.storyblok.com/f/110029/4928x3264/7ac5d090d2/how-many-credit-cards-should-i-have.png",[4820],{"_uid":3388,"component":30,"titleColor":31,"dateClasses":32,"titleClasses":33,"authorClasses":34,"subtitleColor":35,"titleMaxWidth":36,"subtitleClasses":37,"dateMobileClasses":38,"titleMobileClasses":39,"authorMobileClasses":40,"featuredMobileClasses":41,"subtitleMobileClasses":42,"_editable":4821},"\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"f2b62997-5516-414a-9e3f-11401e977f34\", \"id\": \"651798175\"}-->","/images/how-many-credit-cards-should-i-have.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"e9957afe-149e-4588-8480-848baca44a46\", \"id\": \"651798175\"}-->",{"_uid":4825,"bloks":4826,"classes":1749,"component":1750,"mobileClasses":18,"containerContent":6096,"_editable":6097},"3b7f564e-2364-4467-98ca-001cfbc9f286",[4827],{"_uid":3398,"bloks":4828,"classes":18,"justify":1695,"component":1747,"mobileClasses":18,"_editable":6095},[4829],{"lg":58,"md":58,"sm":59,"_uid":3401,"cols":59,"bloks":4830,"alignSelf":1695,"component":1696,"_editable":6094},[4831],{"_uid":3404,"color":64,"classes":65,"content":18,"richText":4832,"component":1688,"mobileClasses":1689,"enableRichText":1690,"richTextMobile":6090,"_editable":6093},{"type":67,"content":4833},[4834,4845,4861,4862,4873,4877,4915,4926,4964,4965,4975,4984,5036,5037,5063,5074,5097,5223,5224,5308,5317,5354,5369,5379,5423,5434,5593,5598,5602,5611,5668,5673,5714,5719,5755,5760,5764,5769,5882,5883,5888,5889,5985,5990,6033,6034,6040,6046,6047,6053,6060,6082,6083],{"type":118,"attrs":4835,"content":4836},{"level":841},[4837,4839,4844],{"text":4838,"type":74},"How Many Credit Cards Should I Have to ",{"text":4840,"type":74,"marks":4841},"Build Credit",[4842],{"type":77,"attrs":4843},{"color":88},{"text":1996,"type":74},{"type":70,"content":4846},[4847,4849,4853,4855,4859],{"text":4848,"type":74},"Building healthy credit is key to ensuring your financial future. Having a ",{"text":2313,"type":74,"marks":4850},[4851],{"type":77,"attrs":4852},{"color":88},{"text":4854,"type":74}," increases your chances of being approved for all kinds of essential funding, from personal loans to mortgage loans. It’s also key to qualifying for the best ",{"text":230,"type":74,"marks":4856},[4857],{"type":77,"attrs":4858},{"color":88},{"text":4860,"type":74},". If you don’t currently have stellar credit, credit cards can be an excellent tool to help you build it up.",{"type":70},{"type":70,"content":4863},[4864,4866,4871],{"text":4865,"type":74},"So, how does it work? And how many credit cards should you have to ",{"text":4867,"type":74,"marks":4868},"build credit",[4869],{"type":77,"attrs":4870},{"color":88},{"text":4872,"type":74},"? Here are some useful guidelines to help you optimize your credit-building strategy.",{"type":118,"attrs":4874,"content":4875},{"level":120},[4876],{"text":123,"type":74},{"type":125,"content":4878},[4879,4903,4909],{"type":128,"content":4880},[4881],{"type":70,"content":4882},[4883,4885,4890,4892,4896,4898,4902],{"text":4884,"type":74},"Credit cards allow you to build a positive ",{"text":4886,"type":74,"marks":4887},"payment history",[4888],{"type":77,"attrs":4889},{"color":88},{"text":4891,"type":74}," quickly, which can help boost your ",{"text":605,"type":74,"marks":4893},[4894],{"type":77,"attrs":4895},{"color":88},{"text":4897,"type":74}," and demonstrate that you’re a responsible ",{"text":514,"type":74,"marks":4899},[4900],{"type":77,"attrs":4901},{"color":88},{"text":116,"type":74},{"type":128,"content":4904},[4905],{"type":70,"content":4906},[4907],{"text":4908,"type":74},"Opening too many cards too quickly could have a negative impact on your credit.",{"type":128,"content":4910},[4911],{"type":70,"content":4912},[4913],{"text":4914,"type":74},"You’ll need to pay off all credit cards in full and on time to reap the benefits.",{"type":118,"attrs":4916,"content":4917},{"level":120},[4918,4920,4924],{"text":4919,"type":74},"How to ",{"text":4867,"type":74,"marks":4921},[4922],{"type":77,"attrs":4923},{"color":88},{"text":4925,"type":74}," with a credit card",{"type":70,"content":4927},[4928,4930,4934,4936,4941,4943,4950,4952,4956,4958,4962],{"text":4929,"type":74},"Any time you take out a new loan — whether that’s a personal loan, a student loan refinance, or a mortgage loan — you’ll need to show your ",{"text":92,"type":74,"marks":4931},[4932],{"type":77,"attrs":4933},{"color":88},{"text":4935,"type":74}," that you’re creditworthy, i.e. don’t pose much risk of non-payment. ",{"text":4937,"type":74,"marks":4938},"Lenders",[4939],{"type":77,"attrs":4940},{"color":88},{"text":4942,"type":74}," want to make sure you can ",{"text":4944,"type":74,"marks":4945},"afford your monthly payments",[4946,4948],{"type":175,"attrs":4947},{"href":2573,"uuid":178,"anchor":178,"target":178,"linktype":179},{"type":77,"attrs":4949},{"color":182},{"text":4951,"type":74},". To do that, they’ll assess your ",{"text":484,"type":74,"marks":4953},[4954],{"type":77,"attrs":4955},{"color":88},{"text":4957,"type":74}," before agreeing to loan you any money. ",{"text":4937,"type":74,"marks":4959},[4960],{"type":77,"attrs":4961},{"color":88},{"text":4963,"type":74}," are more likely to extend credit to people with a proven history of timely repayments. That’s where credit cards come in.",{"type":70},{"type":70,"content":4966},[4967,4969,4973],{"text":4968,"type":74},"Used properly, credit cards could help you build your ",{"text":4886,"type":74,"marks":4970},[4971],{"type":77,"attrs":4972},{"color":88},{"text":4974,"type":74}," relatively quickly. That’s because they’re easier to qualify for than personal loans, and they can be used for any number of everyday purchases.",{"type":118,"attrs":4976,"content":4977},{"level":279},[4978,4980],{"text":4979,"type":74},"Using credit cards to boost ",{"text":605,"type":74,"marks":4981},[4982],{"type":77,"attrs":4983},{"color":18},{"type":70,"content":4985},[4986,4988,4992,4994,4998,5000,5008,5010,5015,5017,5022,5024,5028,5030,5034],{"text":4987,"type":74},"Credit cards are a great tool for boosting your ",{"text":605,"type":74,"marks":4989},[4990],{"type":77,"attrs":4991},{"color":88},{"text":4993,"type":74},", which is a numerical representation of your creditworthiness. ",{"text":4937,"type":74,"marks":4995},[4996],{"type":77,"attrs":4997},{"color":88},{"text":4999,"type":74}," use this score to assess your credit risk. ",{"text":5001,"type":74,"marks":5002},"The FICO score",[5003,5006],{"type":175,"attrs":5004},{"href":5005,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.fico.com/en/products/fico-score",{"type":77,"attrs":5007},{"color":182},{"text":5009,"type":74}," is the most common ",{"text":5011,"type":74,"marks":5012},"type of credit score",[5013],{"type":77,"attrs":5014},{"color":88},{"text":5016,"type":74},". On the ",{"text":5018,"type":74,"marks":5019},"FICO",[5020],{"type":77,"attrs":5021},{"color":88},{"text":5023,"type":74}," scale, 850 is the best ",{"text":605,"type":74,"marks":5025},[5026],{"type":77,"attrs":5027},{"color":88},{"text":5029,"type":74}," you can achieve, and 300 is the lowest. Although this varies by lender, in general, to qualify for most loans, you’ll need a ",{"text":605,"type":74,"marks":5031},[5032],{"type":77,"attrs":5033},{"color":88},{"text":5035,"type":74}," of 650 or higher.",{"type":70},{"type":70,"content":5038},[5039,5044,5046,5054,5056,5061],{"text":5040,"type":74,"marks":5041},"Credit score",[5042],{"type":77,"attrs":5043},{"color":88},{"text":5045,"type":74}," matters for other reasons, too. Employers increasingly ",{"text":5047,"type":74,"marks":5048},"want to see proof of financial responsibility",[5049,5052],{"type":175,"attrs":5050},{"href":5051,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.experian.com/blogs/ask-experian/do-employers-check-credit-scores/",{"type":77,"attrs":5053},{"color":182},{"text":5055,"type":74}," before hiring. A ",{"text":5057,"type":74,"marks":5058},"good credit history",[5059],{"type":77,"attrs":5060},{"color":88},{"text":5062,"type":74}," could also lead to lower insurance premiums on auto, home, or life insurance policies.",{"type":118,"attrs":5064,"content":5065},{"level":279},[5066,5068,5072],{"text":5067,"type":74},"How ",{"text":186,"type":74,"marks":5069},[5070],{"type":77,"attrs":5071},{"color":18},{"text":5073,"type":74}," are calculated",{"type":70,"content":5075},[5076,5077,5081,5082,5086,5088,5096],{"text":854,"type":74},{"text":5018,"type":74,"marks":5078},[5079],{"type":77,"attrs":5080},{"color":88},{"text":133,"type":74},{"text":605,"type":74,"marks":5083},[5084],{"type":77,"attrs":5085},{"color":88},{"text":5087,"type":74}," formula is based on these ",{"text":5089,"type":74,"marks":5090},"five components",[5091,5094],{"type":175,"attrs":5092},{"href":5093,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.myfico.com/credit-education/whats-in-your-credit-score",{"type":77,"attrs":5095},{"color":182},{"text":1026,"type":74},{"type":838,"attrs":5098,"content":5100},{"order":5099},{"order":841},[5101,5138,5196],{"type":128,"content":5102},[5103],{"type":70,"content":5104},[5105,5111,5115,5117,5121,5123,5128,5130,5134,5136,5137],{"text":5106,"type":74,"marks":5107},"Payment history",[5108,5109],{"type":1022},{"type":77,"attrs":5110},{"color":88},{"text":5112,"type":74,"marks":5113}," (35%): ",[5114],{"type":1022},{"text":5116,"type":74},"More than a third of your ",{"text":605,"type":74,"marks":5118},[5119],{"type":77,"attrs":5120},{"color":88},{"text":5122,"type":74}," is based on your ability to keep up with current repayments. ",{"text":5124,"type":74,"marks":5125},"Missed payments",[5126],{"type":77,"attrs":5127},{"color":88},{"text":5129,"type":74},", defaults, and collections could all significantly hurt your ",{"text":605,"type":74,"marks":5131},[5132],{"type":77,"attrs":5133},{"color":88},{"text":5135,"type":74},". 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Your CUR is the percentage of your ",{"text":5168,"type":74,"marks":5169},"available credit",[5170],{"type":77,"attrs":5171},{"color":88},{"text":5173,"type":74}," that you’re currently using. For example, if your ",{"text":5175,"type":74,"marks":5176},"total credit limit",[5177],{"type":77,"attrs":5178},{"color":88},{"text":5180,"type":74}," is $10,000 and you owe $4,000 in total debt, your ",{"text":5182,"type":74,"marks":5183},"credit utilization ratio",[5184],{"type":77,"attrs":5185},{"color":88},{"text":5187,"type":74}," is $4,000/$10,000, or 40%. To maintain a ",{"text":2313,"type":74,"marks":5189},[5190],{"type":77,"attrs":5191},{"color":88},{"text":5193,"type":74},", strive to keep your CUR below 30%. ",{"type":2555},{"type":2555},{"type":128,"content":5197},[5198],{"type":70,"content":5199},[5200,5204,5209,5213,5221],{"text":5201,"type":74,"marks":5202},"Length of ",[5203],{"type":1022},{"text":484,"type":74,"marks":5205},[5206,5207],{"type":1022},{"type":77,"attrs":5208},{"color":88},{"text":5210,"type":74,"marks":5211}," (15%): ",[5212],{"type":1022},{"text":5214,"type":74,"marks":5215},"To get a minimum FICO score",[5216,5219],{"type":175,"attrs":5217},{"href":5218,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.experian.com/blogs/ask-experian/how-long-does-it-take-to-build-credit/",{"type":77,"attrs":5220},{"color":182},{"text":5222,"type":74},", you need to have at least one credit account that’s been open for six months or more. But to get a maximum score in this category, you’ll need to have had open credit accounts for at least several years.",{"type":70},{"type":838,"attrs":5225,"content":5228},{"order":5226},{"order":5227},4,[5229,5266],{"type":128,"content":5230},[5231],{"type":70,"content":5232},[5233,5239,5243,5245,5250,5252,5257,5259,5263,5264,5265],{"text":5234,"type":74,"marks":5235},"Credit mix",[5236,5237],{"type":1022},{"type":77,"attrs":5238},{"color":88},{"text":5240,"type":74,"marks":5241}," (10%): ",[5242],{"type":1022},{"text":5244,"type":74},"A diverse ",{"text":5246,"type":74,"marks":5247},"credit mix",[5248],{"type":77,"attrs":5249},{"color":88},{"text":5251,"type":74}," indicates your ability to manage different ",{"text":5253,"type":74,"marks":5254},"types of credit",[5255],{"type":77,"attrs":5256},{"color":88},{"text":5258,"type":74}," responsibly. So, if you have some student loans, a couple of credit cards, a mortgage loan, and a car loan, you likely have a favorable ",{"text":5246,"type":74,"marks":5260},[5261],{"type":77,"attrs":5262},{"color":88},{"text":564,"type":74},{"type":2555},{"type":2555},{"type":128,"content":5267},[5268],{"type":70,"content":5269},[5270,5274,5276,5281,5283,5288,5289,5293,5295,5300,5302,5306],{"text":5271,"type":74,"marks":5272},"New credit (10%):",[5273],{"type":1022},{"text":5275,"type":74}," If you open a ",{"text":5277,"type":74,"marks":5278},"lot of credit cards",[5279],{"type":77,"attrs":5280},{"color":88},{"text":5282,"type":74}," in a ",{"text":5284,"type":74,"marks":5285},"short period of time",[5286],{"type":77,"attrs":5287},{"color":88},{"text":758,"type":74},{"text":99,"type":74,"marks":5290},[5291],{"type":77,"attrs":5292},{"color":88},{"text":5294,"type":74}," may view that as a sign of financial instability. If you can, try to space out how often you apply for ",{"text":5296,"type":74,"marks":5297},"new credit cards",[5298],{"type":77,"attrs":5299},{"color":88},{"text":5301,"type":74}," or other ",{"text":160,"type":74,"marks":5303},[5304],{"type":77,"attrs":5305},{"color":88},{"text":5307,"type":74}," by at least six months.",{"type":118,"attrs":5309,"content":5310},{"level":279},[5311,5313],{"text":5312,"type":74},"How to start using cards to ",{"text":4867,"type":74,"marks":5314},[5315],{"type":77,"attrs":5316},{"color":18},{"type":70,"content":5318},[5319,5321,5325,5327,5332,5334,5342,5344,5353],{"text":5320,"type":74},"You can apply for most credit cards either online or in person through banks and other financial institutions. If you have no previous ",{"text":484,"type":74,"marks":5322},[5323],{"type":77,"attrs":5324},{"color":88},{"text":5326,"type":74},", you may want to consider getting a ",{"text":5328,"type":74,"marks":5329},"secured credit card",[5330],{"type":77,"attrs":5331},{"color":88},{"text":5333,"type":74}," as ",{"text":5335,"type":74,"marks":5336},"your first credit card",[5337,5340],{"type":175,"attrs":5338},{"href":5339,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.earnest.com/blog/how-to-get-your-first-credit-card/",{"type":77,"attrs":5341},{"color":182},{"text":5343,"type":74},". A secured card requires a cash deposit as collateral, but it doesn’t often involve a credit check. If you’re a student, you may also qualify for a low-interest ",{"text":5345,"type":74,"marks":5346},"student credit card",[5347,5351],{"type":175,"attrs":5348},{"href":5349,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.equifax.com/personal/education/credit-cards/articles/-/learn/student-credit-cards-what-are-they-how-to-get-one/","_blank",{"type":77,"attrs":5352},{"color":182},{"text":116,"type":74},{"type":70,"content":5355},[5356,5358,5362,5364,5368],{"text":5357,"type":74},"Once you have your first credit card, use it regularly but responsibly. Make sure to pay off the balance in full and on time every month. After a while, your ",{"text":1177,"type":74,"marks":5359},[5360],{"type":77,"attrs":5361},{"color":88},{"text":5363,"type":74}," will show a pattern of on-time payments, which will help you build a positive ",{"text":4886,"type":74,"marks":5365},[5366],{"type":77,"attrs":5367},{"color":88},{"text":116,"type":74},{"type":118,"attrs":5370,"content":5371},{"level":120},[5372,5374,5378],{"text":5373,"type":74},"How many credit cards should I have to ",{"text":4867,"type":74,"marks":5375},[5376],{"type":77,"attrs":5377},{"color":88},{"text":1996,"type":74},{"type":70,"content":5380},[5381,5383,5388,5390,5395,5397,5405,5407,5412,5414,5422],{"text":5382,"type":74},"According to ",{"text":5384,"type":74,"marks":5385},"Experian",[5386],{"type":77,"attrs":5387},{"color":88},{"text":5389,"type":74},", the ",{"text":5391,"type":74,"marks":5392},"average American",[5393],{"type":77,"attrs":5394},{"color":88},{"text":5396,"type":74}," had ",{"text":5398,"type":74,"marks":5399},"3.1 credit cards in 2020",[5400,5403],{"type":175,"attrs":5401},{"href":5402,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.experian.com/blogs/ask-experian/average-number-of-credit-cards-a-person-has/",{"type":77,"attrs":5404},{"color":182},{"text":5406,"type":74}," with an average ",{"text":5408,"type":74,"marks":5409},"credit limit",[5410],{"type":77,"attrs":5411},{"color":88},{"text":5413,"type":74}," of $30,365. The average Gen Z consumer currently ",{"text":5415,"type":74,"marks":5416},"has 2.1 credit cards",[5417,5420],{"type":175,"attrs":5418},{"href":5419,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.experian.com/blogs/ask-experian/how-credit-card-usage-differs-by-generation/",{"type":77,"attrs":5421},{"color":182},{"text":116,"type":74},{"type":70,"content":5424},[5425,5427,5432],{"text":5426,"type":74},"That said, your optimal ",{"text":5428,"type":74,"marks":5429},"number of credit cards",[5430],{"type":77,"attrs":5431},{"color":88},{"text":5433,"type":74}," will depend on your individual circumstances. Consider these guidelines when deciding how many cards to sign up for:",{"type":125,"content":5435},[5436,5489,5534],{"type":128,"content":5437},[5438],{"type":70,"content":5439},[5440,5446,5449,5450,5458,5460,5468,5470,5474,5476,5480,5482,5487],{"text":5441,"type":74,"marks":5442},"Financial situation",[5443,5444],{"type":1022},{"type":77,"attrs":5445},{"color":88},{"text":1026,"type":74,"marks":5447},[5448],{"type":1022},{"text":1385,"type":74},{"text":5451,"type":74,"marks":5452},"personal finance priorities",[5453,5456],{"type":175,"attrs":5454},{"href":5455,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.earnest.com/blog/financial-priorities/",{"type":77,"attrs":5457},{"color":182},{"text":5459,"type":74}," will be different if you’re, say, ",{"text":5461,"type":74,"marks":5462},"a new student with no credit history",[5463,5466],{"type":175,"attrs":5464},{"href":5465,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.earnest.com/blog/help-your-child-build-credit/",{"type":77,"attrs":5467},{"color":182},{"text":5469,"type":74}," versus a homeowner with ",{"text":808,"type":74,"marks":5471},[5472],{"type":77,"attrs":5473},{"color":88},{"text":5475,"type":74}," and significant debt. While both situations require credit-building efforts, the recommended approach will be different for each. If you’re just beginning to ",{"text":4867,"type":74,"marks":5477},[5478],{"type":77,"attrs":5479},{"color":88},{"text":5481,"type":74},", you may want to start by applying for one credit card. However, if your low score is due to ",{"text":5483,"type":74,"marks":5484},"missed payments",[5485],{"type":77,"attrs":5486},{"color":88},{"text":5488,"type":74}," or collections, make sure you’re on top of all existing payments before applying for any new credit.",{"type":128,"content":5490},[5491],{"type":70,"content":5492},[5493,5498,5501,5503,5507,5509,5513,5515,5519,5521,5525,5527,5532],{"text":5143,"type":74,"marks":5494},[5495,5496],{"type":1022},{"type":77,"attrs":5497},{"color":88},{"text":2871,"type":74,"marks":5499},[5500],{"type":1022},{"text":5502,"type":74},"When you open ",{"text":5296,"type":74,"marks":5504},[5505],{"type":77,"attrs":5506},{"color":88},{"text":5508,"type":74},", you immediately increase your cumulative ",{"text":5175,"type":74,"marks":5510},[5511],{"type":77,"attrs":5512},{"color":88},{"text":5514,"type":74},". In theory, that lets you cover all your usual expenses but at a lower percentage of your total limit. This reduced ",{"text":5182,"type":74,"marks":5516},[5517],{"type":77,"attrs":5518},{"color":88},{"text":5520,"type":74}," (CUR) could have a positive impact on your ",{"text":605,"type":74,"marks":5522},[5523],{"type":77,"attrs":5524},{"color":88},{"text":5526,"type":74},". If your ",{"text":5528,"type":74,"marks":5529},"credit utilization",[5530],{"type":77,"attrs":5531},{"color":88},{"text":5533,"type":74}," is currently above 30%, applying for additional credit could be a smart move.",{"type":128,"content":5535},[5536],{"type":70,"content":5537},[5538,5542,5544,5548,5550,5555,5557,5562,5563,5571,5573,5578,5580,5585,5587,5592],{"text":5539,"type":74,"marks":5540},"Ability to manage credit:",[5541],{"type":1022},{"text":5543,"type":74}," Simply having more credit cards does not guarantee that you’ll ",{"text":4867,"type":74,"marks":5545},[5546],{"type":77,"attrs":5547},{"color":88},{"text":5549,"type":74}," faster. It’s more important to use your ",{"text":5551,"type":74,"marks":5552},"credit card accounts",[5553],{"type":77,"attrs":5554},{"color":88},{"text":5556,"type":74}," responsibly. This means making on-time payments, keeping track of ",{"text":5558,"type":74,"marks":5559},"due dates",[5560],{"type":77,"attrs":5561},{"color":88},{"text":764,"type":74},{"text":5564,"type":74,"marks":5565},"paying off the full balance",[5566,5569],{"type":175,"attrs":5567},{"href":5568,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.earnest.com/blog/debt-reduction-strategy/",{"type":77,"attrs":5570},{"color":182},{"text":5572,"type":74}," each month. If you ",{"text":5574,"type":74,"marks":5575},"discover",[5576],{"type":77,"attrs":5577},{"color":88},{"text":5579,"type":74}," you have a knack for juggling multiple cards successfully, having more than one card can be beneficial. But if you’re concerned about ",{"text":5581,"type":74,"marks":5582},"overspending",[5583],{"type":77,"attrs":5584},{"color":88},{"text":5586,"type":74},", you may be better off with a ",{"text":5588,"type":74,"marks":5589},"single credit card",[5590],{"type":77,"attrs":5591},{"color":88},{"text":116,"type":74},{"type":118,"attrs":5594,"content":5595},{"level":120},[5596],{"text":5597,"type":74},"Can I apply for multiple credit cards at once?",{"type":70,"content":5599},[5600],{"text":5601,"type":74},"You can apply for and get approved for multiple credit cards at once, but be sure to consider these factors first.",{"type":118,"attrs":5603,"content":5604},{"level":279},[5605,5607],{"text":5606,"type":74},"Impact on your ",{"text":605,"type":74,"marks":5608},[5609],{"type":77,"attrs":5610},{"color":18},{"type":70,"content":5612},[5613,5615,5619,5621,5626,5628,5632,5634,5639,5641,5645,5647,5654,5655,5660,5662,5666],{"text":5614,"type":74},"Having several credit cards can positively impact your ",{"text":5182,"type":74,"marks":5616},[5617],{"type":77,"attrs":5618},{"color":88},{"text":5620,"type":74},", but opening several credit cards at once isn’t always a good thing. ",{"text":5622,"type":74,"marks":5623},"Credit bureaus",[5624],{"type":77,"attrs":5625},{"color":88},{"text":5627,"type":74}," may see this as a sign of overreliance on credit, or as an indicator of financial instability. That may make ",{"text":99,"type":74,"marks":5629},[5630],{"type":77,"attrs":5631},{"color":88},{"text":5633,"type":74}," reluctant to extend credit to you. Additionally, each time you apply for a credit card, the ",{"text":5635,"type":74,"marks":5636},"credit card issuer",[5637],{"type":77,"attrs":5638},{"color":88},{"text":5640,"type":74}," pulls your ",{"text":1177,"type":74,"marks":5642},[5643],{"type":77,"attrs":5644},{"color":88},{"text":5646,"type":74}," to check your creditworthiness. This triggers what’s called a ",{"text":5648,"type":74,"marks":5649},"”hard inquiry” on your report",[5650,5652],{"type":175,"attrs":5651},{"href":2437,"uuid":178,"anchor":178,"target":178,"linktype":179},{"type":77,"attrs":5653},{"color":182},{"text":564,"type":74},{"text":5656,"type":74,"marks":5657},"Hard inquiries",[5658],{"type":77,"attrs":5659},{"color":88},{"text":5661,"type":74}," could cause your ",{"text":605,"type":74,"marks":5663},[5664],{"type":77,"attrs":5665},{"color":88},{"text":5667,"type":74}," to dip temporarily.",{"type":118,"attrs":5669,"content":5670},{"level":279},[5671],{"text":5672,"type":74},"Multiple rejections",{"type":70,"content":5674},[5675,5677,5681,5683,5687,5689,5694,5696,5700,5702,5706,5708,5712],{"text":5676,"type":74},"During the application review process, ",{"text":99,"type":74,"marks":5678},[5679],{"type":77,"attrs":5680},{"color":88},{"text":5682,"type":74}," assess factors like your income and ",{"text":484,"type":74,"marks":5684},[5685],{"type":77,"attrs":5686},{"color":88},{"text":5688,"type":74}," to determine your eligibility. Submitting multiple ",{"text":5690,"type":74,"marks":5691},"credit card applications",[5692],{"type":77,"attrs":5693},{"color":88},{"text":5695,"type":74}," could increase your chances of being approved for at least one card. However, when applying for multiple credit cards at once, you run the risk of getting rejected multiple times. Frequent rejections in a short period could be a red flag for ",{"text":99,"type":74,"marks":5697},[5698],{"type":77,"attrs":5699},{"color":88},{"text":5701,"type":74}," who may see you as a risky ",{"text":514,"type":74,"marks":5703},[5704],{"type":77,"attrs":5705},{"color":88},{"text":5707,"type":74},". That could make it harder for you to get credit in the future. If you’ve just been rejected for a card, it’s best to work on improving your ",{"text":605,"type":74,"marks":5709},[5710],{"type":77,"attrs":5711},{"color":88},{"text":5713,"type":74}," before trying again.",{"type":118,"attrs":5715,"content":5716},{"level":279},[5717],{"text":5718,"type":74},"Your ability to make payments",{"type":70,"content":5720},[5721,5723,5727,5729,5734,5736,5740,5742,5747,5749,5753],{"text":5722,"type":74},"You generally shouldn’t open ",{"text":5296,"type":74,"marks":5724},[5725],{"type":77,"attrs":5726},{"color":88},{"text":5728,"type":74}," unless you can commit to responsible ",{"text":5730,"type":74,"marks":5731},"spending habits",[5732],{"type":77,"attrs":5733},{"color":88},{"text":5735,"type":74},". Don’t look at a higher ",{"text":5408,"type":74,"marks":5737},[5738],{"type":77,"attrs":5739},{"color":88},{"text":5741,"type":74}," as permission to spend more. Instead, focus on using new cards for regular, essential expenses and always pay your bill on time. It’s also best to pay the balance off in full, rather than just making the minimum required ",{"text":5743,"type":74,"marks":5744},"credit card payment",[5745],{"type":77,"attrs":5746},{"color":88},{"text":5748,"type":74}," each month. This demonstrates responsible financial behavior. It can also help you avoid going into ",{"text":2604,"type":74,"marks":5750},[5751],{"type":77,"attrs":5752},{"color":88},{"text":5754,"type":74}," and accruing interest charges.",{"type":118,"attrs":5756,"content":5757},{"level":120},[5758],{"text":5759,"type":74},"The pros and cons of having multiple credit cards",{"type":70,"content":5761},[5762],{"text":5763,"type":74},"Having multiple credit cards can offer both advantages and disadvantages.",{"type":118,"attrs":5765,"content":5766},{"level":279},[5767],{"text":5768,"type":74},"The pros of having multiple credit cards",{"type":125,"content":5770},[5771,5783,5802,5823],{"type":128,"content":5772},[5773],{"type":70,"content":5774},[5775,5777,5781],{"text":5776,"type":74},"When you pay your credit card balances in full each month, this shows ",{"text":99,"type":74,"marks":5778},[5779],{"type":77,"attrs":5780},{"color":88},{"text":5782,"type":74}," you can handle credit responsibly.",{"type":128,"content":5784},[5785],{"type":70,"content":5786},[5787,5789,5793,5795,5800],{"text":5788,"type":74},"Having multiple credit cards gives you a higher ",{"text":5175,"type":74,"marks":5790},[5791],{"type":77,"attrs":5792},{"color":88},{"text":5794,"type":74},", which could help keep your ",{"text":5796,"type":74,"marks":5797},"total credit utilization rate",[5798],{"type":77,"attrs":5799},{"color":88},{"text":5801,"type":74}," low.",{"type":128,"content":5803},[5804],{"type":70,"content":5805},[5806,5808,5812,5813,5821],{"text":5807,"type":74},"When you have multiple cards, you can spread your purchases across them. This can keep the ",{"text":5182,"type":74,"marks":5809},[5810],{"type":77,"attrs":5811},{"color":88},{"text":133,"type":74},{"text":5814,"type":74,"marks":5815},"low for each individual card",[5816,5819],{"type":175,"attrs":5817},{"href":5818,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.experian.com/blogs/ask-experian/credit-education/score-basics/credit-utilization-rate/",{"type":77,"attrs":5820},{"color":182},{"text":5822,"type":74},". (Maxing out your credit cards or excessively charging them is considered risky credit behavior.)",{"type":128,"content":5824},[5825],{"type":70,"content":5826},[5827,5829,5834,5836,5840,5841,5846,5848,5853,5855,5860,5862,5867,5869,5874,5876,5880],{"text":5828,"type":74},"Different ",{"text":5830,"type":74,"marks":5831},"credit card companies",[5832],{"type":77,"attrs":5833},{"color":88},{"text":5835,"type":74}," provide various ",{"text":2884,"type":74,"marks":5837},[5838],{"type":77,"attrs":5839},{"color":88},{"text":2075,"type":74},{"text":5842,"type":74,"marks":5843},"rewards programs",[5844],{"type":77,"attrs":5845},{"color":88},{"text":5847,"type":74},". A ",{"text":5849,"type":74,"marks":5850},"cash-back card",[5851],{"type":77,"attrs":5852},{"color":88},{"text":5854,"type":74}," could provide you with extra spending money, while ",{"text":5856,"type":74,"marks":5857},"travel credit cards",[5858],{"type":77,"attrs":5859},{"color":88},{"text":5861,"type":74},", retail cards, and other ",{"text":5863,"type":74,"marks":5864},"rewards credit cards",[5865],{"type":77,"attrs":5866},{"color":88},{"text":5868,"type":74}," could help you earn ",{"text":5870,"type":74,"marks":5871},"travel rewards",[5872],{"type":77,"attrs":5873},{"color":88},{"text":5875,"type":74},", airline miles, or discounts at certain stores. These ",{"text":2884,"type":74,"marks":5877},[5878],{"type":77,"attrs":5879},{"color":88},{"text":5881,"type":74}," could help you take advantage of extra savings while you build your credit.",{"type":70},{"type":118,"attrs":5884,"content":5885},{"level":279},[5886],{"text":5887,"type":74},"The cons of having multiple cards",{"type":70},{"type":125,"content":5890},[5891,5897,5924,5955],{"type":128,"content":5892},[5893],{"type":70,"content":5894},[5895],{"text":5896,"type":74},"With multiple cards at your disposal, it can be tempting to spend beyond your means.",{"type":128,"content":5898},[5899],{"type":70,"content":5900},[5901,5903,5907,5909,5913,5915,5923],{"text":5902,"type":74},"Managing multiple cards with various ",{"text":5558,"type":74,"marks":5904},[5905],{"type":77,"attrs":5906},{"color":88},{"text":5908,"type":74}," can require a high level of organization. If you accidentally overlook a payment, you’ll be responsible for paying ",{"text":2777,"type":74,"marks":5910},[5911],{"type":77,"attrs":5912},{"color":88},{"text":5914,"type":74}," and interest charges. It could also ",{"text":5916,"type":74,"marks":5917},"hurt your credit score",[5918,5921],{"type":175,"attrs":5919},{"href":5920,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.earnest.com/blog/credit-report-errors/",{"type":77,"attrs":5922},{"color":182},{"text":116,"type":74},{"type":128,"content":5925},[5926],{"type":70,"content":5927},[5928,5930,5935,5937,5941,5943,5948,5950,5954],{"text":5929,"type":74},"When a ",{"text":5931,"type":74,"marks":5932},"cardholder",[5933],{"type":77,"attrs":5934},{"color":88},{"text":5936,"type":74}," opens multiple credit cards within a short space of time, that could be a red flag for potential ",{"text":99,"type":74,"marks":5938},[5939],{"type":77,"attrs":5940},{"color":88},{"text":5942,"type":74},". Multiple ",{"text":5944,"type":74,"marks":5945},"hard inquiries",[5946],{"type":77,"attrs":5947},{"color":88},{"text":5949,"type":74}," could also temporarily drop your ",{"text":605,"type":74,"marks":5951},[5952],{"type":77,"attrs":5953},{"color":88},{"text":116,"type":74},{"type":128,"content":5956},[5957],{"type":70,"content":5958},[5959,5961,5969,5971,5976,5978,5983],{"text":5960,"type":74},"While many credit cards — especially ",{"text":5962,"type":74,"marks":5963},"balance transfer cards",[5964,5967],{"type":175,"attrs":5965},{"href":5966,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.equifax.com/personal/education/credit-cards/articles/-/learn/balance-transfer-credit-card/",{"type":77,"attrs":5968},{"color":182},{"text":5970,"type":74}," — offer 0% interest and ",{"text":5972,"type":74,"marks":5973},"free credit",[5974],{"type":77,"attrs":5975},{"color":88},{"text":5977,"type":74}," for the first few months, you may be required to pay ",{"text":5979,"type":74,"marks":5980},"annual fees",[5981],{"type":77,"attrs":5982},{"color":88},{"text":5984,"type":74}," after the initial introductory offer. These fees can add up quickly as you accumulate more cards.",{"type":118,"attrs":5986,"content":5987},{"level":120},[5988],{"text":5989,"type":74},"Compare credit cards on Navient Marketplace",{"type":70,"content":5991},[5992,5994,5998,6000,6004,6006,6010,6012,6018,6020,6025,6027,6032],{"text":5993,"type":74},"Whether you want to add diversity to your ",{"text":5246,"type":74,"marks":5995},[5996],{"type":77,"attrs":5997},{"color":88},{"text":5999,"type":74}," or increase your ",{"text":5182,"type":74,"marks":6001},[6002],{"type":77,"attrs":6003},{"color":88},{"text":6005,"type":74}," through additional ",{"text":160,"type":74,"marks":6007},[6008],{"type":77,"attrs":6009},{"color":88},{"text":6011,"type":74},", Navient can help you find credit card offers tailored just for you. 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As a result, you’ll likely find more affordable options through a marketplace than you’d find through traditional ",{"text":99,"type":74,"marks":6572},[6573],{"type":77,"attrs":6574},{"color":88},{"text":6576,"type":74}," alone.",{"text":989,"type":74,"marks":6578},[6579],{"type":77,"attrs":6580},{"color":18},{"type":118,"attrs":6582,"content":6583},{"level":120},[6584,6586],{"text":6585,"type":74},"The pros and cons of ",{"text":6168,"type":74,"marks":6587},[6588],{"type":77,"attrs":6589},{"color":88},{"type":70,"content":6591},[6592,6594,6598,6600,6604],{"text":6593,"type":74},"The pros of ",{"text":6168,"type":74,"marks":6595},[6596],{"type":77,"attrs":6597},{"color":88},{"text":6599,"type":74}," for ",{"text":204,"type":74,"marks":6601},[6602],{"type":77,"attrs":6603},{"color":88},{"text":6605,"type":74}," include:",{"type":70},{"type":125,"content":6608},[6609,6633,6653,6673],{"type":128,"content":6610},[6611],{"type":70,"content":6612},[6613,6617,6619,6627,6628,6632],{"text":6614,"type":74,"marks":6615},"More options: ",[6616],{"type":1022},{"text":6618,"type":74},"If you’ve had a hard time getting loans from traditional banks — either due to a low credit score or to biases in the financial industry — you may be more likely to ",{"text":6620,"type":74,"marks":6621},"find more affordable funding",[6622,6625],{"type":175,"attrs":6623},{"href":6624,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.experian.com/blogs/ask-experian/how-to-get-a-loan-with-bad-credit/",{"type":77,"attrs":6626},{"color":182},{"text":3608,"type":74},{"text":6211,"type":74,"marks":6629},[6630],{"type":77,"attrs":6631},{"color":88},{"text":116,"type":74},{"type":128,"content":6634},[6635],{"type":70,"content":6636},[6637,6641,6645,6647,6651],{"text":6638,"type":74,"marks":6639},"Speed of processing: ",[6640],{"type":1022},{"text":6175,"type":74,"marks":6642},[6643],{"type":77,"attrs":6644},{"color":88},{"text":6646,"type":74}," is so streamlined that you could prequalify for loans, compare options, complete the ",{"text":294,"type":74,"marks":6648},[6649],{"type":77,"attrs":6650},{"color":88},{"text":6652,"type":74},", and receive your funds all within a few business days.",{"type":128,"content":6654},[6655],{"type":70,"content":6656},[6657,6661,6665,6667,6671],{"text":6658,"type":74,"marks":6659},"Lower rates, better terms: ",[6660],{"type":1022},{"text":6175,"type":74,"marks":6662},[6663],{"type":77,"attrs":6664},{"color":88},{"text":6666,"type":74}," creates competition among ",{"text":99,"type":74,"marks":6668},[6669],{"type":77,"attrs":6670},{"color":88},{"text":6672,"type":74},", incentivizing them to offer lower rates and better repayment terms to attract customers.",{"type":128,"content":6674},[6675],{"type":70,"content":6676},[6677,6681,6683,6688],{"text":6678,"type":74,"marks":6679},"Smaller loans:",[6680],{"type":1022},{"text":6682,"type":74}," You’re more likely to be able to apply for ",{"text":6684,"type":74,"marks":6685},"loan funding",[6686],{"type":77,"attrs":6687},{"color":88},{"text":6689,"type":74}," amounts of less than $10,000 through an online marketplace.",{"type":70},{"type":70,"content":6692},[6693,6695,6699,6700,6704],{"text":6694,"type":74},"The cons of ",{"text":6168,"type":74,"marks":6696},[6697],{"type":77,"attrs":6698},{"color":88},{"text":6599,"type":74},{"text":204,"type":74,"marks":6701},[6702],{"type":77,"attrs":6703},{"color":88},{"text":6605,"type":74},{"type":70},{"type":125,"content":6707},[6708,6729,6767],{"type":128,"content":6709},[6710],{"type":70,"content":6711},[6712,6716,6718,6722,6724,6728],{"text":6713,"type":74,"marks":6714},"Limited personal support: ",[6715],{"type":1022},{"text":6717,"type":74},"While ",{"text":6168,"type":74,"marks":6719},[6720],{"type":77,"attrs":6721},{"color":88},{"text":6723,"type":74}," is fast and efficient, the online interface means there’s no opportunity for face-to-face help. 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You’ll still have to examine each one to understand what you could end up paying in ",{"text":6753,"type":74,"marks":6754},"origination",[6755],{"type":77,"attrs":6756},{"color":88},{"text":6758,"type":74}," fees, late fees, and ",{"text":2783,"type":74,"marks":6760},[6761,6764],{"type":175,"attrs":6762},{"href":6763,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-prepayment-penalty-en-1957/#:~:text=A%20prepayment%20penalty%20is%20a,mortgages%20have%20a%20prepayment%20penalty.",{"type":77,"attrs":6765},{"color":182},{"text":116,"type":74},{"type":128,"content":6768},[6769],{"type":70,"content":6770},[6771,6775,6776,6780,6782,6786,6788,6796],{"text":6772,"type":74,"marks":6773},"Potential for predatory lending:",[6774],{"type":1022},{"text":133,"type":74},{"text":6175,"type":74,"marks":6777},[6778],{"type":77,"attrs":6779},{"color":88},{"text":6781,"type":74}," is a relatively new industry. That means there’s still some room for bad actors to sneak in. 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If you have a ",{"text":2720,"type":74,"marks":6835},[6836,6839],{"type":175,"attrs":6837},{"href":6838,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.cnbc.com/select/what-is-a-bad-credit-score/",{"type":77,"attrs":6840},{"color":182},{"text":6842,"type":74},", however, ",{"text":6168,"type":74,"marks":6844},[6845],{"type":77,"attrs":6846},{"color":88},{"text":6848,"type":74}," may be able to provide you with better options. That’s because some online ",{"text":99,"type":74,"marks":6850},[6851],{"type":77,"attrs":6852},{"color":88},{"text":6854,"type":74}," are willing to consider alternative measures of ",{"text":1184,"type":74,"marks":6856},[6857],{"type":77,"attrs":6858},{"color":88},{"text":6860,"type":74}," beyond your FICO score during the ",{"text":6862,"type":74,"marks":6863},"underwriting",[6864],{"type":77,"attrs":6865},{"color":88},{"text":6867,"type":74}," process.",{"text":6869,"type":74,"marks":6870},"  ",[6871],{"type":77,"attrs":6872},{"color":18},{"type":2555},{"type":2555},{"type":128,"content":6876},[6877],{"type":70,"content":6878},[6879,6885,6888,6890,6898,6900,6905,6907,6908],{"text":6880,"type":74,"marks":6881},"Interest rates",[6882,6883],{"type":1022},{"type":77,"attrs":6884},{"color":88},{"text":2871,"type":74,"marks":6886},[6887],{"type":1022},{"text":6889,"type":74},"Before you begin your loan search, take a look at ",{"text":6891,"type":74,"marks":6892},"federal reserve interest rates",[6893,6896],{"type":175,"attrs":6894},{"href":6895,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.fool.com/the-ascent/federal-reserve-interest-rates/",{"type":77,"attrs":6897},{"color":182},{"text":6899,"type":74}," to get a benchmark idea of national rate trends. Compare this benchmark to what ",{"text":6901,"type":74,"marks":6902},"marketplace lenders",[6903],{"type":77,"attrs":6904},{"color":88},{"text":6906,"type":74}," are offering to make sure you’re getting a fair rate. (Keep in mind that if you have a low credit score, your rate offers may be well above the federal reserve rate.) ",{"type":2555},{"type":2555},{"type":128,"content":6910},[6911],{"type":70,"content":6912},[6913,6917,6919,6923,6925,6926],{"text":6914,"type":74,"marks":6915},"Personal finances: ",[6916],{"type":1022},{"text":6918,"type":74},"Any time you consider taking on debt, take a hard look at your finances. Make sure you can afford the ",{"text":1291,"type":74,"marks":6920},[6921],{"type":77,"attrs":6922},{"color":88},{"text":6924,"type":74}," on your new loan. ",{"type":2555},{"type":2555},{"type":128,"content":6928},[6929],{"type":70,"content":6930},[6931,6935,6939,6941,6945,6947,6955],{"text":6932,"type":74,"marks":6933},"Privacy and security: ",[6934],{"type":1022},{"text":6175,"type":74,"marks":6936},[6937],{"type":77,"attrs":6938},{"color":88},{"text":6940,"type":74}," is a new industry. Since you’re dealing with two entities, not just one, you need to understand the terms and conditions for both the lending marketplace and the direct ",{"text":92,"type":74,"marks":6942},[6943],{"type":77,"attrs":6944},{"color":88},{"text":6946,"type":74}," you choose. 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Navient Marketplace collaborates with MoneyLion, a leading ",{"text":84,"type":74,"marks":7139},[7140],{"type":77,"attrs":7141},{"color":88},{"text":1638,"type":74},{"text":204,"type":74,"marks":7144},[7145],{"type":77,"attrs":7146},{"color":88},{"text":7148,"type":74}," access fast funding at affordable rates. Explore your options and find personalized loan rates by",{"text":133,"type":74,"marks":7150},[7151,7153],{"type":175,"attrs":7152},{"href":587,"uuid":178,"anchor":178,"target":178,"linktype":179},{"type":77,"attrs":7154},{"color":1658},{"text":1660,"type":74,"marks":7156},[7157,7159],{"type":175,"attrs":7158},{"href":587,"uuid":178,"anchor":178,"target":178,"linktype":179},{"type":77,"attrs":7160},{"color":182},{"text":1667,"type":74},{"type":70},{"type":70,"content":7164},[7165,7172],{"text":1949,"type":74,"marks":7166},[7167,7169,7170],{"type":1674,"attrs":7168},{"class":1676},{"type":1952},{"type":77,"attrs":7171},{"color":18},{"text":3269,"type":74,"marks":7173},[7174,7176],{"type":1674,"attrs":7175},{"class":1676},{"type":77,"attrs":7177},{"color":18},{"type":70,"content":7179},[7180],{"text":1671,"type":74,"marks":7181},[7182,7184],{"type":1674,"attrs":7183},{"class":1676},{"type":77,"attrs":7185},{"color":18},{"type":70,"content":7187},[7188,7195,7203],{"text":7189,"type":74,"marks":7190},"Information in this blog, including the rates advertised. are current as of 05/26/2023 and subject to change. For current rates, please visit ",[7191,7193],{"type":1674,"attrs":7192},{"class":1676},{"type":77,"attrs":7194},{"color":18},{"text":587,"type":74,"marks":7196},[7197,7199,7201],{"type":175,"attrs":7198},{"href":587,"uuid":178,"anchor":178,"target":178,"linktype":179},{"type":1674,"attrs":7200},{"class":1676},{"type":77,"attrs":7202},{"color":18},{"text":116,"type":74,"marks":7204},[7205,7207],{"type":1674,"attrs":7206},{"class":1676},{"type":77,"attrs":7208},{"color":18},{"type":67,"content":7210},[7211],{"type":70},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"5be43ce7-e8c5-4db7-bdea-adb1ae23c623\", \"id\": \"651798179\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"ceee7e65-6411-4835-b5e7-eb37ad228d61\", \"id\": \"651798179\"}-->","\u003C!--#storyblok#{\"name\": \"Row\", \"space\": \"157494\", \"uid\": \"66715cc4-b810-49c1-8d66-0ffa7c6cc813\", \"id\": \"651798179\"}-->",[],"\u003C!--#storyblok#{\"name\": \"Container\", \"space\": \"157494\", \"uid\": \"380f74fb-2806-4678-a08e-75d8ae7ab714\", \"id\": \"651798179\"}-->",{"id":18,"lg":18,"md":18,"sm":18,"_uid":7218,"cols":18,"height":18,"classes":1755,"columns":7219,"justify":18,"maxWidth":1772,"component":1773,"colClasses":1774,"rowClasses":18,"mobileClasses":1775,"backgroundColor":18,"backgroundImage":7228,"containerClasses":18,"useBackgroundImage":46,"_editable":7229},"3c36da6a-7b02-4ab2-9dbf-56bc6126416e",[7220],{"_uid":4786,"component":1759,"backToTopBtn":7221,"_editable":7227},[7222],{"url":7223,"_uid":4790,"icon":7224,"text":1766,"color":31,"event":18,"sizing":7225,"classes":1768,"rounded":46,"outlined":46,"component":1769,"textColor":1718,"hoverBgColor":1718,"mobileClasses":18,"hoverTextColor":1729,"navigationType":18,"_editable":7226},{"id":18,"url":18,"linktype":1763,"fieldtype":1724,"cached_url":18},{"id":178,"alt":178,"name":18,"focus":178,"title":178,"filename":18,"copyright":178,"fieldtype":1727},[],"\u003C!--#storyblok#{\"name\": \"Button\", \"space\": \"157494\", \"uid\": \"a418180f-c98f-49f7-bc44-96f7e2300218\", \"id\": \"651798179\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"afe3f257-1f50-4371-ab11-40a860876148\", \"id\": \"651798179\"}-->",{"id":178,"alt":178,"name":18,"focus":178,"title":178,"filename":18,"copyright":178,"fieldtype":1727},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"3c36da6a-7b02-4ab2-9dbf-56bc6126416e\", \"id\": \"651798179\"}-->","https://www.marketplace.navient.com/blog/what-is-marketplace-lending","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"10b505e9-bebb-4ee1-b003-cdb9035aacc0\", \"id\": \"651798179\"}-->","what-is-marketplace-lending","navient_marketplace/blog/what-is-marketplace-lending",-120,[],"09f30577-2297-4255-99e9-2a525a9e5cac","2023-06-27T13:49:36.294Z",[],{"name":7240,"created_at":7241,"published_at":7242,"updated_at":7243,"id":7244,"uuid":7245,"content":7246,"slug":8424,"full_slug":8425,"sort_by_date":178,"position":8426,"tag_list":8427,"is_startpage":46,"parent_id":1786,"meta_data":178,"group_id":8428,"first_published_at":8429,"release_id":178,"lang":1789,"path":8430,"alternates":8431,"default_full_slug":178,"translated_slugs":178},"The Quick Guide to Credit Card Refinancing","2025-04-07T18:30:54.798Z","2026-04-01T17:04:37.221Z","2026-04-01T17:04:37.253Z",651798180,"ba04cc80-558f-4d30-87e2-654ea182a391",{"seo":7247,"_uid":7251,"body":7252,"author":47,"category":1778,"featured":46,"component":1779,"canonicalTag":8422,"_editable":8423},{"_uid":7248,"title":7249,"plugin":17,"og_image":18,"og_title":18,"description":7250,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"85b2d210-fe99-4da3-baf7-b18a0bfa721f","The Quick Guide to Credit Card Refinancing - NaviRefi","Refinancing your credit card debt can have some serious advantages. Is it right for you? Learn more about how it works here.","c83d7eac-9cdd-4b6c-920c-2aa57fcc60d7",[7253,7264,8407],{"id":23,"_uid":7254,"image":7255,"intro":7256,"author":26,"classes":7257,"category":18,"featured":46,"blogTitle":7240,"component":44,"imageLink":7261,"blendImage":46,"authorRoute":47,"publishedDate":7262,"backgroundColor":49,"_editable":7263},"5e5cc6f5-6c4d-4230-8cd6-ec1090fbe83b","//a.storyblok.com/f/110029/6000x4000/a5a7276a21/credit-card-refinancing.jpeg","Credit card refinancing can help you save money on interest and simplify your monthly payments. That said, it’s not without its potential drawbacks. Here’s what you need to know.",[7258],{"_uid":7259,"component":30,"titleColor":31,"dateClasses":32,"titleClasses":33,"authorClasses":34,"subtitleColor":35,"titleMaxWidth":36,"subtitleClasses":37,"dateMobileClasses":38,"titleMobileClasses":39,"authorMobileClasses":40,"featuredMobileClasses":41,"subtitleMobileClasses":42,"_editable":7260},"22b47677-87f5-4252-83d0-b092f8787fd5","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"22b47677-87f5-4252-83d0-b092f8787fd5\", \"id\": \"651798180\"}-->","/images/credit-card-refinancing.png","Updated: May 8, 2023","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"5e5cc6f5-6c4d-4230-8cd6-ec1090fbe83b\", \"id\": \"651798180\"}-->",{"_uid":7265,"bloks":7266,"classes":1749,"component":1750,"mobileClasses":18,"containerContent":8405,"_editable":8406},"da917ea5-29e9-4a91-b9a6-ba33144cf2e0",[7267],{"_uid":7268,"bloks":7269,"classes":18,"justify":1695,"component":1747,"mobileClasses":18,"_editable":8404},"057adbf2-8699-4c47-956c-3c1bc9b8f58e",[7270,8378],{"lg":58,"md":58,"sm":59,"_uid":7271,"cols":59,"bloks":7272,"alignSelf":1695,"component":1696,"_editable":8377},"23bf4cd4-57c7-47d2-b5f4-c112b1e959f8",[7273],{"_uid":7274,"color":64,"classes":65,"content":18,"richText":7275,"component":1688,"mobileClasses":1689,"enableRichText":1690,"richTextMobile":8373,"_editable":8376},"b816e64b-bbac-471d-b6f7-956a6f0d06f0",{"type":67,"content":7276},[7277,7284,7291,7299,7339,7348,7368,7377,7384,7392,7399,7448,7456,7463,7471,7530,7538,7545,7552,7561,7568,7577,7596,7617,7626,7660,7669,7676,7759,7760,7769,7776,7825,7834,7854,7863,7883,7903,7912,7919,8000,8001,8010,8017,8108,8117,8126,8133,8140,8169,8189,8198,8205,8212,8221,8228,8235,8242,8263,8272,8293,8313,8322,8329,8336,8356,8364],{"type":70,"content":7278},[7279],{"text":73,"type":74,"marks":7280},[7281],{"type":77,"attrs":7282},{"color":7283},"#000000",{"type":70,"content":7285},[7286],{"text":7287,"type":74,"marks":7288},"Credit card refinancing can help you save money on interest and simplify your monthly payments. That said, it’s not without its potential drawbacks. Here’s what you need to know before you open a new line of credit to pay off an old one. ",[7289],{"type":77,"attrs":7290},{"color":7283},{"type":118,"attrs":7292,"content":7293},{"level":120},[7294],{"text":123,"type":74,"marks":7295},[7296,7297],{"type":1022},{"type":77,"attrs":7298},{"color":7283},{"type":125,"content":7300},[7301,7310,7330],{"type":128,"content":7302},[7303],{"type":70,"content":7304},[7305],{"text":7306,"type":74,"marks":7307},"If you’re overwhelmed with credit card debt, refinancing can help you consolidate and simplify your payments. ",[7308],{"type":77,"attrs":7309},{"color":7283},{"type":128,"content":7311},[7312],{"type":70,"content":7313},[7314,7319,7325],{"text":7315,"type":74,"marks":7316},"Credit card refinancing can help you secure a lower interest rate on your debt, saving you money in the long run",[7317],{"type":77,"attrs":7318},{"color":178},{"text":1949,"type":74,"marks":7320},[7321,7323],{"type":1674,"attrs":7322},{"class":1952},{"type":77,"attrs":7324},{"color":178},{"text":7326,"type":74,"marks":7327},". ",[7328],{"type":77,"attrs":7329},{"color":178},{"type":128,"content":7331},[7332],{"type":70,"content":7333},[7334],{"text":7335,"type":74,"marks":7336},"Two of the most popular ways to refinance credit card debt: through a credit card consolidation loan, or by taking out a balance transfer card. ",[7337],{"type":77,"attrs":7338},{"color":178},{"type":118,"attrs":7340,"content":7341},{"level":120},[7342],{"text":7343,"type":74,"marks":7344},"What is credit card refinancing? ",[7345,7346],{"type":1022},{"type":77,"attrs":7347},{"color":7283},{"type":70,"content":7349},[7350,7355,7359,7363],{"text":7351,"type":74,"marks":7352},"Credit card refinancing involves opening a new line of credit to pay off an old one. If your new line of credit has a lower interest rate than your old one, you could save hundreds if not thousands of dollars in interest payments over the life of your debt. ",[7353],{"type":77,"attrs":7354},{"color":7283},{"type":2555,"marks":7356},[7357],{"type":77,"attrs":7358},{"color":178},{"type":2555,"marks":7360},[7361],{"type":77,"attrs":7362},{"color":178},{"text":7364,"type":74,"marks":7365},"Since most credit cards come with traditionally high interest rates, it’s usually advisable to refinance with a lower-interest option, like a personal loan. When you refinance, all your debt is consolidated into a single new loan with a single new payment. This can also help reduce overwhelm and allow you to pay down your debt faster over time. ",[7366],{"type":77,"attrs":7367},{"color":178},{"type":118,"attrs":7369,"content":7370},{"level":120},[7371],{"text":7372,"type":74,"marks":7373},"Benefits of refinancing credit card debt",[7374,7375],{"type":1022},{"type":77,"attrs":7376},{"color":7283},{"type":70,"content":7378},[7379],{"text":7380,"type":74,"marks":7381},"Credit card refinancing can help you get out of debt and reach your financial goals faster. Here are a few of the most significant advantages.  ",[7382],{"type":77,"attrs":7383},{"color":7283},{"type":118,"attrs":7385,"content":7386},{"level":279},[7387],{"text":7388,"type":74,"marks":7389},"You can lower your interest rate",[7390],{"type":77,"attrs":7391},{"color":7283},{"type":70,"content":7393},[7394],{"text":7395,"type":74,"marks":7396},"Refinancing credit card debt can help you secure a lower interest rate. Especially now, with the Federal Reserve raising interest rates to combat inflation, your savings could be substantial. ",[7397],{"type":77,"attrs":7398},{"color":7283},{"type":70,"content":7400},[7401,7406,7416,7421,7430,7435,7439,7443],{"text":7402,"type":74,"marks":7403},"In recent years, the average credit card interest rate has ",[7404],{"type":77,"attrs":7405},{"color":7283},{"text":7407,"type":74,"marks":7408},"topped 20%",[7409,7412,7414],{"type":175,"attrs":7410},{"href":7411,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.businessinsider.com/personal-finance/average-credit-card-interest-rate?r=US&IR=T",{"type":77,"attrs":7413},{"color":178},{"type":7415},"underline",{"text":7417,"type":74,"marks":7418},", according to Federal Reserve data. Personal loans, however, currently have rates hovering ",[7419],{"type":77,"attrs":7420},{"color":178},{"text":7422,"type":74,"marks":7423},"around 10%",[7424,7427,7429],{"type":175,"attrs":7425},{"href":7426,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.experian.com/blogs/ask-experian/whats-a-good-interest-rate-for-a-personal-loan/",{"type":77,"attrs":7428},{"color":178},{"type":7415},{"text":7431,"type":74,"marks":7432},". By refinancing your debt to a lower rate now, you could save thousands of dollars in interest charges, particularly if you have a large balance. ",[7433],{"type":77,"attrs":7434},{"color":178},{"type":2555,"marks":7436},[7437],{"type":77,"attrs":7438},{"color":178},{"type":2555,"marks":7440},[7441],{"type":77,"attrs":7442},{"color":178},{"text":7444,"type":74,"marks":7445},"Some financial institutions even offer balance transfer cards with 0% APR (annual percentage rate) for the first 12 or 18 months. That can help you get a jump start on paying down your debt. ",[7446],{"type":77,"attrs":7447},{"color":178},{"type":118,"attrs":7449,"content":7450},{"level":279},[7451],{"text":7452,"type":74,"marks":7453},"You’ll pay down debt faster",[7454],{"type":77,"attrs":7455},{"color":7283},{"type":70,"content":7457},[7458],{"text":7459,"type":74,"marks":7460},"If you refinance your credit card debt to a lower interest rate—but keep your monthly payment amount the same—a higher percentage of each payment goes toward your actual loan balance instead of just toward your interest charges. That can help you pay down your debt more aggressively. Refinancing can also allow you to change the loan term. If you switch to a shorter term, you may pay higher monthly payments, but you’ll get out of debt faster. ",[7461],{"type":77,"attrs":7462},{"color":7283},{"type":118,"attrs":7464,"content":7465},{"level":279},[7466],{"text":7467,"type":74,"marks":7468},"You’ll improve your credit",[7469],{"type":77,"attrs":7470},{"color":7283},{"type":70,"content":7472},[7473,7478,7487,7492,7496,7500,7505,7507,7511,7516,7525],{"text":7474,"type":74,"marks":7475},"A major benefit of refinancing your credit card debt is that it can help you pay off your debts faster. Over time, this will decrease your credit utilization ratio, which can therefore help ",[7476],{"type":77,"attrs":7477},{"color":7283},{"text":7479,"type":74,"marks":7480},"improve your creditworthiness",[7481,7484,7486],{"type":175,"attrs":7482},{"href":7483,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.credit.com/credit-repair/how-to-improve-credit-score/",{"type":77,"attrs":7485},{"color":178},{"type":7415},{"text":7488,"type":74,"marks":7489},". Of course, this is conditional on you making on-time payments and not racking up more debt—including new credit card bills—post-refinance.",[7490],{"type":77,"attrs":7491},{"color":178},{"type":2555,"marks":7493},[7494],{"type":77,"attrs":7495},{"color":178},{"type":2555,"marks":7497},[7498],{"type":77,"attrs":7499},{"color":178},{"text":7501,"type":74,"marks":7502},"Do note, however, that your credit score may temporarily dip just after you refinance. This is due to ",[7503],{"type":77,"attrs":7504},{"color":178},{"text":7506,"type":74},"the ",{"text":2984,"type":74,"marks":7508},[7509],{"type":175,"attrs":7510},{"href":2437,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"text":7512,"type":74,"marks":7513}," your new lender will have to perform to approve you for the new loan. This dip will usually be ",[7514],{"type":77,"attrs":7515},{"color":178},{"text":7517,"type":74,"marks":7518},"just a few points",[7519,7522,7524],{"type":175,"attrs":7520},{"href":7521,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.experian.com/blogs/ask-experian/heres-how-refinancing-affects-your-credit/",{"type":77,"attrs":7523},{"color":178},{"type":7415},{"text":7526,"type":74,"marks":7527},", and your credit score will soon recover.",[7528],{"type":77,"attrs":7529},{"color":178},{"type":118,"attrs":7531,"content":7532},{"level":279},[7533],{"text":7534,"type":74,"marks":7535},"You can consolidate multiple credit cards into one loan",[7536],{"type":77,"attrs":7537},{"color":7283},{"type":70,"content":7539},[7540],{"text":7541,"type":74,"marks":7542},"Refinancing lets you consolidate multiple lines of credit into a single new balance. When all your debt is in one place, you don’t have to scramble to keep on top of multiple monthly bills. This can reduce stress, help you stay organized, and make you less likely to miss a payment. ",[7543],{"type":77,"attrs":7544},{"color":7283},{"type":70,"content":7546},[7547],{"text":7548,"type":74,"marks":7549},"When you refinance through a personal loan, you’ll also get a fixed monthly payment and a fixed payment term. These set, predictable numbers can make it easier to budget each month. ",[7550],{"type":77,"attrs":7551},{"color":7283},{"type":118,"attrs":7553,"content":7554},{"level":120},[7555],{"text":7556,"type":74,"marks":7557},"Two common methods of credit card refinancing ",[7558,7559],{"type":1022},{"type":77,"attrs":7560},{"color":7283},{"type":70,"content":7562},[7563],{"text":7564,"type":74,"marks":7565},"There are two popular methods for refinancing credit card debt: personal loans and balance transfer cards. Let’s talk about each. ",[7566],{"type":77,"attrs":7567},{"color":7283},{"type":118,"attrs":7569,"content":7570},{"level":279},[7571],{"text":7572,"type":74,"marks":7573},"Using a personal loan for credit card refinancing ",[7574,7575],{"type":1022},{"type":77,"attrs":7576},{"color":7283},{"type":70,"content":7578},[7579,7584,7591],{"text":7580,"type":74,"marks":7581},"If you’ve been making your credit card payments on time and have a good credit score, you can take out a debt consolidation loan. This is a type of ",[7582],{"type":77,"attrs":7583},{"color":7283},{"text":2095,"type":74,"marks":7585},[7586,7588,7590],{"type":175,"attrs":7587},{"href":2099,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":7589},{"color":178},{"type":7415},{"text":7592,"type":74,"marks":7593},". Through it, you can borrow a single lump sum and use that money to pay off your credit cards as well as other types of debt. Afterward, you’ll be left with a single new payment, likely with a lower interest rate. ",[7594],{"type":77,"attrs":7595},{"color":178},{"type":70,"content":7597},[7598,7603,7612],{"text":7599,"type":74,"marks":7600},"To qualify for those lower loan rates, you’ll typically need a credit score of ",[7601],{"type":77,"attrs":7602},{"color":178},{"text":7604,"type":74,"marks":7605},"670 or higher",[7606,7609,7611],{"type":175,"attrs":7607},{"href":7608,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.debt.org/credit/cards/refinancing/",{"type":77,"attrs":7610},{"color":178},{"type":7415},{"text":7613,"type":74,"marks":7614},". Some lenders may also charge origination fees for taking out the loan. These fees are usually negligible: if you’re able to get an affordable fixed-rate loan, you’ll save that much (and more) in interest charges over the life of the loan.  ",[7615],{"type":77,"attrs":7616},{"color":178},{"type":118,"attrs":7618,"content":7619},{"level":5227},[7620],{"text":7621,"type":74,"marks":7622},"What to look for in a credit card debt consolidation loan ",[7623,7624],{"type":1022},{"type":77,"attrs":7625},{"color":7283},{"type":70,"content":7627},[7628,7633,7642,7647,7651,7655],{"text":7629,"type":74,"marks":7630},"Before you take out a personal loan, shop around and compare lenders. This will give you a better idea of the ",[7631],{"type":77,"attrs":7632},{"color":7283},{"text":7634,"type":74,"marks":7635},"best personal loan",[7636,7639,7641],{"type":175,"attrs":7637},{"href":7638,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.cnbc.com/select/best-personal-loans/",{"type":77,"attrs":7640},{"color":178},{"type":7415},{"text":7643,"type":74,"marks":7644}," offers available to you. ",[7645],{"type":77,"attrs":7646},{"color":178},{"type":2555,"marks":7648},[7649],{"type":77,"attrs":7650},{"color":178},{"type":2555,"marks":7652},[7653],{"type":77,"attrs":7654},{"color":178},{"text":7656,"type":74,"marks":7657},"Each lender has a different fee structure, repayment terms, and interest rate offerings. Look for lenders who advertise low or no fees and flexible repayment terms. Some lenders will penalize you if you pay off your loan ahead of schedule, so keep an eye out for prepayment penalties if this is an option you’d like to have. Also be sure to do a little research on each financial institution; some have more intuitive websites, easier-to-navigate billing software, and better customer service than others. ",[7658],{"type":77,"attrs":7659},{"color":178},{"type":118,"attrs":7661,"content":7662},{"level":5227},[7663],{"text":7664,"type":74,"marks":7665},"Pros of debt consolidation loans ",[7666,7667],{"type":1022},{"type":77,"attrs":7668},{"color":7283},{"type":70,"content":7670},[7671],{"text":7672,"type":74,"marks":7673},"Taking out a personal loan to consolidate your credit card debt can be a great option for many borrowers. Here are some benefits to consider. ",[7674],{"type":77,"attrs":7675},{"color":7283},{"type":838,"attrs":7677,"content":7679},{"order":7678},{"order":841},[7680,7695,7710,7725,7740],{"type":128,"content":7681},[7682],{"type":70,"content":7683},[7684,7690],{"text":7685,"type":74,"marks":7686},"Streamlined debt management: ",[7687,7688],{"type":1022},{"type":77,"attrs":7689},{"color":7283},{"text":7691,"type":74,"marks":7692},"If you have a large balance, a debt consolidation loan can help you get organized and stay on track with your payments. After you refinance, you’ll only have one payment each month instead of multiple due dates for various credit card accounts. ",[7693],{"type":77,"attrs":7694},{"color":178},{"type":128,"content":7696},[7697],{"type":70,"content":7698},[7699,7705],{"text":7700,"type":74,"marks":7701},"Easy application process:",[7702,7703],{"type":1022},{"type":77,"attrs":7704},{"color":178},{"text":7706,"type":74,"marks":7707}," Personal loans are easy to apply for. If you qualify, online lenders will typically approve your application and deposit the funds directly into your bank account within one to three business days.",[7708],{"type":77,"attrs":7709},{"color":178},{"type":128,"content":7711},[7712],{"type":70,"content":7713},[7714,7720],{"text":7715,"type":74,"marks":7716},"Lower monthly payments: ",[7717,7718],{"type":1022},{"type":77,"attrs":7719},{"color":178},{"text":7721,"type":74,"marks":7722},"Refinancing can help you secure a lower monthly payment, both by reducing your interest rate and by giving you the option to extend your repayment period. ",[7723],{"type":77,"attrs":7724},{"color":178},{"type":128,"content":7726},[7727],{"type":70,"content":7728},[7729,7735],{"text":7730,"type":74,"marks":7731},"Big savings: ",[7732,7733],{"type":1022},{"type":77,"attrs":7734},{"color":178},{"text":7736,"type":74,"marks":7737},"Getting a personal loan is also a great way to lower your interest rate, which can save you money over the life of the loan. And unlike with credit cards, your interest won’t compound and add to the balance. ",[7738],{"type":77,"attrs":7739},{"color":178},{"type":128,"content":7741},[7742,7755],{"type":70,"content":7743},[7744,7750],{"text":7745,"type":74,"marks":7746},"No collateral required: ",[7747,7748],{"type":1022},{"type":77,"attrs":7749},{"color":178},{"text":7751,"type":74,"marks":7752},"The best personal loans are unsecured, which means there’s no collateral required to take out the loan. That means you won’t have to worry about putting your house or car at risk if you fail to make a payment. ",[7753],{"type":77,"attrs":7754},{"color":178},{"type":70,"content":7756},[7757],{"text":7758,"type":74},"  ",{"type":70},{"type":118,"attrs":7761,"content":7762},{"level":5227},[7763],{"text":7764,"type":74,"marks":7765},"Cons of debt consolidation loans ",[7766,7767],{"type":1022},{"type":77,"attrs":7768},{"color":7283},{"type":70,"content":7770},[7771],{"text":7772,"type":74,"marks":7773},"Taking out a personal loan to consolidate your debt isn’t for everyone. Here are a few potential drawbacks. ",[7774],{"type":77,"attrs":7775},{"color":7283},{"type":838,"attrs":7777,"content":7779},{"order":7778},{"order":841},[7780,7795,7810],{"type":128,"content":7781},[7782],{"type":70,"content":7783},[7784,7790],{"text":7785,"type":74,"marks":7786},"Disproportionate fees for small balances: ",[7787,7788],{"type":1022},{"type":77,"attrs":7789},{"color":7283},{"text":7791,"type":74,"marks":7792},"If you only have a small amount of credit card debt, you may end up paying more in fees than you’ll save in interest charges. For that reason, personal loans are not the best choice for short-term or small loans. ",[7793],{"type":77,"attrs":7794},{"color":178},{"type":128,"content":7796},[7797],{"type":70,"content":7798},[7799,7805],{"text":7800,"type":74,"marks":7801},"Strict credit requirements: ",[7802,7803],{"type":1022},{"type":77,"attrs":7804},{"color":178},{"text":7806,"type":74,"marks":7807},"If you don’t have the best credit score, you may not qualify for a personal loan. And if you don’t have a score above 700, you may end up with a higher interest rate than you might have hoped.",[7808],{"type":77,"attrs":7809},{"color":178},{"type":128,"content":7811},[7812],{"type":70,"content":7813},[7814,7820],{"text":7815,"type":74,"marks":7816},"Impact to your credit score: ",[7817,7818],{"type":1022},{"type":77,"attrs":7819},{"color":178},{"text":7821,"type":74,"marks":7822},"When you take out a debt consolidation or personal loan, this will trigger a hard credit inquiry, which will show up on your credit report. This can have a negative short-term impact on your credit score. ",[7823],{"type":77,"attrs":7824},{"color":178},{"type":118,"attrs":7826,"content":7827},{"level":279},[7828],{"text":7829,"type":74,"marks":7830},"Using a balance transfer for credit card refinancing ",[7831,7832],{"type":1022},{"type":77,"attrs":7833},{"color":7283},{"type":70,"content":7835},[7836,7841,7845,7849],{"text":7837,"type":74,"marks":7838},"If you have a small outstanding credit card balance that you expect to pay off within a year or two, a balance transfer credit card can be a great option. When you open up a balance transfer card, you can move all your existing credit card balances to the new card, which will often have a lower interest rate than your previous cards. ",[7839],{"type":77,"attrs":7840},{"color":7283},{"type":2555,"marks":7842},[7843],{"type":77,"attrs":7844},{"color":178},{"type":2555,"marks":7846},[7847],{"type":77,"attrs":7848},{"color":178},{"text":7850,"type":74,"marks":7851},"Better yet, balance transfer credit cards frequently offer 0% APR for the first 12 to 18 months. So, if you pay off your debt within this period, you’ll pay no interest and all. Note that balance transfer cards aren’t the best strategy for large debts, as you can only transfer balances up to your credit limit. ",[7852],{"type":77,"attrs":7853},{"color":178},{"type":118,"attrs":7855,"content":7856},{"level":5227},[7857],{"text":7858,"type":74,"marks":7859},"What to look for in a balance transfer card ",[7860,7861],{"type":1022},{"type":77,"attrs":7862},{"color":7283},{"type":70,"content":7864},[7865,7869,7878],{"text":854,"type":74,"marks":7866},[7867],{"type":77,"attrs":7868},{"color":7283},{"text":7870,"type":74,"marks":7871},"best balance transfer cards",[7872,7875,7877],{"type":175,"attrs":7873},{"href":7874,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.nerdwallet.com/best/credit-cards/balance-transfer",{"type":77,"attrs":7876},{"color":178},{"type":7415},{"text":7879,"type":74,"marks":7880}," offer a 0% introductory APR for at least the first 12 months after you open the card. Others provide this low rate for 18 months or even longer. ",[7881],{"type":77,"attrs":7882},{"color":178},{"type":70,"content":7884},[7885,7890,7894,7898],{"text":7886,"type":74,"marks":7887},"Note that you may have to meet certain conditions to get a card issuer’s lowest rates. For example, you may need to make your first balance transfer within the first 45 days of account opening to secure that enticing zero-APR offer. ",[7888],{"type":77,"attrs":7889},{"color":7283},{"type":2555,"marks":7891},[7892],{"type":77,"attrs":7893},{"color":178},{"type":2555,"marks":7895},[7896],{"type":77,"attrs":7897},{"color":178},{"text":7899,"type":74,"marks":7900},"Before you open a balance transfer card, be sure to read the fine print. Look for card issuers that offer longer introductory periods with few conditions. Also be sure to compare interest rates. If your new card’s normal interest rates are high and you don’t pay off your debt before the end of the introductory period, you could end up in a worse situation than you started in. ",[7901],{"type":77,"attrs":7902},{"color":178},{"type":118,"attrs":7904,"content":7905},{"level":5227},[7906],{"text":7907,"type":74,"marks":7908},"Pros of balance transfer cards",[7909,7910],{"type":1022},{"type":77,"attrs":7911},{"color":7283},{"type":70,"content":7913},[7914],{"text":7915,"type":74,"marks":7916},"Balance transfer cards can be a great choice for borrowers with small balances as well as those who are prepared to pay off their debts fast.",[7917],{"type":77,"attrs":7918},{"color":7283},{"type":838,"attrs":7920,"content":7922},{"order":7921},{"order":841},[7923,7938,7953,7968],{"type":128,"content":7924},[7925],{"type":70,"content":7926},[7927,7933],{"text":7928,"type":74,"marks":7929},"Significant savings: ",[7930,7931],{"type":1022},{"type":77,"attrs":7932},{"color":7283},{"text":7934,"type":74,"marks":7935},"Many balance transfer cards offer an introductory 0% APR, which can save you hundreds of dollars in interest charges. ",[7936],{"type":77,"attrs":7937},{"color":178},{"type":128,"content":7939},[7940],{"type":70,"content":7941},[7942,7948],{"text":7943,"type":74,"marks":7944},"Faster debt repayment: ",[7945,7946],{"type":1022},{"type":77,"attrs":7947},{"color":178},{"text":7949,"type":74,"marks":7950},"With 0% APR, your entire monthly payment goes toward paying off your principal. This can accelerate your progress toward a debt-free future. ",[7951],{"type":77,"attrs":7952},{"color":178},{"type":128,"content":7954},[7955],{"type":70,"content":7956},[7957,7963],{"text":7958,"type":74,"marks":7959},"Easy application process: ",[7960,7961],{"type":1022},{"type":77,"attrs":7962},{"color":178},{"text":7964,"type":74,"marks":7965},"You can apply for a balance transfer card online and can get a decision within a business day.",[7966],{"type":77,"attrs":7967},{"color":178},{"type":128,"content":7969},[7970,7997],{"type":70,"content":7971},[7972,7978,7983,7992],{"text":7973,"type":74,"marks":7974},"Ideal for high-interest credit card debt: ",[7975,7976],{"type":1022},{"type":77,"attrs":7977},{"color":178},{"text":7979,"type":74,"marks":7980},"Even if you can’t move all your credit card debt to your new balance transfer card, you can still move your high-interest debts. That can get you started on the ",[7981],{"type":77,"attrs":7982},{"color":178},{"text":7984,"type":74,"marks":7985},"debt avalanche method",[7986,7989,7991],{"type":175,"attrs":7987},{"href":7988,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.bankrate.com/personal-finance/debt/debt-avalanche-method/",{"type":77,"attrs":7990},{"color":178},{"type":7415},{"text":7993,"type":74,"marks":7994}," and save you a ton of money in interest charges.",[7995],{"type":77,"attrs":7996},{"color":178},{"type":70,"content":7998},[7999],{"text":7758,"type":74},{"type":70},{"type":118,"attrs":8002,"content":8003},{"level":5227},[8004],{"text":8005,"type":74,"marks":8006},"Cons of balance transfer cards",[8007,8008],{"type":1022},{"type":77,"attrs":8009},{"color":7283},{"type":70,"content":8011},[8012],{"text":8013,"type":74,"marks":8014},"Balance transfer cards aren’t ideal for those with high balances or long expected repayment terms.",[8015],{"type":77,"attrs":8016},{"color":7283},{"type":838,"attrs":8018,"content":8020},{"order":8019},{"order":841},[8021,8036,8051,8080],{"type":128,"content":8022},[8023],{"type":70,"content":8024},[8025,8031],{"text":8026,"type":74,"marks":8027},"Low balance limits: ",[8028,8029],{"type":1022},{"type":77,"attrs":8030},{"color":7283},{"text":8032,"type":74,"marks":8033},"How much you can transfer will be subject to your new credit limit. If your limit is low, you may not be able to transfer your entire credit card debt balance over. ",[8034],{"type":77,"attrs":8035},{"color":178},{"type":128,"content":8037},[8038],{"type":70,"content":8039},[8040,8046],{"text":8041,"type":74,"marks":8042},"Potential fees: ",[8043,8044],{"type":1022},{"type":77,"attrs":8045},{"color":178},{"text":8047,"type":74,"marks":8048},"Many cards charge balance transfer fees which are often around 3%. ",[8049],{"type":77,"attrs":8050},{"color":178},{"type":128,"content":8052},[8053],{"type":70,"content":8054},[8055,8061,8066,8075],{"text":8056,"type":74,"marks":8057},"Required credit score: ",[8058,8059],{"type":1022},{"type":77,"attrs":8060},{"color":178},{"text":8062,"type":74,"marks":8063},"You need a ",[8064],{"type":77,"attrs":8065},{"color":178},{"text":8067,"type":74,"marks":8068},"good to excellent credit score",[8069,8072,8074],{"type":175,"attrs":8070},{"href":8071,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.cnbc.com/select/balance-transfer-declined/#:~:text=Balance%20transfer%20credit%20cards%20typically,greater)%20in%20order%20to%20qualify.",{"type":77,"attrs":8073},{"color":178},{"type":7415},{"text":8076,"type":74,"marks":8077},"—usually at least 670—to qualify for these cards.",[8078],{"type":77,"attrs":8079},{"color":178},{"type":128,"content":8081},[8082],{"type":70,"content":8083},[8084,8090,8095,8104],{"text":8085,"type":74,"marks":8086},"High post-introductory-period APR: ",[8087,8088],{"type":1022},{"type":77,"attrs":8089},{"color":178},{"text":8091,"type":74,"marks":8092},"During the introductory period, the lender makes very little money from you in interest. Balance transfer cards are designed to make up for that by dramatically increasing APR once the introductory period ends. After that, interest rates can skyrocket to ",[8093],{"type":77,"attrs":8094},{"color":178},{"text":8096,"type":74,"marks":8097},"17 to 30%",[8098,8101,8103],{"type":175,"attrs":8099},{"href":8100,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://time.com/nextadvisor/credit-cards/pros-cons-balance-transfer-credit-cards/",{"type":77,"attrs":8102},{"color":178},{"type":7415},{"text":116,"type":74,"marks":8105},[8106],{"type":77,"attrs":8107},{"color":178},{"type":118,"attrs":8109,"content":8110},{"level":120},[8111],{"text":8112,"type":74,"marks":8113},"Alternatives to using a personal loan for credit card refinancing ",[8114,8115],{"type":1022},{"type":77,"attrs":8116},{"color":7283},{"type":118,"attrs":8118,"content":8119},{"level":279},[8120],{"text":8121,"type":74,"marks":8122},"The debt avalanche method",[8123,8124],{"type":1022},{"type":77,"attrs":8125},{"color":7283},{"type":70,"content":8127},[8128],{"text":8129,"type":74,"marks":8130},"The debt avalanche method involves paying off your debts in the order of their interest rates, starting with the highest interest rate and ending with the lowest. This can be helpful if you’re not sure how to prioritize your payments or don’t want to go through the hassle of applying for credit card refinancing every time there’s a change in your finances.",[8131],{"type":77,"attrs":8132},{"color":7283},{"type":70,"content":8134},[8135],{"text":8136,"type":74,"marks":8137},"Let's say that—excluding your mortgage—you have the following debts: ",[8138],{"type":77,"attrs":8139},{"color":7283},{"type":125,"content":8141},[8142,8151,8160],{"type":128,"content":8143},[8144],{"type":70,"content":8145},[8146],{"text":8147,"type":74,"marks":8148},"$10,000 in student loans at a 6% rate",[8149],{"type":77,"attrs":8150},{"color":7283},{"type":128,"content":8152},[8153],{"type":70,"content":8154},[8155],{"text":8156,"type":74,"marks":8157},"$5,000 in credit card debt at 10% ",[8158],{"type":77,"attrs":8159},{"color":178},{"type":128,"content":8161},[8162],{"type":70,"content":8163},[8164],{"text":8165,"type":74,"marks":8166},"$2,000 in car loans at 2%",[8167],{"type":77,"attrs":8168},{"color":178},{"type":70,"content":8170},[8171,8176,8180,8184],{"text":8172,"type":74,"marks":8173},"You decide to begin by paying off your highest interest-rate debt first so you can save money on your interest payments as soon as possible. In this example, it would make sense to pay off your debts in order of interest rate: first your credit card (10%), then your student loan (6%), and finally your car loan (2%). Make sure to keep paying the minimum payment on all debts, even if they’re not the debt of focus at the moment.",[8174],{"type":77,"attrs":8175},{"color":7283},{"type":2555,"marks":8177},[8178],{"type":77,"attrs":8179},{"color":178},{"type":2555,"marks":8181},[8182],{"type":77,"attrs":8183},{"color":178},{"text":8185,"type":74,"marks":8186},"Once those three debts are paid off completely using this method, put any extra cash toward other debts (like your mortgage) until all accounts have been completely paid off using this same strategy.",[8187],{"type":77,"attrs":8188},{"color":178},{"type":118,"attrs":8190,"content":8191},{"level":279},[8192],{"text":8193,"type":74,"marks":8194},"Debt snowball method",[8195,8196],{"type":1022},{"type":77,"attrs":8197},{"color":7283},{"type":70,"content":8199},[8200],{"text":8201,"type":74,"marks":8202},"The debt snowball method is a popular way to pay off credit card debt. It involves paying off your smallest balance first, then moving on to the next smallest balance after that. The idea is that you'll see progress as you chip away at your loan payments, which will motivate you to keep going and pay off more debts.",[8203],{"type":77,"attrs":8204},{"color":7283},{"type":70,"content":8206},[8207],{"text":8208,"type":74,"marks":8209},"When using this method, it's important not to focus on how much you're paying in interest—you should instead be focused on paying off those balances as soon as possible. Meanwhile, continue making minimum payments on your larger debts to avoid going into default. ",[8210],{"type":77,"attrs":8211},{"color":7283},{"type":118,"attrs":8213,"content":8214},{"level":279},[8215],{"text":8216,"type":74,"marks":8217},"Home equity line of credit (HELOC)",[8218,8219],{"type":1022},{"type":77,"attrs":8220},{"color":7283},{"type":70,"content":8222},[8223],{"text":8224,"type":74,"marks":8225},"If you own a home, consider using a home equity loan or a home equity line of credit (HELOC) to pay off your credit card debt. Like a personal loan, a home equity loan is a lump sum you can use for almost any purpose. However, this is a secured loan, which means your home equity (i.e., how much of your house you own versus how much the bank owns) is put up as collateral. Home equity loans are offered through banks, credit unions, and online lenders.",[8226],{"type":77,"attrs":8227},{"color":7283},{"type":70,"content":8229},[8230],{"text":8231,"type":74,"marks":8232},"A HELOC is more similar to a credit card. With it, you can borrow as much as you need, when you need it, up to a certain limit. HELOCs are also available from many traditional financial institutions.",[8233],{"type":77,"attrs":8234},{"color":178},{"type":70,"content":8236},[8237],{"text":8238,"type":74,"marks":8239},"Home equity loans and lines of credit can be good options to consider if you have excellent credit since the interest rates tend to be low and the repayment terms flexible. You can typically borrow up to 80% of your home equity. ",[8240],{"type":77,"attrs":8241},{"color":7283},{"type":70,"content":8243},[8244,8249,8258],{"text":8245,"type":74,"marks":8246},"The downside to these solutions is that they both involve a hard credit inquiry into your credit history, which will show up on your credit report. Home equity loans and HELOCs can also include ",[8247],{"type":77,"attrs":8248},{"color":7283},{"text":8250,"type":74,"marks":8251},"closing costs",[8252,8255,8257],{"type":175,"attrs":8253},{"href":8254,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.experian.com/blogs/ask-experian/how-much-are-home-equity-loan-heloc-closing-costs/",{"type":77,"attrs":8256},{"color":178},{"type":7415},{"text":8259,"type":74,"marks":8260},", i.e., fees you’ll have to pay when you close out the loan. For smaller loans, these fees can be expensive relative to the loan amount. And remember, since you’re taking out a loan against your home, you risk losing it should you fail to make your payments.",[8261],{"type":77,"attrs":8262},{"color":178},{"type":118,"attrs":8264,"content":8265},{"level":279},[8266],{"text":8267,"type":74,"marks":8268},"Debt settlement ",[8269,8270],{"type":1022},{"type":77,"attrs":8271},{"color":7283},{"type":70,"content":8273},[8274,8279,8288],{"text":8275,"type":74,"marks":8276},"Debt settlement is a legal process in which you negotiate with your creditors to accept less than the total amount owed. A third party usually manages this process. If you’re considering debt settlement, you should start by speaking with a credit counselor. ",[8277],{"type":77,"attrs":8278},{"color":7283},{"text":8280,"type":74,"marks":8281},"Credit counseling organizations",[8282,8285,8287],{"type":175,"attrs":8283},{"href":8284,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.consumerfinance.gov/ask-cfpb/whats-the-difference-between-a-credit-counselor-and-a-debt-settlement-or-debt-relief-company-en-1449/",{"type":77,"attrs":8286},{"color":178},{"type":7415},{"text":8289,"type":74,"marks":8290}," are often non-profits, so they’re more likely to offer you affordable, unbiased advice than for-profit debt settlement companies. They can sometimes negotiate with your creditors to help you secure a lower monthly payment. Credit counseling can also help you formulate a plan for staying out of debt after settlement.",[8291],{"type":77,"attrs":8292},{"color":178},{"type":70,"content":8294},[8295,8300,8309],{"text":8296,"type":74,"marks":8297},"Note that the settlement process can negatively affect your credit score, so if your goal is to repair your credit, debt settlement is not recommended. What’s more, it can come with hefty fees. Debt settlement companies charge based on how much money they can save you, and it’s not uncommon to see ",[8298],{"type":77,"attrs":8299},{"color":7283},{"text":8301,"type":74,"marks":8302},"fees between 15 and 25%",[8303,8306,8308],{"type":175,"attrs":8304},{"href":8305,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.incharge.org/debt-relief/debt-settlement/#:~:text=Debt%20settlement%20companies%20charge%20a,that%20cut%20into%20their%20savings.",{"type":77,"attrs":8307},{"color":178},{"type":7415},{"text":116,"type":74,"marks":8310},[8311],{"type":77,"attrs":8312},{"color":178},{"type":118,"attrs":8314,"content":8315},{"level":120},[8316],{"text":8317,"type":74,"marks":8318},"How much could you save with NaviRefi? ",[8319,8320],{"type":1022},{"type":77,"attrs":8321},{"color":7283},{"type":70,"content":8323},[8324],{"text":8325,"type":74,"marks":8326},"Credit card refinancing can help you save money on interest and become debt-free faster. Just be aware of the fees and penalties that come with your chosen method. ",[8327],{"type":77,"attrs":8328},{"color":7283},{"type":70,"content":8330},[8331],{"text":8332,"type":74,"marks":8333},"Balance transfers can be effective, but they come with lots of hoops to jump through. Personal loans are more popular, but they can be hard on borrowers with bad credit. And of course, there are alternatives to both of these, like paying off your debt via the snowball method, or considering some secured loan options like home equity loans. There’s no right answer for everyone. ",[8334],{"type":77,"attrs":8335},{"color":7283},{"type":70,"content":8337},[8338,8343,8352],{"text":8339,"type":74,"marks":8340},"Ready to refinance your credit card debt? See how much you could save with a low-interest loan ",[8341],{"type":77,"attrs":8342},{"color":7283},{"text":8344,"type":74,"marks":8345},"from NaviRefi",[8346,8349,8351],{"type":175,"attrs":8347},{"href":8348,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://navirefi.com/",{"type":77,"attrs":8350},{"color":178},{"type":7415},{"text":7326,"type":74,"marks":8353},[8354],{"type":77,"attrs":8355},{"color":178},{"type":70,"content":8357},[8358],{"text":1671,"type":74,"marks":8359},[8360,8362],{"type":1674,"attrs":8361},{"class":1676},{"type":77,"attrs":8363},{"color":7283},{"type":70,"content":8365},[8366],{"text":8367,"type":74,"marks":8368},"1 Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for total cost of your refinanced loan.",[8369,8371],{"type":1674,"attrs":8370},{"class":1676},{"type":77,"attrs":8372},{"color":7283},{"type":67,"content":8374},[8375],{"type":70},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"b816e64b-bbac-471d-b6f7-956a6f0d06f0\", \"id\": \"651798180\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"23bf4cd4-57c7-47d2-b5f4-c112b1e959f8\", \"id\": 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\"Button\", \"space\": \"157494\", \"uid\": \"ea278797-eb7b-4a6f-b8b9-445682999aa5\", \"id\": \"651798180\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"3ac77ae5-f537-4d3b-967d-417bb28f2252\", \"id\": \"651798180\"}-->",{"id":178,"alt":178,"name":18,"focus":178,"title":178,"filename":18,"copyright":178,"fieldtype":1727},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"9fcf50e7-5700-4031-b46c-ede82490e134\", \"id\": \"651798180\"}-->","https://www.marketplace.navient.com/blog/credit-card-refinancing/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"c83d7eac-9cdd-4b6c-920c-2aa57fcc60d7\", \"id\": \"651798180\"}-->","credit-card-refinancing","navient_marketplace/blog/credit-card-refinancing",-100,[],"c25ce306-186b-4a5f-88a3-f818d5590431","2023-05-30T16:41:37.548Z","blog/credit-card-refinancing/",[],{"name":8433,"created_at":8434,"published_at":8435,"updated_at":8436,"id":8437,"uuid":8438,"content":8439,"slug":9370,"full_slug":9371,"sort_by_date":178,"position":9372,"tag_list":9373,"is_startpage":46,"parent_id":1786,"meta_data":178,"group_id":9374,"first_published_at":9375,"release_id":178,"lang":1789,"path":178,"alternates":9376,"default_full_slug":178,"translated_slugs":178},"Refinance a Car Loan With Bad Credit","2025-04-07T18:30:56.747Z","2025-12-26T13:45:13.440Z","2025-12-26T13:45:13.520Z",651798181,"3512e936-02be-469f-aa5b-1eb8b9f7b1bc",{"seo":8440,"_uid":8444,"body":8445,"author":47,"category":9367,"featured":46,"component":1779,"canonicalTag":9368,"_editable":9369},{"_uid":8441,"title":8442,"plugin":17,"og_image":18,"og_title":18,"description":8443,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"e5cdfead-eb1b-4778-8f4f-5a1d325b247d","How to Refinance a Car Loan with Bad Credit - Navient Marketplace","Refinancing your car loan can help you save money on interest, even if you have bad credit. Read our tips on how to make smarter refinancing decisions.","c3dfb6bc-82dc-4342-ab6f-3ade890377bb",[8446,8458,9352],{"id":23,"_uid":8447,"image":8448,"intro":8449,"author":26,"classes":8450,"category":18,"featured":46,"blogTitle":8454,"component":44,"imageLink":8455,"blendImage":46,"authorRoute":47,"publishedDate":8456,"backgroundColor":49,"_editable":8457},"d005c998-08ad-4cd0-8c91-891d065386f3","//a.storyblok.com/f/110029/1212x806/da36cf443a/refinance-car-loan-with-bad-credit.png","A bad credit score can limit your options when it comes to refinancing your car loan. But it's not impossible. Here's everything you need to know.",[8451],{"_uid":8452,"component":30,"titleColor":31,"dateClasses":32,"titleClasses":33,"authorClasses":34,"subtitleColor":35,"titleMaxWidth":36,"subtitleClasses":37,"dateMobileClasses":38,"titleMobileClasses":39,"authorMobileClasses":40,"featuredMobileClasses":41,"subtitleMobileClasses":42,"_editable":8453},"62aa7bad-ddff-4975-87db-08561f118b48","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"62aa7bad-ddff-4975-87db-08561f118b48\", \"id\": \"651798181\"}-->","How to Refinance a Car Loan with Bad Credit: Lenders, Tips, Alternatives","/images/refinance-car-loan-with-bad-credit.png","Updated: May 9, 2023 ","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"d005c998-08ad-4cd0-8c91-891d065386f3\", \"id\": \"651798181\"}-->",{"_uid":8459,"bloks":8460,"classes":1749,"component":1750,"mobileClasses":18,"containerContent":9350,"_editable":9351},"1948542a-4660-453d-a5a5-18c7c17d2310",[8461],{"_uid":8462,"bloks":8463,"classes":18,"justify":1695,"component":1747,"mobileClasses":18,"_editable":9349},"4197f6e2-330f-411a-b394-bb8460271842",[8464,9320],{"lg":58,"md":58,"sm":59,"_uid":8465,"cols":59,"bloks":8466,"alignSelf":1695,"component":1696,"_editable":9319},"6e839e34-8617-4c5b-907f-60e3a7a554f4",[8467],{"_uid":8468,"color":64,"classes":65,"content":18,"richText":8469,"component":1688,"mobileClasses":1689,"enableRichText":1690,"richTextMobile":9315,"_editable":9318},"60b8fd22-2c58-4bb0-a3d7-3ba54d17b109",{"type":67,"content":8470},[8471,8479,8486,8493,8500,8538,8546,8553,8560,8569,8578,8586,8607,8627,8635,8643,8664,8671,8679,8687,8715,8723,8731,8738,8759,8767,8775,8782,8790,8798,8805,8812,8820,8828,8835,8842,8849,8857,8864,8872,8916,8924,8931,8939,8973,8981,8988,8996,9030,9038,9105,9113,9120,9128,9149,9157,9178,9186,9207,9215,9235,9243,9250,9258,9265,9273,9298,9306],{"type":70,"content":8472},[8473],{"text":73,"type":74,"marks":8474},[8475,8477],{"type":1674,"attrs":8476},{"class":1676},{"type":77,"attrs":8478},{"color":7283},{"type":70,"content":8480},[8481],{"text":8482,"type":74,"marks":8483},"If you’re paying too much interest on your car loan, you may be able to use refinancing to get a lower rate — even if you have a less-than-stellar credit score. Finding a refinance lender isn’t always easy if you have bad credit, but that doesn’t mean it’s impossible. ",[8484],{"type":77,"attrs":8485},{"color":7283},{"type":70,"content":8487},[8488],{"text":8489,"type":74,"marks":8490},"These days, a number of lenders offer special provisions to help those with poor credit obtain a new loan that works for their budget. Some lenders accept borrowers with credit scores down to 550. Others have no minimums at all. So, while your final rate may be slightly higher than what you’d get with good credit, you could still secure a refinancing deal that helps you save hundreds of dollars in interest over the life of the loan. Here’s what you need to know to refinance a car loan with bad credit. ",[8491],{"type":77,"attrs":8492},{"color":7283},{"type":118,"attrs":8494,"content":8495},{"level":120},[8496],{"text":123,"type":74,"marks":8497},[8498],{"type":77,"attrs":8499},{"color":7283},{"type":125,"content":8501},[8502,8511,8520,8529],{"type":128,"content":8503},[8504],{"type":70,"content":8505},[8506],{"text":8507,"type":74,"marks":8508},"You can refinance a car loan with bad credit, but the terms may not be as favorable. For that reason, these refinance loans are often called “subprime loans.” ",[8509],{"type":77,"attrs":8510},{"color":7283},{"type":128,"content":8512},[8513],{"type":70,"content":8514},[8515],{"text":8516,"type":74,"marks":8517},"If you have a credit score of 550 or higher, you’ll likely qualify for a subprime refinance loan with a variety of lenders. ",[8518],{"type":77,"attrs":8519},{"color":178},{"type":128,"content":8521},[8522],{"type":70,"content":8523},[8524],{"text":8525,"type":74,"marks":8526},"In general, the lower your credit score, the higher your interest rate will be. ",[8527],{"type":77,"attrs":8528},{"color":178},{"type":128,"content":8530},[8531],{"type":70,"content":8532},[8533],{"text":8534,"type":74,"marks":8535},"You may want to work on improving your credit score before you apply for a refinance. ",[8536],{"type":77,"attrs":8537},{"color":178},{"type":118,"attrs":8539,"content":8540},{"level":120},[8541],{"text":8542,"type":74,"marks":8543},"Can you refinance a car with bad credit? ",[8544],{"type":77,"attrs":8545},{"color":7283},{"type":70,"content":8547},[8548],{"text":8549,"type":74,"marks":8550},"It is possible to refinance a car loan with bad credit. That said, lenders almost always perform a credit check before they issue a new loan, and they tend to prefer borrowers with credit scores above 650. If yours is below that, it may be challenging to find a lender willing to work with you. Even if you do find one, you may be subject to higher interest rates. For that reason, loans available to those with poor credit are usually referred to as “subprime” loans. ",[8551],{"type":77,"attrs":8552},{"color":7283},{"type":70,"content":8554},[8555],{"text":8556,"type":74,"marks":8557},"However, if national interest rates have fallen since you took out your loan, you may still be able to get a better rate with a refinance. That could either lower your monthly payment or save you money in interest charges. But you may have to do some extra legwork to make it happen –– either by finding a lender willing to work with you, or improving your credit score before you apply. Here are some lenders that will let you refinance a car loan with bad credit. ",[8558],{"type":77,"attrs":8559},{"color":7283},{"type":118,"attrs":8561,"content":8562},{"level":120},[8563],{"text":8564,"type":74,"marks":8565},"Lenders that refinance car loans with bad credit ",[8566],{"type":77,"attrs":8567},{"color":8568},"rgb(0, 0, 0)",{"type":118,"attrs":8570,"content":8571},{"level":279},[8572],{"text":8573,"type":74,"marks":8574},"1. iLending",[8575],{"type":77,"attrs":8576},{"color":8577},"rgb(67, 67, 67)",{"type":70,"content":8579},[8580],{"text":8581,"type":74,"marks":8582},"2.24% APR, 36-84 month term, 560 minimum credit score",[8583,8584],{"type":1022},{"type":77,"attrs":8585},{"color":7283},{"type":70,"content":8587},[8588,8593,8602],{"text":8589,"type":74,"marks":8590},"With iLending, you can refinance cars, RVs, and even boats as long as your ",[8591],{"type":77,"attrs":8592},{"color":7283},{"text":8594,"type":74,"marks":8595},"FICO score",[8596,8599,8601],{"type":175,"attrs":8597},{"href":8598,"uuid":178,"anchor":178,"target":178,"linktype":179},"https://www.myfico.com/credit-education/what-is-a-fico-score",{"type":77,"attrs":8600},{"color":178},{"type":7415},{"text":8603,"type":74,"marks":8604}," is at least 560. The company will refinance vehicles produced in 2011 or later and with up to 200,000 miles on the odometer. You’ll need at least a $7,500 balance left on your loan to apply. ",[8605],{"type":77,"attrs":8606},{"color":178},{"type":70,"content":8608},[8609,8614,8622],{"text":8610,"type":74,"marks":8611},"iLending’s ",[8612],{"type":77,"attrs":8613},{"color":7283},{"text":8615,"type":74,"marks":8616},"annual percentage rates (APRs)",[8617,8619,8621],{"type":175,"attrs":8618},{"href":2708,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":8620},{"color":178},{"type":7415},{"text":8623,"type":74,"marks":8624}," start at 2.24%, which is on the lower end for refinance loans. (Keep in mind that your rate will likely be higher if you have bad credit.) iLending doesn’t charge a loan application fee for refinancing, and it allows borrowers to file joint applications. ",[8625],{"type":77,"attrs":8626},{"color":178},{"type":118,"attrs":8628,"content":8629},{"level":279},[8630],{"text":8631,"type":74,"marks":8632},"2. Caribou",[8633],{"type":77,"attrs":8634},{"color":7283},{"type":70,"content":8636},[8637],{"text":8638,"type":74,"marks":8639},"4.99% APR, 48-84 month term, 620 minimum credit score",[8640,8641],{"type":1022},{"type":77,"attrs":8642},{"color":7283},{"type":70,"content":8644},[8645,8650,8659],{"text":8646,"type":74,"marks":8647},"To qualify for the best rates with ",[8648],{"type":77,"attrs":8649},{"color":7283},{"text":8651,"type":74,"marks":8652},"Caribou",[8653,8656,8658],{"type":175,"attrs":8654},{"href":8655,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://fiona.com/partner/navientalr/loans",{"type":77,"attrs":8657},{"color":178},{"type":7415},{"text":8660,"type":74,"marks":8661},", you’ll need a minimum credit score of 740. However, you can still refinance with this company as long as your credit score is at least 620 (and you don’t mind slightly higher interest rates). Your vehicle must have no more than 85,000 miles on it, and you’ll have to pay a $399 processing fee.",[8662],{"type":77,"attrs":8663},{"color":178},{"type":70,"content":8665},[8666],{"text":8667,"type":74,"marks":8668},"Keep in mind that these loans are not available in all states. To qualify for a Caribou loan, you cannot be a resident of Maryland, Massachusetts, Mississippi, Nebraska, Nevada, Wisconsin, or West Virginia. ",[8669],{"type":77,"attrs":8670},{"color":7283},{"type":118,"attrs":8672,"content":8673},{"level":279},[8674],{"text":8675,"type":74,"marks":8676},"3. RefiJet",[8677],{"type":77,"attrs":8678},{"color":7283},{"type":70,"content":8680},[8681],{"text":8682,"type":74,"marks":8683},"3.49% APR, 24-84 month term, 500 minimum credit score",[8684,8685],{"type":1022},{"type":77,"attrs":8686},{"color":7283},{"type":70,"content":8688},[8689,8697,8702,8711],{"text":8690,"type":74,"marks":8691},"RefiJet",[8692,8694,8696],{"type":175,"attrs":8693},{"href":8655,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":8695},{"color":7283},{"type":7415},{"text":8698,"type":74,"marks":8699}," is a service that matches borrowers with appropriate lenders. All you have to do is submit a single application, and RefiJet will prequalify you for several loans at once. This will give you accurate rate information for each lender and allow you to compare potential loan offers side-by-side. However, the convenience does come at a cost. RefiJet charges $395 for each application it processes. The good news is that applying for prequalification quotes ",[8700],{"type":77,"attrs":8701},{"color":178},{"text":8703,"type":74,"marks":8704},"will not impact your credit",[8705,8708,8710],{"type":175,"attrs":8706},{"href":8707,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.investopedia.com/articles/basics/07/prequalified-approved.asp",{"type":77,"attrs":8709},{"color":178},{"type":7415},{"text":7326,"type":74,"marks":8712},[8713],{"type":77,"attrs":8714},{"color":178},{"type":118,"attrs":8716,"content":8717},{"level":279},[8718],{"text":8719,"type":74,"marks":8720},"4. Auto Approve",[8721],{"type":77,"attrs":8722},{"color":7283},{"type":70,"content":8724},[8725],{"text":8726,"type":74,"marks":8727},"2.94% APR, 12-84 month term, 580 minimum credit score",[8728,8729],{"type":1022},{"type":77,"attrs":8730},{"color":7283},{"type":70,"content":8732},[8733],{"text":8734,"type":74,"marks":8735},"Auto Approve is similar to RefiJet in that it acts as a bridge between borrowers and lenders. Once you fill out an application, Auto Approve will do the work of applying and prequalifying you for various loans. You’ll receive prequalification quotes from several different lenders in as little as a few seconds. You can then decide which refinancing option is right for you. ",[8736],{"type":77,"attrs":8737},{"color":7283},{"type":70,"content":8739},[8740,8745,8754],{"text":8741,"type":74,"marks":8742},"Auto Approve doesn’t charge an upfront fee, but you may have to pay origination fees or other charges associated with your final loan. With Auto Approve, you’ll also have the option to ",[8743],{"type":77,"attrs":8744},{"color":7283},{"text":8746,"type":74,"marks":8747},"add co-signers",[8748,8751,8753],{"type":175,"attrs":8749},{"href":8750,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.bankrate.com/loans/personal-loans/personal-loan-with-co-signer/",{"type":77,"attrs":8752},{"color":178},{"type":7415},{"text":8755,"type":74,"marks":8756}," and vehicle protection options. ",[8757],{"type":77,"attrs":8758},{"color":178},{"type":118,"attrs":8760,"content":8761},{"level":279},[8762],{"text":8763,"type":74,"marks":8764},"5. LendingArts",[8765],{"type":77,"attrs":8766},{"color":7283},{"type":70,"content":8768},[8769],{"text":8770,"type":74,"marks":8771},"5.44% APR, 550 minimum credit score",[8772,8773],{"type":1022},{"type":77,"attrs":8774},{"color":7283},{"type":70,"content":8776},[8777],{"text":8778,"type":74,"marks":8779},"LendingArts will work with you to find the lowest possible rates based on your income, credit score, and vehicle’s condition and age. The company accomplishes this by partnering with credit unions, which tend to offer lower rates and more flexible terms than larger financial institutions. LendingArts currently advertises a 5.44% APR for qualifying borrowers and requires a minimum credit score of 550. To work with LendingArts, you’ll need to fill out the application form on their website, which will ask for details about you and your vehicle. ",[8780],{"type":77,"attrs":8781},{"color":7283},{"type":118,"attrs":8783,"content":8784},{"level":279},[8785],{"text":8786,"type":74,"marks":8787},"6. RateWorks",[8788],{"type":77,"attrs":8789},{"color":7283},{"type":70,"content":8791},[8792],{"text":8793,"type":74,"marks":8794},"4.29% APR, 36-72 month term, No minimum credit score",[8795,8796],{"type":1022},{"type":77,"attrs":8797},{"color":7283},{"type":70,"content":8799},[8800],{"text":8801,"type":74,"marks":8802},"RateWorks specializes in lending to borrowers with bad credit. The company’s APR offers begin at 4.29%, but rise to 8.09% for those with credit scores below 620. That said, RateWorks doesn’t have a minimum credit score requirement. That makes it a great choice for those struggling to find a refinance lender elsewhere. ",[8803],{"type":77,"attrs":8804},{"color":7283},{"type":70,"content":8806},[8807],{"text":8808,"type":74,"marks":8809},"Most of RateWorks’s loan terms range from 36 to 72 months. The company won’t charge you any closing costs or fees when you take out a new loan. However, its loans are only available in 22 states, as listed on their website.",[8810],{"type":77,"attrs":8811},{"color":7283},{"type":118,"attrs":8813,"content":8814},{"level":279},[8815],{"text":8816,"type":74,"marks":8817},"7. Gravity Lending",[8818],{"type":77,"attrs":8819},{"color":7283},{"type":70,"content":8821},[8822],{"text":8823,"type":74,"marks":8824},"5.34% APR, 24-96 month term, 580 minimum credit score",[8825,8826],{"type":1022},{"type":77,"attrs":8827},{"color":7283},{"type":70,"content":8829},[8830],{"text":8831,"type":74,"marks":8832},"Like many of the companies on this list, Gravity Lending uses borrowers’ personal details to pair them with a variety of financial institutions and online lenders. The company charges no fees, which is a major perk. ",[8833],{"type":77,"attrs":8834},{"color":7283},{"type":70,"content":8836},[8837],{"text":8838,"type":74,"marks":8839},"To work through Gravity Lending, you’ll need to have at least a $10,000 balance remaining on your old loan. If you have a credit score of 750 or above and a vehicle produced in 2018 or later, you’ll likely qualify for the best loan options. If your car was purchased before 2012, however, Gravity Lending won’t be able to help you refinance.",[8840],{"type":77,"attrs":8841},{"color":178},{"type":70,"content":8843},[8844],{"text":8845,"type":74,"marks":8846},"Representative example: If you borrow $15,000 secured by vehicle title, for 60 months at 5% APR (annual percentage rate) the monthly payment would be $283.07. Total interest paid would be $1,984.11. Your actual rate and payment amount may vary as determined by your collateral, down payment, term, loan amount, state sales tax, registration fees, and credit qualifications.  ",[8847],{"type":77,"attrs":8848},{"color":8568},{"type":118,"attrs":8850,"content":8851},{"level":120},[8852],{"text":8853,"type":74,"marks":8854},"How to improve your credit for refinancing",[8855],{"type":77,"attrs":8856},{"color":7283},{"type":70,"content":8858},[8859],{"text":8860,"type":74,"marks":8861},"Even if your credit score isn’t good enough to qualify for lenders’ best auto loan rates, that doesn’t mean you can’t refinance. It may just mean you have to do a little work to improve your credit score before you can get out of your current loan. Here are some easy ways you can make an impact on your credit in a relatively short period of time.",[8862],{"type":77,"attrs":8863},{"color":7283},{"type":118,"attrs":8865,"content":8866},{"level":279},[8867],{"text":8868,"type":74,"marks":8869},"Reduce your credit utilization ratio",[8870],{"type":77,"attrs":8871},{"color":7283},{"type":70,"content":8873},[8874,8879,8885,8890,8898,8903,8911],{"text":8875,"type":74,"marks":8876},"Credit utilization, or the proportion of your available credit that you're using,",[8877],{"type":77,"attrs":8878},{"color":7283},{"text":133,"type":74,"marks":8880},[8881,8883],{"type":175,"attrs":8882},{"href":5818,"uuid":178,"anchor":178,"target":178,"linktype":179},{"type":77,"attrs":8884},{"color":178},{"text":8886,"type":74,"marks":8887},"can account for ",[8888],{"type":77,"attrs":8889},{"color":178},{"text":8891,"type":74,"marks":8892},"nearly a third of your credit score",[8893,8895,8897],{"type":175,"attrs":8894},{"href":5818,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":8896},{"color":178},{"type":7415},{"text":8899,"type":74,"marks":8900},". Aim to keep your credit utilization ratio below 30% — or, ideally, below 10%. Try to avoid maxing out your cards and work to ",[8901],{"type":77,"attrs":8902},{"color":178},{"text":8904,"type":74,"marks":8905},"pay down high credit card balances",[8906,8908,8910],{"type":175,"attrs":8907},{"href":5568,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":8909},{"color":178},{"type":7415},{"text":8912,"type":74,"marks":8913},". It may also be helpful to request a credit limit increase from your card issuer, but only if you won't be tempted to overspend.",[8914],{"type":77,"attrs":8915},{"color":178},{"type":118,"attrs":8917,"content":8918},{"level":279},[8919],{"text":8920,"type":74,"marks":8921},"Diversify your credit mix",[8922],{"type":77,"attrs":8923},{"color":7283},{"type":70,"content":8925},[8926],{"text":8927,"type":74,"marks":8928},"New lenders like to see that you can manage different types of credit responsibly. Your credit mix, which includes revolving credit (e.g. credit cards) and installment loans (e.g. mortgages, car loans, and student loans), contributes to 10% of your credit score. While you shouldn't take on new debt solely to improve your credit mix, consider diversifying your credit portfolio if it makes financial sense for you.",[8929],{"type":77,"attrs":8930},{"color":7283},{"type":118,"attrs":8932,"content":8933},{"level":279},[8934],{"text":8935,"type":74,"marks":8936},"Limit hard inquiries on your credit report",[8937],{"type":77,"attrs":8938},{"color":7283},{"type":70,"content":8940},[8941,8946,8955,8960,8969],{"text":8942,"type":74,"marks":8943},"Applying for new credit accounts triggers ",[8944],{"type":77,"attrs":8945},{"color":7283},{"text":8947,"type":74,"marks":8948},"hard credit inquiries",[8949,8952,8954],{"type":175,"attrs":8950},{"href":8951,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.earnest.com/blog/soft-vs-hard-credit-inquiries/",{"type":77,"attrs":8953},{"color":178},{"type":7415},{"text":8956,"type":74,"marks":8957}," on your credit report, which can lower your score by a few points each. If you apply for a number of credit accounts in a short period of time, these hard inquiries can stack up, significantly lowering your score. So, if you recently applied for a personal loan or a new credit card, for example, you might want to wait for your credit score to recover before you apply for a refinance. You can keep track by viewing your credit score at ",[8958],{"type":77,"attrs":8959},{"color":178},{"text":8961,"type":74,"marks":8962},"annualcreditreport.com",[8963,8966,8968],{"type":175,"attrs":8964},{"href":8965,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://annualcreditreport.com",{"type":77,"attrs":8967},{"color":178},{"type":7415},{"text":7326,"type":74,"marks":8970},[8971],{"type":77,"attrs":8972},{"color":178},{"type":118,"attrs":8974,"content":8975},{"level":279},[8976],{"text":8977,"type":74,"marks":8978},"Keep old accounts open",[8979],{"type":77,"attrs":8980},{"color":7283},{"type":70,"content":8982},[8983],{"text":8984,"type":74,"marks":8985},"Your credit history length, which accounts for 15% of your credit score, is determined by the age of your oldest account, the age of your newest account, and the average age of all your accounts. Closing old accounts can shorten your credit history and potentially lower your score. As long as there are no annual fees, consider keeping your old accounts open and active to maintain a longer credit history.",[8986],{"type":77,"attrs":8987},{"color":7283},{"type":118,"attrs":8989,"content":8990},{"level":279},[8991],{"text":8992,"type":74,"marks":8993},"Dispute errors and monitor your credit regularly",[8994],{"type":77,"attrs":8995},{"color":7283},{"type":70,"content":8997},[8998,9003,9012,9017,9026],{"text":8999,"type":74,"marks":9000},"By regularly monitoring your credit, you'll be able to track your progress and quickly address any issues that arise. Many banks, credit card issuers, and personal finance apps offer free ",[9001],{"type":77,"attrs":9002},{"color":7283},{"text":9004,"type":74,"marks":9005},"credit score monitoring services",[9006,9009,9011],{"type":175,"attrs":9007},{"href":9008,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.cnbc.com/select/best-credit-monitoring-services/",{"type":77,"attrs":9010},{"color":178},{"type":7415},{"text":9013,"type":74,"marks":9014},". Use these tools to stay informed and proactive in managing your credit. And if you see any suspicious charges or errors, like a line of credit you don’t recognize, ",[9015],{"type":77,"attrs":9016},{"color":178},{"text":9018,"type":74,"marks":9019},"report them as soon as possible",[9020,9023,9025],{"type":175,"attrs":9021},{"href":9022,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.consumerfinance.gov/ask-cfpb/how-do-i-dispute-an-error-on-my-credit-report-en-314/",{"type":77,"attrs":9024},{"color":178},{"type":7415},{"text":7326,"type":74,"marks":9027},[9028],{"type":77,"attrs":9029},{"color":178},{"type":118,"attrs":9031,"content":9032},{"level":279},[9033],{"text":9034,"type":74,"marks":9035},"Use a credit-building service",[9036],{"type":77,"attrs":9037},{"color":7283},{"type":70,"content":9039},[9040,9045,9052,9060,9065,9072,9080,9085,9092,9100],{"text":9041,"type":74,"marks":9042},"There are some bills you don’t typically get credit for paying on time. These include utility bills, rent, and even payments to streaming services. That’s where services like",[9043],{"type":77,"attrs":9044},{"color":7283},{"text":133,"type":74,"marks":9046},[9047,9050],{"type":175,"attrs":9048},{"href":9049,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.experian.com/consumer-products/score-boost.html",{"type":77,"attrs":9051},{"color":178},{"text":9053,"type":74,"marks":9054},"Experian Boost",[9055,9057,9059],{"type":175,"attrs":9056},{"href":9049,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":9058},{"color":178},{"type":7415},{"text":9061,"type":74,"marks":9062}," and",[9063],{"type":77,"attrs":9064},{"color":178},{"text":133,"type":74,"marks":9066},[9067,9070],{"type":175,"attrs":9068},{"href":9069,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://stellarfi.com/compare/experian-boost",{"type":77,"attrs":9071},{"color":178},{"text":9073,"type":74,"marks":9074},"StellarFi",[9075,9077,9079],{"type":175,"attrs":9076},{"href":9069,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":9078},{"color":178},{"type":7415},{"text":9081,"type":74,"marks":9082}," come in. With these, you can select bills that you pay every month, and the service will automatically report them to credit bureaus on your behalf. Not all bills are eligible, but in some cases, you will see your credit score jump",[9083],{"type":77,"attrs":9084},{"color":178},{"text":133,"type":74,"marks":9086},[9087,9090],{"type":175,"attrs":9088},{"href":9089,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.experian.com/blogs/ask-experian/does-experian-boost-work",{"type":77,"attrs":9091},{"color":178},{"text":9093,"type":74,"marks":9094},"immediately after signing up",[9095,9097,9099],{"type":175,"attrs":9096},{"href":9089,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":9098},{"color":178},{"type":7415},{"text":9101,"type":74,"marks":9102},".  ",[9103],{"type":77,"attrs":9104},{"color":178},{"type":118,"attrs":9106,"content":9107},{"level":120},[9108],{"text":9109,"type":74,"marks":9110},"Alternatives to refinancing a car loan ",[9111],{"type":77,"attrs":9112},{"color":7283},{"type":70,"content":9114},[9115],{"text":9116,"type":74,"marks":9117},"Applying for a refinanced loan isn’t always the best option if you have bad credit, and building your credit can take time. Additionally, refinancing can come with prepayment penalties and other fees that could cut into your savings. Here are some alternatives if you don’t think refinancing makes sense for you. ",[9118],{"type":77,"attrs":9119},{"color":7283},{"type":118,"attrs":9121,"content":9122},{"level":279},[9123],{"text":9124,"type":74,"marks":9125},"1. Paying off the loan faster",[9126],{"type":77,"attrs":9127},{"color":7283},{"type":70,"content":9129},[9130,9135,9144],{"text":9131,"type":74,"marks":9132},"If you can’t qualify for an auto loan refinance because of poor credit history, you can still save money on interest by ",[9133],{"type":77,"attrs":9134},{"color":7283},{"text":9136,"type":74,"marks":9137},"paying off your car loan faster",[9138,9141,9143],{"type":175,"attrs":9139},{"href":9140,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.bankrate.com/loans/auto-loans/how-to-pay-off-a-car-loan-faster/",{"type":77,"attrs":9142},{"color":178},{"type":7415},{"text":9145,"type":74,"marks":9146},". By making extra monthly car payments or paying more than the minimum each month, more of your money will go toward the principal. This will chip away at the actual loan amount instead of just the interest. You can also allocate any bonuses, tax refunds, or other windfalls toward your car loan to accelerate its repayment.",[9147],{"type":77,"attrs":9148},{"color":178},{"type":118,"attrs":9150,"content":9151},{"level":279},[9152],{"text":9153,"type":74,"marks":9154},"2. Negotiating with your current lender",[9155],{"type":77,"attrs":9156},{"color":7283},{"type":70,"content":9158},[9159,9164,9173],{"text":9160,"type":74,"marks":9161},"Before you decide to refinance or explore alternatives, try ",[9162],{"type":77,"attrs":9163},{"color":7283},{"text":9165,"type":74,"marks":9166},"negotiating with your existing lender",[9167,9170,9172],{"type":175,"attrs":9168},{"href":9169,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.earnest.com/blog/how-to-negotiate-with-creditors/",{"type":77,"attrs":9171},{"color":178},{"type":7415},{"text":9174,"type":74,"marks":9175},". Explain your financial situation and ask if they can offer you a lower interest rate or more flexible repayment terms. Lenders often prefer to keep current customers, so they may be willing to work with you to find a mutually beneficial solution. ",[9176],{"type":77,"attrs":9177},{"color":178},{"type":118,"attrs":9179,"content":9180},{"level":279},[9181],{"text":9182,"type":74,"marks":9183},"3. Using a home equity loan or a HELOC ",[9184],{"type":77,"attrs":9185},{"color":7283},{"type":70,"content":9187},[9188,9193,9202],{"text":9189,"type":74,"marks":9190},"If you own a home and have built up equity in it, you may be able to use a home equity loan or a ",[9191],{"type":77,"attrs":9192},{"color":7283},{"text":9194,"type":74,"marks":9195},"home equity line of credit",[9196,9199,9201],{"type":175,"attrs":9197},{"href":9198,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.bankrate.com/home-equity/what-is-heloc/",{"type":77,"attrs":9200},{"color":178},{"type":7415},{"text":9203,"type":74,"marks":9204}," (HELOC) to pay off your car loan. These options typically offer better interest rates than auto loans, but they use your home as collateral. That means you risk losing your house if you default on your loan payments.",[9205],{"type":77,"attrs":9206},{"color":178},{"type":118,"attrs":9208,"content":9209},{"level":279},[9210],{"text":9211,"type":74,"marks":9212},"4. Taking out a personal loan",[9213],{"type":77,"attrs":9214},{"color":7283},{"type":70,"content":9216},[9217,9222,9230],{"text":9218,"type":74,"marks":9219},"Another alternative to consider is ",[9220],{"type":77,"attrs":9221},{"color":7283},{"text":9223,"type":74,"marks":9224},"taking out a personal loan",[9225,9227,9229],{"type":175,"attrs":9226},{"href":259,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":9228},{"color":178},{"type":7415},{"text":9231,"type":74,"marks":9232}," to pay off your original loan. A personal loan is a lump-sum loan that can be used for pretty much any expense, including debt consolidation, emergency expenses, and medical bills. Personal loans sometimes offer lower interest rates and better terms than auto loans. Just make sure you review the loan terms and fees carefully to ensure you're not increasing your overall costs.",[9233],{"type":77,"attrs":9234},{"color":178},{"type":118,"attrs":9236,"content":9237},{"level":279},[9238],{"text":9239,"type":74,"marks":9240},"5. Selling the car and buying a more affordable one",[9241],{"type":77,"attrs":9242},{"color":7283},{"type":70,"content":9244},[9245],{"text":9246,"type":74,"marks":9247},"If your current auto loan is a burden — and refinancing isn't a viable option — you might want to consider selling the car and using the funds to buy a more affordable one, such as a smaller vehicle or a  used car. This can help you lower your monthly payments and potentially avoid going upside-down on your loan.",[9248],{"type":77,"attrs":9249},{"color":7283},{"type":118,"attrs":9251,"content":9252},{"level":279},[9253],{"text":9254,"type":74,"marks":9255},"6. Leasing a vehicle instead",[9256],{"type":77,"attrs":9257},{"color":7283},{"type":70,"content":9259},[9260],{"text":9261,"type":74,"marks":9262},"If you're open to giving up vehicle ownership, you could consider leasing a new car through a dealership. While leasing often comes with lower monthly payments than purchasing, keep in mind that you won't own the car at the end of the lease term. You may also have to deal with mileage and wear-and-tear restrictions.",[9263],{"type":77,"attrs":9264},{"color":7283},{"type":118,"attrs":9266,"content":9267},{"level":120},[9268],{"text":9269,"type":74,"marks":9270},"Compare auto loans with Navient Marketplace ",[9271],{"type":77,"attrs":9272},{"color":7283},{"type":70,"content":9274},[9275,9280,9286,9294],{"text":9276,"type":74,"marks":9277},"Whether you’re looking for lower interest rates or longer terms, Navient Marketplace can help you find an auto loan refinancing provider that’s right for you. In less than a minute, you can fill in a few details about your car and your financial goals, and we’ll automatically match you with refinance lenders who fit your needs. Then, you can use our platform to browse the available options, compare offers, and choose the perfect provider for you.",[9278],{"type":77,"attrs":9279},{"color":7283},{"text":133,"type":74,"marks":9281},[9282,9284],{"type":175,"attrs":9283},{"href":587,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":9285},{"color":178},{"text":9287,"type":74,"marks":9288},"Get started here.",[9289,9291,9293],{"type":175,"attrs":9290},{"href":3180,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":9292},{"color":178},{"type":7415},{"text":989,"type":74,"marks":9295},[9296],{"type":77,"attrs":9297},{"color":178},{"type":70,"content":9299},[9300],{"text":1671,"type":74,"marks":9301},[9302,9304],{"type":1674,"attrs":9303},{"class":1676},{"type":77,"attrs":9305},{"color":7283},{"type":70,"content":9307},[9308],{"text":9309,"type":74,"marks":9310},"Information in this blog, including the rates advertised, are current as of 05/09/2023 and subject to 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\"space\": \"157494\", \"uid\": \"6444e0db-4ab6-4402-9ccb-fda2a7665853\", \"id\": \"651798181\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"135be4ba-a2c1-40a7-a64e-63eab4d0e105\", \"id\": \"651798181\"}-->",{"id":178,"alt":178,"name":18,"focus":178,"title":178,"filename":18,"copyright":178,"fieldtype":1727},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"71578594-c48d-4c99-a38b-426ea98a989b\", \"id\": \"651798181\"}-->","Auto Refinance","https://www.marketplace.navient.com/blog/refinance-car-loan-with-bad-credit/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"c3dfb6bc-82dc-4342-ab6f-3ade890377bb\", \"id\": \"651798181\"}-->","refinance-a-car-loan-with-bad-credit","navient_marketplace/blog/refinance-a-car-loan-with-bad-credit",-80,[],"8ada2932-9fea-471d-8912-e892ee5abb7d","2023-05-25T19:48:08.930Z",[],{"name":9378,"created_at":9379,"published_at":9380,"updated_at":9381,"id":9382,"uuid":9383,"content":9384,"slug":10018,"full_slug":10019,"sort_by_date":178,"position":10020,"tag_list":10021,"is_startpage":46,"parent_id":1786,"meta_data":178,"group_id":10022,"first_published_at":10023,"release_id":178,"lang":1789,"path":10024,"alternates":10025,"default_full_slug":178,"translated_slugs":178},"When Can I Refinance My Car","2025-04-07T18:30:58.470Z","2025-12-26T13:45:13.693Z","2025-12-26T13:45:13.770Z",651798182,"45c8f9c2-424e-445f-be89-0cf3525401c0",{"seo":9385,"_uid":9389,"body":9390,"author":47,"category":9367,"featured":46,"component":1779,"canonicalTag":10016,"_editable":10017},{"_uid":9386,"title":9387,"plugin":17,"og_image":18,"og_title":18,"description":9388,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"7b76a283-5a1c-46ad-b91e-3474ebd415c3","When Can I Refinance My Car? - Navient Marketplace","The best time to refinance your car is when your new interest rate will be lower. Learn more about how to refinance your car here.","a556245c-6950-48e0-b0f2-040003b31b41",[9391,9403,10001],{"id":23,"_uid":9392,"image":9393,"intro":9394,"author":26,"classes":9395,"category":18,"featured":46,"blogTitle":9399,"component":44,"imageLink":9400,"blendImage":46,"authorRoute":47,"publishedDate":9401,"backgroundColor":49,"_editable":9402},"3627c8cf-6910-43c7-b5d8-8a506545ccba","//a.storyblok.com/f/110029/1207x801/72edc69b3d/when-can-i-refinance-my-car.png","It’s not uncommon to take out a car loan only to discover you’re paying too much in interest, and there are better options out there. Here’s everything you’ll need to know about timing it right.",[9396],{"_uid":9397,"component":30,"titleColor":31,"dateClasses":32,"titleClasses":33,"authorClasses":34,"subtitleColor":35,"titleMaxWidth":36,"subtitleClasses":37,"dateMobileClasses":38,"titleMobileClasses":39,"authorMobileClasses":40,"featuredMobileClasses":41,"subtitleMobileClasses":42,"_editable":9398},"5a96c474-728c-405d-843a-29e17e1c3989","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"5a96c474-728c-405d-843a-29e17e1c3989\", \"id\": \"651798182\"}-->","When Can I Refinance My Car?","/images/when-can-i-refinance-my-car.png","Updated: April 27, 2023 ","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"3627c8cf-6910-43c7-b5d8-8a506545ccba\", \"id\": \"651798182\"}-->",{"_uid":9404,"bloks":9405,"classes":1749,"component":1750,"mobileClasses":18,"containerContent":9999,"_editable":10000},"41898040-03ef-4844-9a47-f485123d0978",[9406],{"_uid":9407,"bloks":9408,"classes":18,"justify":1695,"component":1747,"mobileClasses":18,"_editable":9998},"7e50b2de-fe63-43da-b37f-c7743bee3d4c",[9409,9970],{"lg":58,"md":58,"sm":59,"_uid":9410,"cols":59,"bloks":9411,"alignSelf":1695,"component":1696,"_editable":9969},"41b2c2f2-c68f-4b7e-a4d2-2c53d67ba711",[9412],{"_uid":9413,"color":64,"classes":65,"content":18,"richText":9414,"component":1688,"mobileClasses":1689,"enableRichText":1690,"richTextMobile":9965,"_editable":9968},"dc52fc20-8736-453b-aa1f-5dafb582207a",{"type":67,"content":9415},[9416,9434,9441,9449,9470,9477,9485,9493,9514,9522,9529,9536,9544,9551,9559,9566,9575,9583,9591,9598,9619,9626,9634,9655,9662,9669,9677,9697,9705,9712,9719,9727,9747,9754,9762,9769,9777,9784,9792,9799,9807,9835,9843,9850,9906,9914,9933,9941,9949],{"type":70,"content":9417},[9418,9423,9429],{"text":9419,"type":74,"marks":9420},"It’s not uncommon to take out a car loan only to discover you’re paying too much in interest, and there are better options out there. The good news is that you can switch your loan to a new lender (and possibly secure a lower interest rate) by refinancing",[9421],{"type":77,"attrs":9422},{"color":7283},{"text":1949,"type":74,"marks":9424},[9425,9427],{"type":1674,"attrs":9426},{"class":1952},{"type":77,"attrs":9428},{"color":178},{"text":9430,"type":74,"marks":9431},". The bad news? Some lenders have certain restrictions on the timing of your refinance. ",[9432],{"type":77,"attrs":9433},{"color":178},{"type":70,"content":9435},[9436],{"text":9437,"type":74,"marks":9438},"If you’re asking, “When can I refinance my car loan?” We’ve got you covered. Here’s everything you’ll need to know about timing it right.",[9439],{"type":77,"attrs":9440},{"color":7283},{"type":118,"attrs":9442,"content":9443},{"level":120},[9444],{"text":9445,"type":74,"marks":9446},"When can I refinance my car?",[9447],{"type":77,"attrs":9448},{"color":7283},{"type":70,"content":9450},[9451,9456,9465],{"text":9452,"type":74,"marks":9453},"You can refinance your car as soon as your ",[9454],{"type":77,"attrs":9455},{"color":7283},{"text":9457,"type":74,"marks":9458},"vehicle title",[9459,9462,9464],{"type":175,"attrs":9460},{"href":9461,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.caranddriver.com/research/a32781807/what-is-a-car-title/",{"type":77,"attrs":9463},{"color":178},{"type":7415},{"text":9466,"type":74,"marks":9467}," transfers to your current lender, and you find a new lender with requirements that meet your situation. Some lenders will require you to wait at least six months into a loan term to refinance, while others have no set waiting period at all. It usually takes around two to three months for your car title to transfer from the manufacturer or the previous owner, so once this happens, you can look for lenders to refinance your car.",[9468],{"type":77,"attrs":9469},{"color":178},{"type":70,"content":9471},[9472],{"text":9473,"type":74,"marks":9474},"That said, just because you can apply for an auto loan refinance immediately doesn’t mean you should. For example, if your credit score dropped due to the hard credit check you incurred by applying for the loan originally, it may make sense to wait a few months for it to recover before you apply for a refinance. Or, if this is your first car, it may be beneficial to wait until you can show a history of on-time payments before you try to refinance. The best refinance rates are offered to creditworthy borrowers, so the better your payment history is, the better interest rate you’re likely to be offered. ",[9475],{"type":77,"attrs":9476},{"color":7283},{"type":118,"attrs":9478,"content":9479},{"level":120},[9480],{"text":9481,"type":74,"marks":9482},"The pros of refinancing your car ",[9483],{"type":77,"attrs":9484},{"color":7283},{"type":118,"attrs":9486,"content":9487},{"level":279},[9488],{"text":9489,"type":74,"marks":9490},"You can override predatory terms ",[9491],{"type":77,"attrs":9492},{"color":7283},{"type":70,"content":9494},[9495,9500,9509],{"text":9496,"type":74,"marks":9497},"Financing at a dealership usually happens through financial institutions such as banks and credit unions, as well as the ",[9498],{"type":77,"attrs":9499},{"color":7283},{"text":9501,"type":74,"marks":9502},"financing arms of car manufacturers",[9503,9506,9508],{"type":175,"attrs":9504},{"href":9505,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.forbes.com/sites/jimhenry/2012/10/31/most-car-companies-want-their-own-finance-company-so-they-have-a-place-to-go-home-to/?sh=43b93905673b",{"type":77,"attrs":9507},{"color":178},{"type":7415},{"text":9510,"type":74,"marks":9511},". But dealerships don’t always quote a lender’s lower rates. Sometimes, they’ll inflate them artificially to boost their own profits. Getting preapproved for a loan before you go into the dealership can keep this from happening, but if it’s already too late, and you think you got a bad deal on your loan, you can refinance to get yourself better loan terms. ",[9512],{"type":77,"attrs":9513},{"color":178},{"type":118,"attrs":9515,"content":9516},{"level":279},[9517],{"text":9518,"type":74,"marks":9519},"You can save money over the life of your loan ",[9520],{"type":77,"attrs":9521},{"color":7283},{"type":70,"content":9523},[9524],{"text":9525,"type":74,"marks":9526},"If you weren’t approved for a loan with great terms because of your creditworthiness, it might make sense to refinance if your financial situation has improved. For example, if your credit score has increased, if you got a big raise or a higher-paying job, or if you paid off debt, you may be approved for a refinance loan with better terms. ",[9527],{"type":77,"attrs":9528},{"color":7283},{"type":70,"content":9530},[9531],{"text":9532,"type":74,"marks":9533},"When just a small decrease in interest rate could save you thousands of dollars over the life of your loan, it’s worth considering. Not only that, but if you refinance for a shorter term, you’ll be able to pay off your debt faster and save even more in interest (though your monthly payments will be higher, so make sure you can afford the increase). ",[9534],{"type":77,"attrs":9535},{"color":7283},{"type":118,"attrs":9537,"content":9538},{"level":279},[9539],{"text":9540,"type":74,"marks":9541},"You can make monthly payments more affordable ",[9542],{"type":77,"attrs":9543},{"color":7283},{"type":70,"content":9545},[9546],{"text":9547,"type":74,"marks":9548},"If you’re struggling to make your car payments, a refinance could help. If you refinance for a longer term, your loan repayment will be spread over a longer period. That can lead to lower monthly payments, freeing up room in your budget for other necessities. Keep in mind that when you extend your loan term, you will end up paying more in interest. But if it could provide breathing room in your budget — or keep you from damaging your credit score by missing loan payments — you may decide it’s worth it. ",[9549],{"type":77,"attrs":9550},{"color":7283},{"type":118,"attrs":9552,"content":9553},{"level":279},[9554],{"text":9555,"type":74,"marks":9556},"You can take a rebate and still get a low APR ",[9557],{"type":77,"attrs":9558},{"color":7283},{"type":70,"content":9560},[9561],{"text":9562,"type":74,"marks":9563},"A popular incentive offered by dealerships is the choice between a rebate or 0% APR (usually only offered to customers with great credit). Say a lender offers you 0% APR or a $3,000 rebate. If you take the rebate, you are left with a 6% APR. Instead of choosing the 0% APR over the rebate, you can take the rebate and try to refinance for a lower APR than 6%. So, if you already took the rebate and you’ve been stuck with a higher APR, you may be able to get a lower one through auto loan refinancing. ",[9564],{"type":77,"attrs":9565},{"color":7283},{"type":70,"content":9567},[9568],{"text":9569,"type":74,"marks":9570},"*Above scenario is hypothetical and may not be true for every borrower.",[9571,9573],{"type":9572},"italic",{"type":77,"attrs":9574},{"color":7283},{"type":118,"attrs":9576,"content":9577},{"level":120},[9578],{"text":9579,"type":74,"marks":9580},"The cons of refinancing a car",[9581],{"type":77,"attrs":9582},{"color":7283},{"type":118,"attrs":9584,"content":9585},{"level":279},[9586],{"text":9587,"type":74,"marks":9588},"You may not see much savings",[9589],{"type":77,"attrs":9590},{"color":7283},{"type":70,"content":9592},[9593],{"text":9594,"type":74,"marks":9595},"If you’re far into your loan term and don’t have too many payments left, a refinance may result in negligible savings. In some cases, it may even result in you paying more in total interest. ",[9596],{"type":77,"attrs":9597},{"color":7283},{"type":70,"content":9599},[9600,9605,9614],{"text":9601,"type":74,"marks":9602},"This is because of ",[9603],{"type":77,"attrs":9604},{"color":7283},{"text":9606,"type":74,"marks":9607},"loan amortization",[9608,9611,9613],{"type":175,"attrs":9609},{"href":9610,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.investopedia.com/terms/a/amortization_schedule.asp",{"type":77,"attrs":9612},{"color":178},{"type":7415},{"text":9615,"type":74,"marks":9616},", which means that during the early months and years of your loan, your payments go largely toward paying down the interest rather than the principal. If you’re near the end of your car loan term, you’ve likely paid off a majority of the interest already. At this point, reducing your interest rate won’t matter very much.",[9617],{"type":77,"attrs":9618},{"color":178},{"type":70,"content":9620},[9621],{"text":9622,"type":74,"marks":9623},"Refinancing and getting a new car loan will reset your schedule, and even with a lower interest rate, you’d be starting off with interest payments again. Depending on how much time there is left on your loan, you could end up with very little savings or even paying more in interest over the life of the loan. ",[9624],{"type":77,"attrs":9625},{"color":7283},{"type":118,"attrs":9627,"content":9628},{"level":279},[9629],{"text":9630,"type":74,"marks":9631},"You may find it difficult to qualify",[9632],{"type":77,"attrs":9633},{"color":7283},{"type":70,"content":9635},[9636,9641,9650],{"text":9637,"type":74,"marks":9638},"Refinancing a car isn’t as simple as having good credit and a stable income. With auto loans in particular, the condition and age of your vehicle and sometimes even the make of your car will all factor into whether or not you qualify for a refinance. Many lenders ",[9639],{"type":77,"attrs":9640},{"color":7283},{"text":9642,"type":74,"marks":9643},"will not refinance",[9644,9647,9649],{"type":175,"attrs":9645},{"href":9646,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.nerdwallet.com/article/loans/auto-loans/requirements-refinance-car",{"type":77,"attrs":9648},{"color":178},{"type":7415},{"text":9651,"type":74,"marks":9652}," a car that’s more than ten years old or that has more than 125,000 miles on it. ",[9653],{"type":77,"attrs":9654},{"color":178},{"type":70,"content":9656},[9657],{"text":9658,"type":74,"marks":9659},"It’s also important to remember that while your car may still drive, its value on paper will determine whether or not it qualifies for a loan. If your insurance company wrote off the car after an accident, for example, it would not be eligible for a refinance.",[9660],{"type":77,"attrs":9661},{"color":7283},{"type":70,"content":9663},[9664],{"text":9665,"type":74,"marks":9666},"Note that most lenders also require a minimum loan balance for refinances. So, if the amount you owe on your current auto loan is below that threshold, you won’t make it past the application stage. ",[9667],{"type":77,"attrs":9668},{"color":7283},{"type":118,"attrs":9670,"content":9671},{"level":279},[9672],{"text":9673,"type":74,"marks":9674},"You may have to pay a prepayment penalty",[9675],{"type":77,"attrs":9676},{"color":7283},{"type":70,"content":9678},[9679,9684,9692],{"text":9680,"type":74,"marks":9681},"Both your existing loan and your new loan will likely cost you fees when you refinance. Because refinancing an old loan involves paying it off early, you may be on the hook for ",[9682],{"type":77,"attrs":9683},{"color":7283},{"text":2783,"type":74,"marks":9685},[9686,9689,9691],{"type":175,"attrs":9687},{"href":9688,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.way.com/blog/what-is-an-auto-loan-prepayment-penalty/",{"type":77,"attrs":9690},{"color":178},{"type":7415},{"text":9693,"type":74,"marks":9694},". Meanwhile, the new loan will likely come with origination fees. These fees can add up, and unless you’re making significant savings on interest over the long term, it may not be worth the time and effort to get a new loan. ",[9695],{"type":77,"attrs":9696},{"color":178},{"type":118,"attrs":9698,"content":9699},{"level":279},[9700],{"text":9701,"type":74,"marks":9702},"You could go upside down on your loan",[9703],{"type":77,"attrs":9704},{"color":7283},{"type":70,"content":9706},[9707],{"text":9708,"type":74,"marks":9709},"When most people refinance a car loan, they extend the life of the loan and thus reduce their monthly payment amount. This makes your bills much more affordable, but it increases the total amount you owe since you’ll be paying interest for a longer period of time. If refinancing makes your loan worth more than your car, that’s called “going upside down.” ",[9710],{"type":77,"attrs":9711},{"color":7283},{"type":70,"content":9713},[9714],{"text":9715,"type":74,"marks":9716},"In this situation, even if you were to sell your car for exactly what it’s worth, you’d still need to come up with additional money to pay off the loan amount. This is why so many lenders have specifications regarding the age and condition of a car and why it’s important to run your numbers and shop around before taking out a refinance. ",[9717],{"type":77,"attrs":9718},{"color":7283},{"type":118,"attrs":9720,"content":9721},{"level":279},[9722],{"text":9723,"type":74,"marks":9724},"You may experience a temporary dip in credit",[9725],{"type":77,"attrs":9726},{"color":7283},{"type":70,"content":9728},[9729,9734,9742],{"text":9730,"type":74,"marks":9731},"It’s common for your credit score to dip slightly after any kind of ",[9732],{"type":77,"attrs":9733},{"color":7283},{"text":9735,"type":74,"marks":9736},"hard inquiry",[9737,9739,9741],{"type":175,"attrs":9738},{"href":2988,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":9740},{"color":178},{"type":7415},{"text":9743,"type":74,"marks":9744},", including the credit check required to refinance. So, if you have other personal finance goals, such as buying a home or taking out school loans, you’ll want to keep that in mind before you risk your credit. Having a lower credit score could lead to higher interest rates when applying for loans, including personal loans and new credit cards.",[9745],{"type":77,"attrs":9746},{"color":178},{"type":70,"content":9748},[9749],{"text":9750,"type":74,"marks":9751},"Fortunately, the dip after a credit inquiry is usually only five points or less. It’s also temporary. As long as you make your payments on time, your score will rebound. ",[9752],{"type":77,"attrs":9753},{"color":7283},{"type":118,"attrs":9755,"content":9756},{"level":120},[9757],{"text":9758,"type":74,"marks":9759},"How to refinance a car ",[9760],{"type":77,"attrs":9761},{"color":7283},{"type":70,"content":9763},[9764],{"text":9765,"type":74,"marks":9766},"If you’re ready to refinance your car loan, you’ll need to follow these steps:",[9767],{"type":77,"attrs":9768},{"color":7283},{"type":118,"attrs":9770,"content":9771},{"level":279},[9772],{"text":9773,"type":74,"marks":9774},"Step 1: Check your current car loan",[9775],{"type":77,"attrs":9776},{"color":7283},{"type":70,"content":9778},[9779],{"text":9780,"type":74,"marks":9781},"First, take a thorough look at your current loan. Make sure you know the remaining balance and how much time is left on the loan term. Check to see if there are any prepayment penalties you’ll need to factor in as a cost for taking out the new loan. ",[9782],{"type":77,"attrs":9783},{"color":7283},{"type":118,"attrs":9785,"content":9786},{"level":279},[9787],{"text":9788,"type":74,"marks":9789},"Step 2: Check the condition of your car or vehicle",[9790],{"type":77,"attrs":9791},{"color":7283},{"type":70,"content":9793},[9794],{"text":9795,"type":74,"marks":9796},"Make sure you know the age and current mileage of your car. Collect these details and keep them handy. You’ll need to compare them to each individual lender’s requirements before you apply.",[9797],{"type":77,"attrs":9798},{"color":7283},{"type":118,"attrs":9800,"content":9801},{"level":279},[9802],{"text":9803,"type":74,"marks":9804},"Step 3: Check your credit score",[9805],{"type":77,"attrs":9806},{"color":7283},{"type":70,"content":9808},[9809,9814,9821,9830],{"text":9810,"type":74,"marks":9811},"Now it’s time to look at your finances. Based on your credit score and credit history, are you likely to qualify for a refinance? While each lender has their own parameters for judging your creditworthiness, a bad credit score is unlikely to get your application through. Go to",[9812],{"type":77,"attrs":9813},{"color":7283},{"text":133,"type":74,"marks":9815},[9816,9819],{"type":175,"attrs":9817},{"href":9818,"uuid":178,"anchor":178,"target":178,"linktype":179},"http://annualcreditreport.com",{"type":77,"attrs":9820},{"color":178},{"text":9822,"type":74,"marks":9823},"AnnualCreditReport.com",[9824,9827,9829],{"type":175,"attrs":9825},{"href":9826,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://AnnualCreditReport.com",{"type":77,"attrs":9828},{"color":178},{"type":7415},{"text":9831,"type":74,"marks":9832}," to get your free annual credit report if you don’t have the numbers already.",[9833],{"type":77,"attrs":9834},{"color":178},{"type":118,"attrs":9836,"content":9837},{"level":279},[9838],{"text":9839,"type":74,"marks":9840},"Step 4: Apply for the loan",[9841],{"type":77,"attrs":9842},{"color":7283},{"type":70,"content":9844},[9845],{"text":9846,"type":74,"marks":9847},"Now it’s time to make a list of lenders whose requirements you meet. Once you have that list, see if there are any loans you can get pre-approved for. If not, narrow it down to your top choices and submit applications. This is typically a quick and simple process, but you will need certain documents on hand to complete the application. 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Whether your goal is lower monthly payments or a lower interest rate, Navient Marketplace can help you find what you’re looking for. Just fill out a few details about you, and in less than a minute, you’ll be automatically matched with offers from top auto loan providers. Then compare, contrast, and choose the best offer for you. Ready to get started on ",[9919],{"type":77,"attrs":9920},{"color":7283},{"text":583,"type":74,"marks":9922},[9923,9925,9927],{"type":175,"attrs":9924},{"href":587,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":9926},{"color":178},{"type":7415},{"text":9929,"type":74,"marks":9930},"? It’s fast, free, and it won’t affect your credit score. ",[9931],{"type":77,"attrs":9932},{"color":178},{"type":70,"content":9934},[9935],{"text":1671,"type":74,"marks":9936},[9937,9939],{"type":1674,"attrs":9938},{"class":1676},{"type":77,"attrs":9940},{"color":7283},{"type":70,"content":9942},[9943],{"text":73,"type":74,"marks":9944},[9945,9947],{"type":1674,"attrs":9946},{"class":1676},{"type":77,"attrs":9948},{"color":7283},{"type":70,"content":9950},[9951,9958],{"text":9952,"type":74,"marks":9953},"1 ",[9954,9956],{"type":1674,"attrs":9955},{"class":1676},{"type":77,"attrs":9957},{"color":7283},{"text":9959,"type":74,"marks":9960},"Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. 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Refinance","2025-04-07T18:31:03.996Z","2025-12-26T13:45:13.841Z","2025-12-26T13:45:13.920Z",651798187,"350607d8-9d7b-405c-bc4a-28e14a438938",{"seo":10034,"_uid":10038,"body":10039,"author":47,"category":9367,"featured":46,"component":1779,"canonicalTag":10836,"_editable":10837},{"_uid":10035,"title":10036,"plugin":17,"og_image":18,"og_title":18,"description":10037,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"724869d4-b9c3-44af-af21-4a9d7b177e85","Upside-Down Car Loan Refinance - Navient Marketplace","An upside-down loan is when you owe more than the car is worth. This is a tricky situation but we're here to help. Learn more about your options here.","6ccf8ac6-0365-4fdf-ba91-fe5662980fde",[10040,10050,10821],{"id":23,"_uid":10041,"image":10042,"intro":10043,"author":26,"classes":10044,"category":18,"featured":46,"blogTitle":10027,"component":44,"imageLink":10048,"blendImage":46,"authorRoute":47,"publishedDate":9401,"backgroundColor":49,"_editable":10049},"c7ea5002-a19a-4681-b330-cbbcbd8e740a","//a.storyblok.com/f/110029/1207x805/9b1a54a1ee/upside-down-car-loan-refinance.png","If you have a good credit score and a high income, an upside-down car loan refinance could help you get a new loan with a lower interest rate.",[10045],{"_uid":10046,"component":30,"titleColor":31,"dateClasses":32,"titleClasses":33,"authorClasses":34,"subtitleColor":35,"titleMaxWidth":36,"subtitleClasses":37,"dateMobileClasses":38,"titleMobileClasses":39,"authorMobileClasses":40,"featuredMobileClasses":41,"subtitleMobileClasses":42,"_editable":10047},"e43f3fa8-bc86-49e7-9bb4-dfa6b9acf2d6","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"e43f3fa8-bc86-49e7-9bb4-dfa6b9acf2d6\", \"id\": \"651798187\"}-->","/images/upside-down-car-loan-refinance.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"c7ea5002-a19a-4681-b330-cbbcbd8e740a\", \"id\": \"651798187\"}-->",{"_uid":10051,"bloks":10052,"classes":1749,"component":1750,"mobileClasses":18,"containerContent":10819,"_editable":10820},"196170dd-7e94-4793-b768-1638691466a8",[10053],{"_uid":10054,"bloks":10055,"classes":18,"justify":1695,"component":1747,"mobileClasses":18,"_editable":10818},"0edfba0e-ce3d-40a2-a511-669d5da03e33",[10056,10790],{"lg":58,"md":58,"sm":59,"_uid":10057,"cols":59,"bloks":10058,"alignSelf":1695,"component":1696,"_editable":10789},"90fff6b2-decf-4621-b030-7603e4b6508d",[10059],{"_uid":10060,"color":64,"classes":65,"content":18,"richText":10061,"component":1688,"mobileClasses":1689,"enableRichText":1690,"richTextMobile":10785,"_editable":10788},"df34182a-d62b-488c-9ec6-5e865f63b677",{"type":67,"content":10062},[10063,10071,10078,10085,10092,10130,10138,10159,10206,10213,10221,10240,10261,10268,10276,10283,10304,10324,10332,10349,10356,10363,10371,10379,10386,10394,10410,10418,10425,10433,10460,10468,10495,10503,10510,10518,10539,10547,10568,10576,10597,10605,10626,10633,10641,10676,10683,10690,10698,10705,10726,10733,10769,10777],{"type":70,"content":10064},[10065],{"text":73,"type":74,"marks":10066},[10067,10069],{"type":1674,"attrs":10068},{"class":1676},{"type":77,"attrs":10070},{"color":7283},{"type":70,"content":10072},[10073],{"text":10074,"type":74,"marks":10075},"A car loan goes upside down when you owe more on the loan than the vehicle is worth. For example, if you owe $15,000 on a car valued at $10,000, you have an upside-down car loan. If you were to sell the car or trade it in, you wouldn’t receive enough money to pay off your outstanding loan balance. So, how do you handle this stressful financial situation?",[10076],{"type":77,"attrs":10077},{"color":7283},{"type":70,"content":10079},[10080],{"text":10081,"type":74,"marks":10082},"If you have a good credit score and a high income, an upside-down car loan refinance could help you get a new loan with a lower interest rate. That can help you pay down your loan balance and get your loan right side up again. Here’s how to make it happen. ",[10083],{"type":77,"attrs":10084},{"color":7283},{"type":118,"attrs":10086,"content":10087},{"level":120},[10088],{"text":123,"type":74,"marks":10089},[10090],{"type":77,"attrs":10091},{"color":7283},{"type":125,"content":10093},[10094,10103,10112,10121],{"type":128,"content":10095},[10096],{"type":70,"content":10097},[10098],{"text":10099,"type":74,"marks":10100},"A long loan term, low down payment, or sudden depreciation can cause you to go upside down on your car loan. ",[10101],{"type":77,"attrs":10102},{"color":7283},{"type":128,"content":10104},[10105],{"type":70,"content":10106},[10107],{"text":10108,"type":74,"marks":10109},"Refinancing can help you salvage the situation by helping you get a lower interest rate and a new repayment plan. ",[10110],{"type":77,"attrs":10111},{"color":178},{"type":128,"content":10113},[10114],{"type":70,"content":10115},[10116],{"text":10117,"type":74,"marks":10118},"You’ll need a good credit score and a high income to qualify for a refinance loan.  ",[10119],{"type":77,"attrs":10120},{"color":178},{"type":128,"content":10122},[10123],{"type":70,"content":10124},[10125],{"text":10126,"type":74,"marks":10127},"To avoid going upside down on a car loan, you can make a larger down payment, pay taxes and fees up front, or choose a shorter loan term. ",[10128],{"type":77,"attrs":10129},{"color":178},{"type":118,"attrs":10131,"content":10132},{"level":120},[10133],{"text":10134,"type":74,"marks":10135},"1. Calculate your negative equity ",[10136],{"type":77,"attrs":10137},{"color":7283},{"type":70,"content":10139},[10140,10145,10154],{"text":10141,"type":74,"marks":10142},"First, figure out how upside-down your loan is. ",[10143],{"type":77,"attrs":10144},{"color":7283},{"text":10146,"type":74,"marks":10147},"Negative equity",[10148,10151,10153],{"type":175,"attrs":10149},{"href":10150,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.consumerfinance.gov/ask-cfpb/what-is-negative-equity-in-an-auto-loan-en-749/",{"type":77,"attrs":10152},{"color":178},{"type":7415},{"text":10155,"type":74,"marks":10156}," is the difference between what you owe on the loan and the current value of the car. To calculate it, you need to determine how much your car is worth, then subtract that amount from what you still owe on your loan. ",[10157],{"type":77,"attrs":10158},{"color":178},{"type":70,"content":10160},[10161,10166,10173,10181,10186,10193,10201],{"text":10162,"type":74,"marks":10163},"You can figure out the value of your car using sites like",[10164],{"type":77,"attrs":10165},{"color":7283},{"text":133,"type":74,"marks":10167},[10168,10171],{"type":175,"attrs":10169},{"href":10170,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.kbb.com/",{"type":77,"attrs":10172},{"color":178},{"text":10174,"type":74,"marks":10175},"Kelley Blue Book",[10176,10178,10180],{"type":175,"attrs":10177},{"href":10170,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":10179},{"color":178},{"type":7415},{"text":10182,"type":74,"marks":10183}," or",[10184],{"type":77,"attrs":10185},{"color":178},{"text":133,"type":74,"marks":10187},[10188,10191],{"type":175,"attrs":10189},{"href":10190,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.edmunds.com/",{"type":77,"attrs":10192},{"color":178},{"text":10194,"type":74,"marks":10195},"Edmunds",[10196,10198,10200],{"type":175,"attrs":10197},{"href":10190,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":10199},{"color":178},{"type":7415},{"text":10202,"type":74,"marks":10203},", which consider factors like the year, model, mileage, and condition of your vehicle. Once you know the value, subtract that amount from your remaining loan balance to determine your negative equity. ",[10204],{"type":77,"attrs":10205},{"color":178},{"type":70,"content":10207},[10208],{"text":10209,"type":74,"marks":10210},"For example, if you still owe $15,000 on your loan and your car is worth $10,000, then you have a total of $5,000 in negative equity. ",[10211],{"type":77,"attrs":10212},{"color":7283},{"type":118,"attrs":10214,"content":10215},{"level":120},[10216],{"text":10217,"type":74,"marks":10218},"2. Discuss options with your lender ",[10219],{"type":77,"attrs":10220},{"color":7283},{"type":70,"content":10222},[10223,10228,10235],{"text":10224,"type":74,"marks":10225},"Next, contact your lender. They may be willing to work out a deal to help you get your loan right side up again. Ask if you can make extra payments and have them put toward the loan’s principal. This will help you pay down the actual balance of your loan, which can reduce your negative equity. If your loan contract includes a provision for ",[10226],{"type":77,"attrs":10227},{"color":7283},{"text":2783,"type":74,"marks":10229},[10230,10232,10234],{"type":175,"attrs":10231},{"href":2787,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":10233},{"color":178},{"type":7415},{"text":10236,"type":74,"marks":10237},", ask your lender if they can waive these charges. ",[10238],{"type":77,"attrs":10239},{"color":178},{"type":70,"content":10241},[10242,10247,10256],{"text":10243,"type":74,"marks":10244},"If the lender is unwilling to work with you, you could consider selling your car. Just remember that most lenders ",[10245],{"type":77,"attrs":10246},{"color":7283},{"text":10248,"type":74,"marks":10249},"will call in the full loan",[10250,10253,10255],{"type":175,"attrs":10251},{"href":10252,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.experian.com/blogs/ask-experian/sell-car-if-it-isnt-paid-off/",{"type":77,"attrs":10254},{"color":178},{"type":7415},{"text":10257,"type":74,"marks":10258}," at the time of sale. If you have the cash on hand, you could pay off the loan and be done with it. Again, you’ll need to speak with your lender about waiving any prepayment penalties.  ",[10259],{"type":77,"attrs":10260},{"color":178},{"type":70,"content":10262},[10263],{"text":10264,"type":74,"marks":10265},"If you can’t afford to pay off the full loan at the time of sale, it’s time to look into refinancing.",[10266],{"type":77,"attrs":10267},{"color":7283},{"type":118,"attrs":10269,"content":10270},{"level":120},[10271],{"text":10272,"type":74,"marks":10273},"4. Get prequalified for a refinance loan ",[10274],{"type":77,"attrs":10275},{"color":7283},{"type":70,"content":10277},[10278],{"text":10279,"type":74,"marks":10280},"If you’re ready to refinance your upside-down loan, it’s time to shop around. First, look up the loan options and interest rates offered by top banks, online lenders, and credit unions. You can either apply for a car-specific refinance loan or take out a personal loan with a low rate and use it to pay off your auto loan yourself. ",[10281],{"type":77,"attrs":10282},{"color":7283},{"type":70,"content":10284},[10285,10290,10299],{"text":10286,"type":74,"marks":10287},"Currently, some of the lowest auto loan refinance rates are ",[10288],{"type":77,"attrs":10289},{"color":7283},{"text":10291,"type":74,"marks":10292},"around 2 to 5%",[10293,10296,10298],{"type":175,"attrs":10294},{"href":10295,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.nerdwallet.com/best/loans/auto-loans/refinance-car-loan",{"type":77,"attrs":10297},{"color":178},{"type":7415},{"text":10300,"type":74,"marks":10301},". That said, your actual rate will depend on your credit history. Getting prequalified for a few loans can give you a better idea of the actual rates you’ll be offered.",[10302],{"type":77,"attrs":10303},{"color":178},{"type":70,"content":10305},[10306,10311,10319],{"text":10307,"type":74,"marks":10308},"Unlike actually applying for a refinance loan, ",[10309],{"type":77,"attrs":10310},{"color":7283},{"text":559,"type":74,"marks":10312},[10313,10316,10318],{"type":175,"attrs":10314},{"href":10315,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.experian.com/blogs/ask-experian/pre-approved-vs-pre-qualified-whats-the-difference/",{"type":77,"attrs":10317},{"color":178},{"type":7415},{"text":10320,"type":74,"marks":10321}," only triggers a “soft inquiry” into your credit report. This tells credit bureaus that you’re shopping around responsibly. As such, it won’t impact your credit score. ",[10322],{"type":77,"attrs":10323},{"color":178},{"type":118,"attrs":10325,"content":10326},{"level":120},[10327],{"text":10328,"type":74,"marks":10329},"5. Refinance your upside-down loan",[10330],{"type":77,"attrs":10331},{"color":7283},{"type":70,"content":10333},[10334,10339,10345],{"text":10335,"type":74,"marks":10336},"Refinancing won’t reduce your loan balance, but it can help you get a lower interest rate and a new loan term. If you’ve been struggling to make your current car payments, refinancing for a longer term can help you reduce your monthly bill. However, this isn’t likely to save you money or help you get out of debt faster. You’ll probably end up paying more in interest over the life of the loan",[10337],{"type":77,"attrs":10338},{"color":7283},{"text":1949,"type":74,"marks":10340},[10341,10343],{"type":1674,"attrs":10342},{"class":1952},{"type":77,"attrs":10344},{"color":178},{"text":7326,"type":74,"marks":10346},[10347],{"type":77,"attrs":10348},{"color":178},{"type":70,"content":10350},[10351],{"text":10352,"type":74,"marks":10353},"Conversely, refinancing to a shorter term will likely increase your monthly payment, but it will help you pay off your negative equity before your car has time to depreciate further. This can get your loan right side up faster. ",[10354],{"type":77,"attrs":10355},{"color":7283},{"type":70,"content":10357},[10358],{"text":10359,"type":74,"marks":10360},"When you’re ready to finalize a refinance loan, you’ll fill out a formal loan application with the lender of your choice. The lender will conduct a hard credit check and present you with a final loan offer. (Keep in mind that you’ll need a good credit score to get the lowest refinance rates, and borrowers with bad credit may not qualify for refinancing at all.) Once you have a final loan offer, you can accept or reject it.",[10361],{"type":77,"attrs":10362},{"color":7283},{"type":118,"attrs":10364,"content":10365},{"level":120},[10366],{"text":10367,"type":74,"marks":10368},"Upside-down car loan FAQ",[10369],{"type":77,"attrs":10370},{"color":7283},{"type":118,"attrs":10372,"content":10373},{"level":279},[10374],{"text":10375,"type":74,"marks":10376},"How do upside-down car loans happen?",[10377],{"type":77,"attrs":10378},{"color":7283},{"type":70,"content":10380},[10381],{"text":10382,"type":74,"marks":10383},"Here are the most common reasons for a car loan going upside down:",[10384],{"type":77,"attrs":10385},{"color":7283},{"type":118,"attrs":10387,"content":10388},{"level":5227},[10389],{"text":10390,"type":74,"marks":10391},"Long loan term",[10392],{"type":77,"attrs":10393},{"color":7283},{"type":70,"content":10395},[10396,10405],{"text":10397,"type":74,"marks":10398},"According to Edmonds",[10399,10402,10404],{"type":175,"attrs":10400},{"href":10401,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.edmunds.com/car-loan/how-long-should-my-car-loan-be.html",{"type":77,"attrs":10403},{"color":7283},{"type":7415},{"text":10406,"type":74,"marks":10407},", the most common auto loan term is 72 months, though they can get even longer. The likelihood that your car is worth what you paid for it six years later is very slim. Shorter loan terms make it more likely that you can pay off your loan before your car undergoes significant depreciation in value.",[10408],{"type":77,"attrs":10409},{"color":178},{"type":118,"attrs":10411,"content":10412},{"level":5227},[10413],{"text":10414,"type":74,"marks":10415},"No money down",[10416],{"type":77,"attrs":10417},{"color":7283},{"type":70,"content":10419},[10420],{"text":10421,"type":74,"marks":10422},"Many lenders these days will let you buy a car without making a down payment. While this may seem like a great deal, it often results in high interest rates, which increase the cost of the car loan over time. It also means that you’re taking out a loan on not just the car, but the taxes, licensing, dealership, and registration fees, as well. When you’re paying a loan on more than the car’s value — and your interest rates are higher than average — it’s much easier for your loan to go upside down. ",[10423],{"type":77,"attrs":10424},{"color":7283},{"type":118,"attrs":10426,"content":10427},{"level":5227},[10428],{"text":10429,"type":74,"marks":10430},"Excessive add-ons",[10431],{"type":77,"attrs":10432},{"color":7283},{"type":70,"content":10434},[10435,10440,10447,10455],{"text":10436,"type":74,"marks":10437},"When you buy a car, the dealership",[10438],{"type":77,"attrs":10439},{"color":7283},{"text":133,"type":74,"marks":10441},[10442,10445],{"type":175,"attrs":10443},{"href":10444,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.gobankingrates.com/saving-money/car/dont-pay-for-useless-things-at-car-dealerships/",{"type":77,"attrs":10446},{"color":178},{"text":10448,"type":74,"marks":10449},"will typically offer add-ons",[10450,10452,10454],{"type":175,"attrs":10451},{"href":10444,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":10453},{"color":178},{"type":7415},{"text":10456,"type":74,"marks":10457}," like gap insurance, paint sealants, upgraded floor mats, and extended warranties. The more of these you purchase, the more you drive up the cost of your car without meaningfully increasing its value. If you don’t pay for these add-ons upfront, they can dramatically increase your overall loan amount.",[10458],{"type":77,"attrs":10459},{"color":178},{"type":118,"attrs":10461,"content":10462},{"level":5227},[10463],{"text":10464,"type":74,"marks":10465},"Overpriced models",[10466],{"type":77,"attrs":10467},{"color":7283},{"type":70,"content":10469},[10470,10475,10482,10490],{"text":10471,"type":74,"marks":10472},"Whether it’s an impractical gas guzzler or a flashy sports car, overpriced cars are everywhere. These kinds of models tend to depreciate faster because buyers aren’t prepared for their high price tag and maintenance fees. Flashy or impractical cars are also",[10473],{"type":77,"attrs":10474},{"color":7283},{"text":133,"type":74,"marks":10476},[10477,10480],{"type":175,"attrs":10478},{"href":10479,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.motor1.com/features/455448/worst-resale-value-cars/",{"type":77,"attrs":10481},{"color":178},{"text":10483,"type":74,"marks":10484},"much harder to resell.",[10485,10487,10489],{"type":175,"attrs":10486},{"href":10479,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":10488},{"color":178},{"type":7415},{"text":10491,"type":74,"marks":10492}," When you’re purchasing a car, try to be as pragmatic as possible. Also be sure to get quotes from a few dealerships before you pull the trigger. ",[10493],{"type":77,"attrs":10494},{"color":178},{"type":118,"attrs":10496,"content":10497},{"level":279},[10498],{"text":10499,"type":74,"marks":10500},"How can I avoid an upside-down car loan in the future? ",[10501],{"type":77,"attrs":10502},{"color":7283},{"type":70,"content":10504},[10505],{"text":10506,"type":74,"marks":10507},"The best way to get out of debt is to avoid going upside down on your loan in the first place. Here are a few key prevention measures.   ",[10508],{"type":77,"attrs":10509},{"color":7283},{"type":118,"attrs":10511,"content":10512},{"level":5227},[10513],{"text":10514,"type":74,"marks":10515},"1. Own equity in the car",[10516],{"type":77,"attrs":10517},{"color":7283},{"type":70,"content":10519},[10520,10525,10534],{"text":10521,"type":74,"marks":10522},"Instead of taking out a loan for the full value of the car, borrowers should put a sizable ",[10523],{"type":77,"attrs":10524},{"color":7283},{"text":10526,"type":74,"marks":10527},"lump sum toward the down payment",[10528,10531,10533],{"type":175,"attrs":10529},{"href":10530,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.nerdwallet.com/article/loans/auto-loans/how-much-down-payment-make-buying-car",{"type":77,"attrs":10532},{"color":178},{"type":7415},{"text":10535,"type":74,"marks":10536},". If you put 20% down at the time of purchase, for example, you’ll own 20% positive equity in the car straight away. That makes your loan less likely to go upside down. ",[10537],{"type":77,"attrs":10538},{"color":178},{"type":118,"attrs":10540,"content":10541},{"level":5227},[10542],{"text":10543,"type":74,"marks":10544},"2. Pay taxes and fees upfront",[10545],{"type":77,"attrs":10546},{"color":7283},{"type":70,"content":10548},[10549,10554,10563],{"text":10550,"type":74,"marks":10551},"When you purchase a vehicle, it’s not just the value of the car that you need to factor into your budget. You’ll also have to pay loan origination fees, ",[10552],{"type":77,"attrs":10553},{"color":7283},{"text":10555,"type":74,"marks":10556},"title and registration fees",[10557,10560,10562],{"type":175,"attrs":10558},{"href":10559,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.creditkarma.com/auto/i/dealer-fees-buying-car",{"type":77,"attrs":10561},{"color":178},{"type":7415},{"text":10564,"type":74,"marks":10565},", and taxes. While many lenders let you roll those fees into your loan, it can be smarter to pay them outright. This will leave you with a lower loan amount and a more manageable repayment plan.",[10566],{"type":77,"attrs":10567},{"color":178},{"type":118,"attrs":10569,"content":10570},{"level":5227},[10571],{"text":10572,"type":74,"marks":10573},"3. Do your research when purchasing",[10574],{"type":77,"attrs":10575},{"color":7283},{"type":70,"content":10577},[10578,10583,10592],{"text":10579,"type":74,"marks":10580},"A new car begins losing value the moment you drive it off the lot. If the dealership also charged you more for your car than it’s worth, your loan will go upside down well within your first year of ownership. To avoid this scenario, ",[10581],{"type":77,"attrs":10582},{"color":7283},{"text":10584,"type":74,"marks":10585},"do your research",[10586,10589,10591],{"type":175,"attrs":10587},{"href":10588,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.npr.org/2019/10/31/774757867/5-tips-for-buying-a-car-the-smart-way",{"type":77,"attrs":10590},{"color":178},{"type":7415},{"text":10593,"type":74,"marks":10594},", compare prices, and ask for several quotes before buying. ",[10595],{"type":77,"attrs":10596},{"color":178},{"type":118,"attrs":10598,"content":10599},{"level":5227},[10600],{"text":10601,"type":74,"marks":10602},"4. Consider your loan term carefully",[10603],{"type":77,"attrs":10604},{"color":7283},{"type":70,"content":10606},[10607,10612,10621],{"text":10608,"type":74,"marks":10609},"Six- or seven-year loan terms can be tempting because they often come with lower monthly payments. However, a longer loan term can ",[10610],{"type":77,"attrs":10611},{"color":7283},{"text":10613,"type":74,"marks":10614},"quickly become a disadvantage",[10615,10618,10620],{"type":175,"attrs":10616},{"href":10617,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.npr.org/2019/10/31/773409100/the-7-year-car-loan-watch-your-wallet",{"type":77,"attrs":10619},{"color":178},{"type":7415},{"text":10622,"type":74,"marks":10623},". For example, if you know you’ll upgrade your car in five years, then a seven-year loan term could mean you’ll be saddled with hefty prepayment penalties at the time of sale. ",[10624],{"type":77,"attrs":10625},{"color":178},{"type":70,"content":10627},[10628],{"text":10629,"type":74,"marks":10630},"Plus, the longer your term, the more payments you’ll make in total. That means more interest charges — and therefore a more expensive loan. As your car depreciates, your loan will get closer to going upside down. ",[10631],{"type":77,"attrs":10632},{"color":7283},{"type":118,"attrs":10634,"content":10635},{"level":279},[10636],{"text":10637,"type":74,"marks":10638},"Does refinancing a car loan hurt my credit? ",[10639],{"type":77,"attrs":10640},{"color":7283},{"type":70,"content":10642},[10643,10648,10657,10662,10671],{"text":10644,"type":74,"marks":10645},"Refinancing a car loan will have a slight negative effect on your credit score. When you apply to refinance, the lender typically checks your credit, which can result in a hard inquiry on your credit report. This hard inquiry will drop your score, but usually only by ",[10646],{"type":77,"attrs":10647},{"color":7283},{"text":10649,"type":74,"marks":10650},"five points or less",[10651,10654,10656],{"type":175,"attrs":10652},{"href":10653,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.experian.com/blogs/ask-experian/how-many-points-does-an-inquiry-drop-your-credit-score/",{"type":77,"attrs":10655},{"color":178},{"type":7415},{"text":10658,"type":74,"marks":10659},". The drop is also temporary. It will generally stop affecting your score in one year and ",[10660],{"type":77,"attrs":10661},{"color":178},{"text":10663,"type":74,"marks":10664},"disappear from your credit report",[10665,10668,10670],{"type":175,"attrs":10666},{"href":10667,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.equifax.com/personal/education/credit/report/articles/-/learn/understanding-hard-inquiries-on-your-credit-report/",{"type":77,"attrs":10669},{"color":178},{"type":7415},{"text":10672,"type":74,"marks":10673}," entirely in two years. ",[10674],{"type":77,"attrs":10675},{"color":178},{"type":70,"content":10677},[10678],{"text":10679,"type":74,"marks":10680},"Refinancing itself can also affect your credit. However, a refinance loan usually replaces an existing loan with another of roughly the same amount, so its impact on your credit score is generally minimal. ",[10681],{"type":77,"attrs":10682},{"color":7283},{"type":70,"content":10684},[10685],{"text":10686,"type":74,"marks":10687},"Once you’ve refinanced, your new car loan will appear on your credit report, and your loan payments will be tracked. In most cases, the potential benefits of auto loan refinancing — like lowering your monthly car payment, saving you money through a lower rate, and helping you pay off your debt faster — outweigh the potential effect on your credit score. ",[10688],{"type":77,"attrs":10689},{"color":7283},{"type":118,"attrs":10691,"content":10692},{"level":279},[10693],{"text":10694,"type":74,"marks":10695},"Should I trade in my car when my loan is upside down?",[10696],{"type":77,"attrs":10697},{"color":7283},{"type":70,"content":10699},[10700],{"text":10701,"type":74,"marks":10702},"It’s not always the best idea to replace your car when your loan is upside down. You’ll not only have negative equity on the new vehicle from the very beginning, but your overall debt will likely grow, especially if you’ve chosen to upgrade.",[10703],{"type":77,"attrs":10704},{"color":7283},{"type":70,"content":10706},[10707,10712,10721],{"text":10708,"type":74,"marks":10709},"If you do decide to trade in your current car, however, you can limit the effect on your debt by shopping smart. Consider buying a used car through a ",[10710],{"type":77,"attrs":10711},{"color":7283},{"text":10713,"type":74,"marks":10714},"private sale",[10715,10718,10720],{"type":175,"attrs":10716},{"href":10717,"uuid":178,"anchor":178,"target":5350,"linktype":179},"https://www.nerdwallet.com/best/loans/auto-loans/private-party-auto-loans",{"type":77,"attrs":10719},{"color":178},{"type":7415},{"text":10722,"type":74,"marks":10723},". Going through a private party helps you avoid dealership fees. If possible, also try to negotiate the car’s price down to lower than its market value.",[10724],{"type":77,"attrs":10725},{"color":178},{"type":118,"attrs":10727,"content":10728},{"level":120},[10729],{"text":9269,"type":74,"marks":10730},[10731],{"type":77,"attrs":10732},{"color":7283},{"type":70,"content":10734},[10735,10740,10747,10752,10758,10765],{"text":10736,"type":74,"marks":10737},"Whether you’re looking for lower interest rates or longer terms, Navient Marketplace can help you find an auto loan refinance",[10738],{"type":77,"attrs":10739},{"color":7283},{"text":10741,"type":74,"marks":10742},"2",[10743,10745],{"type":1674,"attrs":10744},{"class":1952},{"type":77,"attrs":10746},{"color":178},{"text":10748,"type":74,"marks":10749}," provider that’s right for you. In less than a minute, you can fill in a few details about your car and your financial goals, and we’ll automatically match you with refinance lenders who fit your needs. Then, you can use our platform to browse the available options, compare offers, and choose the perfect provider for you.",[10750],{"type":77,"attrs":10751},{"color":178},{"text":133,"type":74,"marks":10753},[10754,10756],{"type":175,"attrs":10755},{"href":587,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":10757},{"color":178},{"text":9287,"type":74,"marks":10759},[10760,10762,10764],{"type":175,"attrs":10761},{"href":3180,"uuid":178,"anchor":178,"target":5350,"linktype":179},{"type":77,"attrs":10763},{"color":178},{"type":7415},{"text":989,"type":74,"marks":10766},[10767],{"type":77,"attrs":10768},{"color":178},{"type":70,"content":10770},[10771],{"text":1671,"type":74,"marks":10772},[10773,10775],{"type":1674,"attrs":10774},{"class":1676},{"type":77,"attrs":10776},{"color":7283},{"type":70,"content":10778},[10779],{"text":8367,"type":74,"marks":10780},[10781,10783],{"type":1674,"attrs":10782},{"class":1676},{"type":77,"attrs":10784},{"color":7283},{"type":67,"content":10786},[10787],{"type":70},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": 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