Now interests have hit an all time low. Even mortgage interest rates have fallen to as low as 4%. This means that now you have much higher chances for securing an affordable deal. Still, you can expect the interest on a bad credit refinance loan to be higher than the prime percentage. That is why you have to consider carefully the interest you are paying now as well as the lower one you can expect to pay after refinancing. Just do not miss to take into account the entire cost of refinancing including introductory and monthly fees.
After the recent credit crunch, the government has also started programs that make it more affordable for people with poor credit scores to refinance loans. These programs allow you to secure a more affordable deal. Approval takes a considerable amount of time, so if you want to benefit from such a program, you should definitely apply now.
It is equally important to check whether you are ready to get such a deal. Most lenders, including the ones participating in government programs, require proof that you are currently not financially burdened. You should pay your bills on time. This is applicable to credit card payments as well. You must not default on any payments.
In conclusion, now may be the perfect time for you to get bad credit refinance, provided that you are prepared to make this beneficial step.