If you have poor credit AND you are upside down on a sub-prime loan you should not be worried about refinancing these vehicles. One – Since cars depreciate in value, banks usually do not refinance because it usually means extending more value then the car is worth. I’ve worked in the finance department of an auto dealer for years. I have never seen anyone re-finance a car like you would a home mortgage. Two – If you already have bad credit, and I’m going to assume you have truble making these payments as-is, NO BANK is going to refinance anything for you for a lower rate.

You should be most concerned with getting the cars paid off, ASAP. Plain and simple. If you can’t afford the payments as-is, then that is the consequence you must live with for purchasing a car on a loan you could not afford.