Phoenix, AZ -- (SBWIRE) -- 05/16/2013 -- Fortunately, Credit-yogi.com is familiar with this subject and is happy to provide some suggestions about it, including:
- Guidelines for Refinance
- Why Refinance
- No Appraisals Necessary
- Where to Get a Refinance
If one is going to try to get an auto refinance for poor credit, he should know what the qualifying requirements may be. While they may vary somewhat from lender to lender, they are generally similar. One such requirement is that he must be 18 years old or older and be a U.S. resident. Another is that the vehicle to be refinanced was manufactured no more than 5-7 years ago. The last qualification is that the car ought not to have much over 70,000 miles on its odometer.
Why to get a Refinance
The reason someone looks into auto loan refinance for poor credit differs from person to person. Some do it because their credit score has improved and they may be able to lower the interest rate. Others want to extend the terms of the loan so they have more time to repay it in a manner they can afford. Still others refinance to help rebuild their credit, and lastly, people do it to pay off their vehicle faster.
Auto Refinancing With Poor Credit at Low Interest Rates are Easy to Get Approved, Apply Here!!
Appraisals aren’t Required
It’s important to know how much a vehicle is worth before trying to refinance an auto loan with poor credit, but it’s not necessary to have it appraised. This goes against common opinion, but it’s true. Some lenders may ask that the appraisal be done, but if they want it, they ought to pay for it. Appraisals aren’t cheap, and a person who’s trying to refinance his loan undoubtedly is a bit low on cash. It should definitely be the responsibility of the requesting lender to foot the bill for an appraisal.
Finding Bad Credit Auto Refinance
Now it’s time to find lenders that are willing to approve an auto refinance for poor credit. Some traditional banks will do this, but the interest rate one has to pay will be very high. There are high-risk financers who only obtain and approve bad credit loans, but again, the rate will be elevated. Even companies not associated with banks charge loftier interest rates than other lenders. Expect to have to pay a lot of interest on a bad credit auto refinance.
Credit-yogi.com is a highly respected website serving people throughout the country by providing answers to their financial questions. For a free initial conference, dial 866-964-9644, any time.