Someone who is shopping for the best car refinance rates might want to know how to find them.
Pittsfield, MA -- (SBWIRE) -- 04/19/2013 -- That’s why Credit-yogi.com is here with some ideas about how to do just that, such as:
- Important Information
- Shop Around
- Get Credit Reports
- Get Quotes
Information to be Aware Of
The first step in finding the best auto refinance rate is learning whether or not lenders will decide that someone can qualify for a refinance. Lenders have specific instances when they will not refinance an auto loan – if a car is older than 7 years or it has more than 80,000 miles on it, it is unlikely that a refinance is going to happen. Also, if the balance on the current loan is under $10,000, financers don’t usually approve a refinance.
The best place to look for the best auto loan refinance rates is on the Internet. There are myriad dealers and other auto sellers there; check out several to see how their rates stack up. There is also such a thing as a “broker” website. What it does is gather several lenders’ rates and place them in a file which one can look at prior to choosing a financer. Checking out online lenders as well as financers in one’s geographical area can be the most effective way of getting the lowest interest rates.
Obtain Credit Reports
Getting the best auto refinance rates includes doing a little legwork. A person must get hold of his credit reports and FICO score from the three major reporting bureaus. It saves time at a dealer’s lot and prevents damage to one’s credit score if he is up front about his FICO score. When an individual is denied credit, it goes right onto his credit reports where any prospective creditor can see them. It’s better to tell them right away what one’s score is so they don’t have to waste time pulling up a too-low one and declining the application.
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Obtain Quotes in Writing
No matter where someone gets the best car refinance rates, he must ascertain that he gets quotes from various lenders – in writing. Once the offer is in writing, a financer cannot change it. So, if the interest rates rise and an offer of 3.9% has been made and put into print, the lender cannot raise the rate in the offer. Make the process of getting a great rate easier –get it in script.
Credit-yogi.com is online website located in Pitts field, Massachusetts to help connect people who have financial worries to the fiscal specialists who can help assuage them – for free. To get a no-cost consultation, dial 866-964-9644.