Someone who has a poor credit rating has no chance of getting an auto loan refinance, right? Wrong. There are ways to get refinance car loans with bad credit. The following will point out these methods so those who have bad credit know they can refinance their car loans.
Phoenix, AZ -- (SBWIRE) -- 12/03/2012 -- If one’s financial situation changes and one’s credit standing is less-than-perfect, it’s time to find out how to refinance a car loan with bad credit. It can be done, despite what some people say. There are steps to get an auto loan refinanced if one’s credit is not very good, and here’s a look at some of them. The first thing to do is contact the lender that holds the loan to find out exactly how much is owed on it. After that, determine how much the vehicle is actually worth by looking it up in the Kelley Blue Book, the official auto valuing guide. Keep a good payment history on the original loan, as a refinance of it may not be possible if there are late or missed payments. Application for Auto Loan Refinance
Other tips to help refinance car loans with bad credit include dealing with a sub-prime lender. Because of bad credit, prime lenders often deny applications for auto loan refinancing. It is better to research several sub-prime lenders that specialize in securing refinance loans for those who have bad credit. These lenders have access to many different kinds of loan refinances that are designed just for people whose credit score is low. While looking for the right sub-prime lender to refinance one’s car or truck, pay attention to interest rates and loan terms. Some lenders deliberately raise the interest rate for applicants with poor credit because it can be so difficult for them to obtain refinancing. Take some time and carefully look at rates and terms before choosing a lender.
There are companies out there that offer to refinance a car loan for those with bad credit – guaranteed. Be leery of these claims, as no one can promise to get a loan if someone’s credit rating is 400. Some of these businesses aren’t what they seem to be, either; they’re set up by con artists who are looking to bilk people out of their hard earned money. Some hints that someone may be trying to run a scam include requiring personal information or paying “up-front” fees – before any service is rendered. If a company representative does not outline the borrower’s rights, etc, regarding the service, stop talking with him.
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