Phoenix, AZ -- (SBWIRE) -- 02/28/2013 -- Credit-yogi.com would like to answer that question and to provide more facts about this topic, including:
- Is Refinancing Wise?
- How Does Refinancing Work?
- Which Lenders will Help?
- Don’t get Scammed
The Wisdom of Post-bankruptcy Refinancing
Many people who have filed for personal bankruptcy feel undeserving of anything good, including refinancing a car after bankruptcy. They think they’ll have to pay outrageously high interest rates if they’re approved. Many sources reinforce these perceptions. They advocate waiting at least three years after bankruptcy before applying for auto loan refinance. Anyone who has tried to obtain any kind of loan post-bankruptcy has learned that they’re right. It may be best to wait a few years before requesting refinancing.
The Refinancing Process
When an auto loan is refinanced, it is totally paid off by a different lender than the original. Whether one is trying to refinance a car after bankruptcy or not, the process is the same. The original loan is paid in full and a brand new one is drafted. The new loan has better terms than the original did. Each month, a payment must be made to the lender or finance company that provided the refinance loan. The payment includes interest and finance charges, and must be paid in full and on time every month.
People With Poor Credit Who Want to Refinance Car Loan After Bankruptcy can Send Request Here
Obtaining Auto Loan Refinancing
For those looking into refinancing a car after bankruptcy, do not despair! There are many lenders that specialize in just this sort of thing. Yes, filing bankruptcy hurts a credit score a lot, but no one should be punished over and over for one financial mishap. That’s why these financial institutions lend to people whose credit has been damaged. One can find them in Yellow Pages, on television, and on the Internet. Just be sure to research the loan providers thoroughly before selecting one.
Dodge Refinance Scams
Some financers may say that a person trying to refinance a car after bankruptcy must pay for an appraisal of their vehicle before they can apply. No one should ever have to do this, so leave the lender who tries this scam. Also, don’t take more money in the refinance than the current loan balance. Legitimate auto loan refinancers do not encourage people to take more than they need. This is a tactic that increases one’s monthly payment.
Credit-yogi.com is a reputable consumer resource website located in Pittsfield, Massachusetts that has the power of close to 300,000 financial and legal specialists. The site provides its service at no cost and is available every hour of every day of the year. For a free initial consultation, call 866-964-9644.