After how long I can refinance my auto loan ??
right now because of my bad credit I get a 21% after how many payments on time can I refinance to a lower rate ?
Answers:
Technically you can apply immediately next to another lender, but if you are certain you will be declined, you may want to procure some months of positive history behind you, as an inquiry alone can reduce your credit evaluation.
Your best bet is to start at a local credit union. They can offer competitive rates and will sometimes volunteer loans where others will not.
You should try to refinance beside another bank IMMEDIATELY. Do some credit repair and apply online at Capital One Auto Finance. They have a refinance program. It would set free you a lot of money.
The sooner the better, man. You're getting robbed! Source(s): http://aaacreditguide.com/bad-credit.htm…
http://aaacreditguide.com/forums/beginne…
This really depends on only one prominent variable: have you built up any equity by making your payments prompt. You see this is a two-fold dilemma for you because frankly if you have no equity the amount you save by your interest rate dropping a few points matter little; its really minimal. More importantly if you have severly bad credit and don't hold equity you will not, no matter what you have hear, get a refinance offer. This is adjectives sense because the refi company needs that equity as colleteral in shield you default. Put yourself in the shoes of the refi company. They payoff your lofty interest loan and take responsibility for your car. Well if you defaulting and they have to sell your vehicle at auction, and you don't have any equity in the vehicle (meaning you owe more on the car than the car is worth), what is the refi company moved out with? The answer is your debt and that debt they will come after you for. They don't want that headache so unless you have equity my friend your kinda screwed. The single true way out of your problem is to eat it for a while, earnings on time, and build up equity in the loan and next refinance. Then go to www.rategenius.com and they will find you a solution.
Auto finance is what I do for a living and most lenders look for at lowest 12 payments made as agreed before they will consider refinancing.
After you have made 12 payments you will enjoy established a good pay history and should own no problem getting a better rate. Try your local bank or credit union first. Source(s): Finance Manager for a motor dealer for over 7-years.
yes Source(s): m
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Answers:
Technically you can apply immediately next to another lender, but if you are certain you will be declined, you may want to procure some months of positive history behind you, as an inquiry alone can reduce your credit evaluation.
Your best bet is to start at a local credit union. They can offer competitive rates and will sometimes volunteer loans where others will not.
You should try to refinance beside another bank IMMEDIATELY. Do some credit repair and apply online at Capital One Auto Finance. They have a refinance program. It would set free you a lot of money.
The sooner the better, man. You're getting robbed! Source(s): http://aaacreditguide.com/bad-credit.htm…
http://aaacreditguide.com/forums/beginne…
This really depends on only one prominent variable: have you built up any equity by making your payments prompt. You see this is a two-fold dilemma for you because frankly if you have no equity the amount you save by your interest rate dropping a few points matter little; its really minimal. More importantly if you have severly bad credit and don't hold equity you will not, no matter what you have hear, get a refinance offer. This is adjectives sense because the refi company needs that equity as colleteral in shield you default. Put yourself in the shoes of the refi company. They payoff your lofty interest loan and take responsibility for your car. Well if you defaulting and they have to sell your vehicle at auction, and you don't have any equity in the vehicle (meaning you owe more on the car than the car is worth), what is the refi company moved out with? The answer is your debt and that debt they will come after you for. They don't want that headache so unless you have equity my friend your kinda screwed. The single true way out of your problem is to eat it for a while, earnings on time, and build up equity in the loan and next refinance. Then go to www.rategenius.com and they will find you a solution.
Auto finance is what I do for a living and most lenders look for at lowest 12 payments made as agreed before they will consider refinancing.
After you have made 12 payments you will enjoy established a good pay history and should own no problem getting a better rate. Try your local bank or credit union first. Source(s): Finance Manager for a motor dealer for over 7-years.
yes Source(s): m
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