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Car Refinancing With Bad Credit
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Car refinance can be one of your most effective tools to keeping
your car payments manageable over time. Many people mistakenly
assume that if they have bad credit, car refinancing options aren't
within their reach. Or that car refinancing options are only available
for a new car, and not a used car.
This simply isn't true.
There are a number of financial institutions that specialize in
helping consumers with bad credit rebuild their damaged credit,
and just one of the ways they do this is by refinancing car loans.
And that refinancing applies to new and used vehicles in equal
measure.
So, who should consider a car loan refinance? Anyone who didn't
get a 0% to 3% APR car loan from a lender is a prime candidate
for refinancing.
You may already have a car note that you're responsible for -
and it's very possible that that very car payment obligation is
what put you behind the eight-ball to begin with. Car loans have
a way of doing that. Car refinancing might be the perfect solution
to extend the length of your loan term, lower your car payments,
and / or adjust your car insurance premiums. For some people,
a lowered car loan monthly amount is preferable to a lowered APR
or a shorter loan term.
No matter where you live, you can find many lenders out there
that may offer you a lower interest rate on your loan that what
you're currently getting with your present lender. As an incentive
for you to cross over to their side, the other lenders often offer
consumers a second chance by offering to refinance your current
loan at their lower auto car loan rates. In the long run, this
could very well be to your advantage.
If you're a homeowner, one creative car refinancing option that
some banks, credit unions and other lenders might offer you is
to take out a new loan against your house, which is essentially
a second mortgage. Interest on home loans are often tax-deductible,
so you could potentially save thousands of dollars if you take
this route. Make sure to always with your tax advisor, though,
just to be 100% sure.
You can find many online lenders that will help you refinance
your car, many with minimum requirements: some of the more basic
requirements is that you're over 18 years of age, haven't declared
bankruptcy, are currently up to date with any other loan or credit
payments, and you reside in the U.S. If you meet these basic requirements,
you should be able to find an online lender that will work with
you.
Here are some tips that will help you get approved for car refinancing.
1. Make sure your refinancing loan application is in the same
name - with exact spelling - as on your current car loan.
2. Many lenders won't let you refinance for less than a base amount.
Make sure to check with your prospective lender if they have a
fixed minimum.
3. Your car refinance loan amount should never be more than the
value of the car.
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