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Is there a way to refinance an auto loan with bad credit? any company that is likely to help??

May 20, 2007 by pink_daisy001 | Posted in Credit

I have an auto loan that has just over 12,000 left due and I would like to refinance but have bad credit...is there a company that will refinace even if you have bad credit???
my current interest rate is 12.75%.....will it go up really high if i refinance?

You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.

WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.

There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...

http://www.axalda.info/bad-credit-car-loans.html

does it look bad on your credit if you refinance your auto loan ?

Nov 02, 2007 by ROBERTA C | Posted in Credit

Auto finance is what I do for a living and I have done this a couple of times and no it doe's not look bad on your credit.

Refinancing an Auto Loan with bad credit?

Sep 28, 2007 by David F | Posted in Personal Finance

Can I refinance my car loan with bad credit? I am currently in a debt settlement program have many charge offs on my report at the current time. I was wondering if there is any way to refinance this to make the payment lower with bad credit?

Have a look for article : Bad Credit Auto Loan Refinance - Bad Credit Auto Refinance Tips
http://loan-refinance.nuggz.org/

Refinancing a really bad auto loan, Credit Union Recommendations?

Mar 06, 2008 by gamblingsucks | Posted in Credit

i have an auto loan that I got from Capital one right after Ch 7 discharge for 21k at 25% apr $557. I paid for it for 7 months and then had it refinanced through wells fargo for 20% apr $505 a month.

Obviously this is ridiculous to pay for a car and since im well past my discharge can I refinance again? Someone told me I should look at credit unions and Im wondering if someone can recommend a credit union i can check out online to maybe get my apr to a reasonable rate

Best thing you can do is go to your local credit unions and compare their offers.

Is it possible to refinance an auto loan that is at 19% if you have "bad" credit?

Aug 28, 2008 by Hope | Posted in Personal Finance

I want to buy a house with my husband but HE recently purchased a 2007 Dodge Magnum (only 8K miles) but it was at 19% interest rate. The payments are almost $500 per month. That payment will be hard to manage with a new mortgage. He's only got a credit score of only 599 is it possible to refinance at a lower rate? The loan is only 3 months old and we've got to try to make it through the next 5 years some kind of way. Hopefully, with your help, it will be with a lower car payment. Any advice??

I don't know if he will improve his situation.

He needs to look at why his credit is bad. I would have been looking for a less expensive car with lower payments with an interest rate that high. You deserve a better car when you have earned it and can afford it. Meaning you have built good credit and are not skimping for money.

I worked with a guy that made considerably less than I did. He was complaining that he had to move to a cheaper apartment. His new Camaro payments were $550, my two year old Corolla payments were $210. I still have the Corolla after 9 years. A new car would cost me higher insurance rates, higher registration fees and car payment. The money I saved allows me to buy another car for cash if I want.

Best way to refinance auto loan, St. Louis, MO?

Mar 17, 2008 by rajiv k | Posted in Credit

Hi, I want to know whats the best bank or credit union to refinance my auto loan. Currently I pay an interest rate of 13%. Which financier or credit union offers most guaranteedly a reasonable low interest rate auto refinance option for both good or bad credit score? I live in st. louis 63132.

If you think that you are paying a higher repayment amount for your existing car loan<!--then you can bring it down. With the help of refinance car loans, you can switch the loan plan with effective loan management.

http://best-loans.awardspace.com/refinance-car-loan-bad-credit.htm

If you think your lender is charging a higher interest rate on your car loans then you can look at the refinance car loans option. With the help of a refinance car loan, you can avail multiple benefits. Firstly, you may reduce-->your monthly costs. Secondly, you may avail a competitive interest rate. Thirdly, you could be getting a flexible repayment period. Overall, you will be managing your loan a lot better.

Bad Credit Auto Refinance?

May 31, 2008 by soul cyster ttc#1 | Posted in Credit

I got myself into a really bad situation...bought a car in August 06 and financed it directly through the dealership. I was told they'd send me my payment book, to go home and wait on the details of the loan to be worked out but that my monthly payment would be no more than $100 what I was paying for the car I traded in. I waited, and waited. December rolls around, they threaten to come repossess the car because I had not paid...yet they had never sent me an invoice. I go in, the rude guy shoves a bunch of papers in front of me...I found out I had been driving on illegal tags. The deal didn't get complete until December and at that point I finally sign a sales contract, only it happened so fast I didn't know what I had gotten myself into. I just didn't want them to take my car. Anyway the dealership has me financed at 20.400% interest. I have paid that for 18 months, never missing a payment. They are not reporting to the credit companies.
Someone also made a mistake in the invoices they were sending me for the last year and a half (that is WHEN they actually sent invoices). So they apparantly did not factor in the interest. It has added an additional $5000 something to what I thought I owed on the car itself. Because they are not reporting it to the credit companies, I am not getting my credit built up. I desperately want out from under this dealership. They have done nothing but screwed me over since day one. There are more bad things they have done but I could go on and on with it. Simply put, I cannot afford $436.25 a month car payment anymore. When I bought the car, I was told they'd report it and I could get it refinanced within a year or two. Well that time has come and my life situation has changed...I am newly married among other things. What can I do? How could I possibly get it refinanced?
I tried to request it be reported to my credit reports, as a consumer and was told I cannot do that. That the lender must open an account with the companies, TransUnion, Equifax, Experian. I have really been screwed over BIG TIME! The woman who handles the paperwork at the dealership said these companies told her I had to request it to be added, but we know this is not true!

I have no co-signer and to make matters worse they have applied at least 3/4 of every payment to the INTEREST so I owe more than the car is worth towards the principal at this time.

Not really sure there is a question in there... You can't be upset about the interest or the payment amount since you voluntarily signed all the paperwork... And after waiting for 4 months... when the average customer would of course phone the dealership after 2-3 weeks...
Throughout all your rambling story, the only thing I can gather is "Lesson learned!" ... and be thankful the dealership DIDN'T come get their car!

When should I refinance my auto loan?

Aug 30, 2006 by Mike B | Posted in Credit

I have poor credit but was able to get approved for a new car (about $17000) in January. Of course the interest rate is terrible (18%) and I would like to refi the loan. I have been able to establish other good credit since then and have had only one late payment since January. How long should I wait until I try refinancing the auto loan and where is a good place to go? The bad reports on my credit history start dropping next January and will be all gone by the end of 2008.

Refi as soon as the credit score starts to rise, then refi again if it goes up over 30 points. Thats what I did when I had problems a few years ago.

Auto / Truck refinance? No current loan.?

Sep 02, 2008 by sg_0612@sbcglobal.net | Posted in Buying & Selling

I need $20-25k and instead of getting a home loan (HELOC or 2nd) I was thinking about an Auto loan. I currently have a 2005 Ford 250 which I paid cash for back in 2005. It's in great condition, low mileage and has a lift kit. How would I go about getting a loan since its not really a refinance or a current loan? My credit is fair to mid. I don't really want to go through all the paperwork for a HELOC and/or use my home for this. I also have a 2006 boat that is paid for. I tried selling it all summer but the market for boats is really bad and it didn't sell even after 3 price reductions, it has a value of aprox $60k but of course its value is only what someone will pay you for it.

Thoughts on that auto loan or ??

Thanks,

You certainly could finance either the truck or the boat, but the interest rates would be higher than a home equity loan, the interest you pay won't be tax deductible, and the term will be a lot shorter. It really depends on what you want the money for. If it's for a short-term need & you'll be able to handle the payments (probably in the $500-600/month range for 5-6 years) then go for personal loan (secured with the boat, as the truck won't get you $20-25k). If it's for a home improvement, or something where you'll need lower payments you may want to consider a refi w/cash out if that is possible in your particular market. I would definitely not get a HELOC - the interest rates are almost always variable, the terms are not the greatest & they are almost impossible to get right now.

I need to refinance my auto loan. the interest rate is just kicking my butt, I have the worst credit score.?

Sep 21, 2006 by angelincovina | Posted in Personal Finance

YOU ARE LUCKY YOU GOT A LOAN IN THE FIRTST PLACE .