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the only thing about applying for a new loan that can affect your credit rating is having the credit score done by new companies. if you have a score done by just two companies that's fine but if you have multiple credit checks this lowers your credit rating. so as long as you ran your previous loan well and paid on time, changing shouldn't be a problem, just don't let lots of companies credit check you. choose one and stick if possible.
(retired financial advisor)
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∙ 12y ago
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Where can someone go for auto refinancing if they have bad credit?
Obtaining auto refinancing is still possible if one has a poor credit score, but it is more difficult. Researching for lenders in your area who have a reputation of lending to people with poor credit can help you to find a good deal. Additionally, websites such as RoadLoans cater to those with bad credit who need auto refinancing.
Is auto refinancing difficult or beneficial?
Auto refinancing is usually beneficial. In most cases the interest rate will go down which will lower your monthly payment. However, due to the recent credit crises it is more difficult to qualify for refinancing unless you have a good credit score.
Does getting a auto insurance policy in your name effect your credit score?
No, it does not affect your credit score at all.
Does your credit score affect your auto loan rate?
Absolutely it does! Your credit score is used by credit agencies to determine the amount of risk they are taking on. If your credit score is bad or low then you auto loan rate will be higher. However, if your credit score is good or high then your auto loan rate will be lower.
Where is it possible to get a loan for auto refinancing?
Loans for auto refinancing are available at banks and credit unions, depending upon an individual's credit rating, automobile that is being re-financed, and credit history.
How does making late auto payments or having your auto reposessed affect your credit score?
With a reposession on your credit report it is almost impossible to get another auto loan unless you have not had any negative reports after the repo and you have at least 30% down. It probably lowers your credit score by 100 points.
What companies offer auto loan refinancing?
There are several companies that offer Auto Loan Refinancing. Some online companies include my auto loan and credit provider, however you can also go to your bank or another bank like Citibank and Wells Fargo bank to get a refinancing loan.
Where can one find auto refinancing with bad credit?
Auto refinancing with bad credit need not be a barrier to obtaining credit, but one may not get the best interest rates or as much of an offer compared to someone with good credit. One can try the DMV and Edmunds websites to find more information on lenders who will help.
Refinancing An Auto Loan?
Refinancing an auto loan comes with many benefits. Below are four of the main benefits of doing so: 1) Refinancing usually means the loan obtains a lower interest rate which decreases monthly payments. However, many people decide to extend the length of their loan which even further reduces their monthly payments. Extending an auto loan is not always a wise choice but is for those people who cannot afford their loan without decreasing their payments. 2)Refinancing also helps improve a person's credit score. Refinancing helps a person avoid defaulting on their loan which protects their credit score. Most people who refinance find they can better manage their monthly payments. 3)Refinancing at a lower interest rate without extending the loan term length helps a person reduce their overall debt owed. 4)After a refinanced has been completed and the loan has been paid off the debt turns into an asset. No matter what reasons a person has behind refinancing their auto loan, refinancing has many benefits.
How do you find out what your credit score is for auto insurance?
Auto insurers take a credit score provided by one of the three (3) credit bureaus and then they add characteristics that would not be present on your credit score to come up with an internal score. The auto insurer does not need to tell you what your credit score was, however, they do need to let you know which credit report (and associated score) was used to arrive at their decision. There are a number of service provides that provide access to your credit score. A few of these service providers are represented in the related links section.
Where can one obtain a refinance on an auto loan with bad credit?
Lending Tree, Road Loans, Auto Credit Express, CarsDirect and Harbor Credit are all places to see about refinancing an auto loan with bad credit. Local banks and credit unions, may also be able to help with this.
Does paying off your auto loan affect your credit score?
Yes, for the better. Any loan that is paid on time or paid off is a plus.
