Bad Credit Loans

Bad Credit Car Loan Refinancing – Tips Applicants Can Use

save money thru refinancing
Written by Shelly Evans

Are you looking for a bad credit car loan refinancing deal? If so, this article can help you.

Below are tips and strategies that you can use to get a car loan that is not only affordable, also has payment terms that are extremely flexible.

Five Strategies for Credit Consumers Today

  • Do a review of your personal finances

    Going over your personal finances, especially before shopping for a car,Refinance Calculator is necessary. You need to be sure that you have enough money to make your monthly payments, which will include all the fees and interests that your credit card will accumulate each and every month.

Once you have done this, you should apply for a bad credit car loan refinancing program. If you don’t have enough income to cover your monthly expenses, you might want to wait until you’re more financially stable.

  • Get your credit report

    There are three credit bureaus which can provide you with your credit report. Contact all three. This will help you determine what your credit score is. It will also allow you to validate all the credit and payment transactions that you have made.

At this point, you will be able to tell if your low credit score is the result of fraudulent charges or incorrect information being reported. If this is the case, you need to send letters of dispute to each of the credit reporting agencies and get the inaccuracies removed. Your claim will be investigated once they receive your letter. If there are mistakes, they can make the changes.

  • Finding bad credit car loan financing programs that are affordable

    Find and apply for cheap car financing deals. The Internet has a lot of lenders that can give you the funding you need. Social network sites can also help you. Friends and relatives that have also applied for auto loans may be able to tell you about great flexible payment plans and low interest rate loans that they have personally acquired.

  • Research on prospective lenders on your own

    It is always in your best interest to run a background check on a company that you may be doing business with, especially credit transactions. If you fail to do your research or unable to check the legitimacy of a credit organization, you might end up doing business with a fraudulent company. Conducting an investigation on prospective lenders is something that is in your best interest. You should only do business with companies that are accredited by federal and state institutions.

  • Never go with the first credit program that offers you a deal

    If you are a savvy consumer, you will never go with the first car financing deal that comes your way. Borrowers should always take their time, looking at a variety of lenders and what they have to offer. The fine print should always be examined, especially when dealing with bad credit-credit accounts that offer different lines of credit based upon your financial viability. You can boost your chances of finding the right car loan for you, one that you can afford, by doing your research and finding a company that is perfect for your financial needs.

The website BadCreditResources.com offers resources that specialize in providing bad credit car loans. Also check other offer for Loans for People With Bad Credit.

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About the author

Shelly Evans

Shelly Evans is a freelance writer and loan consultant. She specialize in writing articles about obtaining financing despite having bad credit. She has more than 16 years in consumer credit and collections and 4 years in business financing.

8 Comments

  • A couple of weeks ago I read this post and followed your advice line by line. This past Friday the car dealership finance guy called to tell me I can pick up my car on Monday. Thank you!!!

  • This was all good advice but the last point is a bit scary for me. I have bad credit. Not insanely bad, but not good enough to be someone lenders chase to throw money at for sure. I worry that if I do not take the first car financing deal I’ offered there may not be another to take it’s place. If I am offered financing once, does that mean I am going to be offered more than one loan? I have only 10% down if I stay under $20K, which I know is not ideal for someone with a low credit score.

  • I’m not sure how I could be ripped off by doing business with a fraudulent company if all I want is a car loan. Nonetheless, as you recommend, I will check out prospective lenders. Better to be safe than sorry.

  • I would put off buying a car if I could, but I can’t. I need a car for work but my credit is going to make it hard. Thanks for this great information that I will be putting to use.

  • Hi Jake

    Don’t despair! There are several car loan companies that specialize in financing bad credit auto loans. There are also buy and pay lots that you can go to in your area. Another over looked source of funds are credit unions. If you are a member they sometimes have programs to help their members with low credit scores.

    Good luck in finding a new car! Be careful of all the lemons out there! Read our article on how to spot a car that has been water damaged. You would be surprised how many cars that have been thru natural disasters are out on the market!

    Take Care
    Shelly

  • Hi Renee,

    Yes, it is possible that aside from the first offer you get there are still other that will make offers for car financing for you. Just make sure you opt for the one that best offers you a deal.

    Good luck!

    Shelly

  • Hi Will,

    It’s really good to be sure before you decide. As some lenders take advantage to other, the reason they can be ripped off because they easily trust the lender without doing any investigation or research upon the company.

    Thanks,

    Shelly

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