I am looking to buy a new car with my wife co-signing. My credit is horrible and won't be able to get a loan without her help. The questions are: Will a year or two of paying the car loan payments with no missed or late payments plus keeping all other credit payments on time build my credit enough(generally speaking) to eventually re-finance the car in my own name a year or two down the road. Also, does this sound like something that can happen or does happen a lot, re-financing without the co-signer a year or two down the road? What does re-financing entail, fines, etc...?
2006-12-26 08:36:39 · 8 answers · asked by Phat Kidd 5 in Business & Finance ➔ Credit
Start by talking to a local credit union or two about getting your initial loan, and how they might let you take it over by yourself in two years. This is the kind of stuff credit unions are good at, and they can assist you over the two years in cleaning up your credit report etc...
Not like the dealership's finance companies, who will not let you refinance in two years (not with them, anyway). And they'd charge you double what a credit union would. Only take dealership financing with bad credit if a credit union has already declined you. You can go get pre-approved for X amount, then go shop for the car you really want.
Best part is, you can then pound down the price of the car, letting the dealer think he can get some more money back from financing it. Then you tell him you'll bring a check in the morning for the car, at the lowest price you could get him to. Don't tell him you have financing until you set the price of the car. Just say we'll get to that part.
2006-12-26 09:21:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-28 14:00:57 · answer #2 · answered by Alisa 3 · 0⤊ 0⤋
yes it can happen that's what I did with my first car my dad cosigned it was a 36 month loan by the 20th or 21st month I refinanced and it was just in my name, re financing means that you are paying more for the car than it's worth you'll probably pay for it twice but you should refinance and pay it off after a year that way it looks good on your credit and you don't pay a lot in finance charges. Good luck
ps you may even get some extra money out of it
2006-12-26 08:43:47 · answer #3 · answered by OnTheProwl007 4 · 0⤊ 0⤋
Even you were able to get a 60 month loan, you may pay more in interest so basically it balances itself out either way. You could ask the finance co or bank if you could get a 2 month deferment. In some cases, you might be able to get 2 every 12 months. Just tell them you need it for medical expenses not covered by your insurance. You can also might be able to pay a little extra each month to reduce the term.
2016-05-23 08:38:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I do mortgage loans and I've helped my buyers improve their credit score first by optioning out. This website is free and it makes you appear as less of a credit risk:
https://www.optoutprescreen.com/?rf=t
Do the opt out electronically for 5 years, I've seen it help. Pay off any recent collection (if you can afford a small one). Wait about 30 to 45 days... this does help. Dispute any incorrect information online at either - Equifax, TransUnion or Experian (they all have websites depending on which one is reporting your information).
2006-12-26 10:49:48 · answer #5 · answered by Martini Babee 4 · 0⤊ 0⤋
This site is for comparing rates for you and free WWW.CREDITVAULT.NET
RE:Auto Loan Refinancing?
2014-07-14 23:30:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
This site is for comparing rates for you and free CREDITVAULT.NET
2014-05-15 14:31:19 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Try https://tr.im/1kQ0W
2016-07-23 20:29:15 · answer #8 · answered by ? 6 · 0⤊ 0⤋