I've applied every where for auto refinace and and auto loan but my credit is too bad, dose anyone know who can help?
2007-05-27 17:50:10 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
How much are you trying to refinance? Why are you trying to refinance? To get a lower rate or to just reduce your monthly payment? You can try to get a loan from a friend or family member to help pay off your current loan, but treat it carefully -- relationships can be destroyed over money, no matter what the amount.
2007-05-27 17:59:51 · answer #1 · answered by nevergonnaletyoudown 4 · 0⤊ 0⤋
What you need my friend is equity. Bad credit+Refinance=denial. But if you have equity the equation changes it then looks like this: Bad credit+Equity+refinance=good chance. The reason for this is simple. No matter how much you think that you deserve a break - banks and lending institutions don't think like you do. Therefore why should the bank take on the responsibility for your bad decisions from the past. They will only help you out if they know their best interest is at hand. So this means the risk they take on you can only happen if you have equity they can keep if you decide to default. So you need to have your car worth more than what you currently owe the bank and my suspicion based on your direness that probably isn't the case. So your only option is to cut out the binge drinking and take your craps at other people's houses so you can save on toilet paper and save up enough to to have some equity and then look into refi. I got refied at www.rategenius.com - they were awesome. If you have other questions you can contact me kalkoala@cox.net
2007-05-30 17:02:11 · answer #2 · answered by timmyliao2001 1 · 0⤊ 0⤋
That's a tough one because, if you put too many miles on your car it won't be worth what you are trying to refinance it for... otherwise, you could try going to your car insurance company.
I got my initial auto loan through americredit (it was like a 19.5% interest rate though). You could also consider going to one of those "good credit, bad credit, no problem" places, and just trade your current car in, have the balance put on the back of the loan... you will have a high rate, but at this point in your credit you can't escape it... just make the payments on time...
word of the wise though, get something UNDER your budget. it will be easier to stay consistently on time and you can rebuild your credit that way... hope this helps!
2007-05-28 01:22:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Unfortunately, you're probably on your own. If you have terrible credit, there's a good chance that your current lender took you on as a "high risk" borrower. That being the case, there isn't going to be anyone else who will take on your loan. If, on the other hand, you pay your current lender faithfully and on time for a couple of years, you have the opportunity to build some positive points on your credit record. That's what it's going to take for any other lender to even look at you. If you confirm your "high risk" status by not paying your current lender on time, you are losing credit points. By the way--every lender you try for a refinance is another hit on your credit record, so you haven't helped yourself at all by doing that.
Find a credit counselor who can teach you about what credit is and how it operates. Armed with the proper information, there is no reason for anyone to continue to have "terrible credit."
2007-05-28 01:02:31 · answer #4 · answered by nickdmd 3 · 0⤊ 0⤋