My husband has been paying car loan almost a year with very high rate 20%.
He tried capital one but got denied. may be the credit is still not good..
Is that possible that I can be the co-applicant then he may have better chance to get refinance?
I only have part-time job, but I have very good credit.
Also, which place that we will have better chance to get refinance??
Thanks!!
2007-08-07 06:35:23 · 8 answers · asked by Elisa 1 in Business & Finance ➔ Credit
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
2007-08-08 04:34:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you think that you are paying a higher repayment amount for your existing car loanyour 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.
2007-08-07 07:16:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
www.daveramsey.com
Your income is often your only wealth-building tool. The more payments you have the less money you can save or spend on your family. Ramsey suggests that only millionaires should buy new cars and no one should finance a vehicle... ever (because it is crazy to pay interest on an investment that is constantly going down in value, a car).
Dave would say buy an ugly car and pay cash. His advice has inspired me and my girlfriend to pay off all of our debt and house over the last 3 years, now we can pretty much do whatever we want... no debt yahoo!
2007-08-07 06:50:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
absolutley, that can make a HUGE difference.As long as the co applicant has good credit and some sort of income, (its also a big plus that the co applicant is the spouse) then chances for approval are great.
2007-08-07 06:41:49 · answer #4 · answered by luvbug7982 2 · 0⤊ 0⤋
Auto finance is what I do for a living and the first poster is correct.
Try Capital-One again with your name on top of the application and also try Wells Fargo, H.S.B.C. and Citifinancial Auto Finance.
2007-08-07 06:45:29 · answer #5 · answered by ? 7 · 0⤊ 0⤋
Don't you have a banking relationship somewhere -- checking and/or savings account? Make an appointment to go apply for a loan, or a lot of them allow you to apply on-line, then you will know.
2007-08-07 06:43:43 · answer #6 · answered by jboatright57 5 · 0⤊ 0⤋
Most lenders on this page will do a refinance for car loans.
http://www.loansourcesforbadcredit.com/carloans/
JP
2007-08-07 19:45:13 · answer #7 · answered by JP 2 · 0⤊ 0⤋
Do you or he or both of you belong to a credit union, or is there one you are eligible to join? That could be your best option.
2007-08-07 07:03:33 · answer #8 · answered by Judy 7 · 0⤊ 0⤋