After how long I can refinance my auto loan ??
Answers:
yes
Auto finance is what I do for a living and most lenders look for at least 12 payments made as agreed before they will consider refinancing.
After you have made 12 payments you will have established a good pay history and should have no problem getting a better rate. Try your local bank or credit union first.
Technically you can apply immediately with another lender, but if you are certain you will be declined, you may want to get some months of positive history behind you, as an inquiry alone can reduce your credit score.
Your best bet is to start at a local credit union. They can offer competitive rates and will sometimes offer loans where others will not.
Hello,
I am Mr Cobbs James, the owner of Cobbs Loan Investment and Estate. I am a lender who gives out loans to those business and private people with low rates of 5%. I give Collateral and Non Collateral loans with a range amount of $5,000USD to $5,000,000USD. If you want a loan and you have a bad credit, no problem contact me on cobbslenders@yahoo.com for more informations about my loan and also filling the loan application form below.
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James Cobbs
You should try to refinance with another bank IMMEDIATELY. Do some credit repair and apply online at Capital One Auto Finance. They have a refinance program. It would save you a lot of money.
The sooner the better, man. You're getting robbed!
This really depends on only one important variable: have you built up any equity by making your payments on time. You see this is a two-fold dilemma for you because frankly if you have no equity the amount you save by your interest rate dropping a few points matters little; its really minimal. More importantly if you have severly bad credit and don't have equity you will not, no matter what you have heard, get a refinance offer. This is common sense because the refi company needs that equity as colleteral in case you default. Put yourself in the shoes of the refi company. They payoff your high interest loan and take responsibility for your car. Well if you default and they have to sell your car at auction, and you don't have any equity in the car (meaning you owe more on the car than the car is worth), what is the refi company left with? The answer is your debt and that debt they will come after you for. They don't want that headache so unless you have equity my friend your kinda screwed. The only true way out of your problem is to eat it for a while, pay on time, and build up equity in the loan and then refinance. Then go to www.rategenius.com and they will find you a solution.
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