vehicle refinancing tips?
06-10-2008, 01:41 AM
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vehicle refinancing tips?
I'm thinking of trying to get my Evo refinanced. I'm satisfied with my monthly payment, but my interest rate is too high for my tastes @ 11% supposedly because it's a 5 year old car. Does anyone know of some good companies to try and get it refinanced through? Also, does the length of time you've financed the car make a difference? I've only had it for a few months..
06-10-2008, 09:18 AM
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Best bet is to get in with a credit union. I have been a member of my local CU for about 2 months only, and got both my 07 Silverado and my wifes 06 Silverado refinanced for 5.99% at the same time. And our credit is not perfect, probably a little above average, but getting better all the time. Both truck rates before were in the 9.5-10% range.
Oh, and just out of personal experience, lendingtree and alot of those other online sites won't approve you unless you have perfect credit, and/or have a low mileage, fairly new vehicle.
Oh, and just out of personal experience, lendingtree and alot of those other online sites won't approve you unless you have perfect credit, and/or have a low mileage, fairly new vehicle.
06-10-2008, 12:42 PM
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is a scam.
we tried them to finance our home.
never got approved because the home was not valued just under
100 thousand.
that next month my wife asked me about some funny charges to our bank account.
come to find out lendingtree passed our information on to some
credit checking company that was charging us a membership fee
and a monthly fee for checking and maintaining our credit.
beware of lendingtree, your information is not safe with them.
we tried them to finance our home.
never got approved because the home was not valued just under
100 thousand.
that next month my wife asked me about some funny charges to our bank account.
come to find out lendingtree passed our information on to some
credit checking company that was charging us a membership fee
and a monthly fee for checking and maintaining our credit.
beware of lendingtree, your information is not safe with them.
06-10-2008, 02:11 PM
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Thanks for the tips guys, my credit score is probably average right now...I've been doing my own credit repair for over a year and it's gotten much better. But anyway, it counts against your credit each time you try refinancing because they check your credit score correct?
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06-10-2008, 02:45 PM
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anytime there is an inquiry on your report yes it will go down,but if you do it all within say 2 weeks it should only count as one.If you go to 10 banks just do it in a week or two.
06-10-2008, 02:46 PM
#9
Which is why when you shop for a vehicle. Just get a print out of your credit score and take it with you.
A lot of people will go dealership to dealership trying to get approved. and that ends up knocking the score way down because each check lowers the score.
06-10-2008, 04:28 PM
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Correct, and online places such as lending tree will send out inquiries to 3rd party lenders which in turn will do their own credit check and even further damage your score.
Like I said, IMO a credit union is about the best you can do in most cases. There are a lot of community credit unions that only requirement is that you live in a certain area, if one is not provided by your employer which alot are. In most cases, you can join the CU with a checking or savings account with only $1 in the account and immediately apply for a loan.
Like I said, IMO a credit union is about the best you can do in most cases. There are a lot of community credit unions that only requirement is that you live in a certain area, if one is not provided by your employer which alot are. In most cases, you can join the CU with a checking or savings account with only $1 in the account and immediately apply for a loan.