subject: Is Guaranteed Auto Financing For Bad Credit Right For You? [print this page] Are you in a position that requires you to stop car repossession? Even if you havent reached that point but are thinking of refinancing your car to lower your payments or are having trouble financing another car, there is still a way for you to get what you need. With just a little bit of research you can be living life a little easier very soon.
Finding the Best Auto Refinance Companies
Give yourself plenty of time to conduct research instead of trying to rush into things and maybe make a mistake. Never make the mistake of thinking all lenders in the same area will charge the same interest ratethere will be many variations. For one thing there are lenders that are strictly sub-prime in nature and will automatically charge a higher rate of interest. On the other hand you will find ordinary lenders that will simply charge a slightly higher interest rate and may not finance as much of the value of the car as one of the sub-prime lenders might. Make sure you take the time to look into all the possibilities before you submit an application. In addition, you want to make sure you know what is on your credit report so you know what kind of an interest rate you might expect to pay.
Determination of Interest Rate
There are several factors that determine refinance automobile loan rates, but these will differ among lenders. Some of the factors lenders use to assess interest rates on any loan include the following:
Credit score
Job longevity
Financial security
Type of residence (rent, buy, live with relatives, etc.)
Debt to income ratio
Value and condition of the car
Age of the car
Amount of the loan you are seeking
You can find more information on this topic by visiting our website at Credit-Yogi
Is Guaranteed Auto Financing a Good Option?
If you dont have a car to refinance but are interested in getting another car but dont good enough credit, you may want to consider guaranteed auto financing for bad credit. While the interest rates on these loans are higher than traditional auto financing, they do offer you the option of finding the vehicle you needor at least those the lender is willing to offer based on your circumstances. Keep in mind you will have to pay a higher interest rate, and the repayment term may be shorter than with traditional financing, so you need to be careful and know exactly what you can afford.
Whether you are looking to stop car repossession or research auto loan refinance rates, the key is research. Look for the best auto refinance companies instead of trying to choose a lender that is convenient. If its a new car youre seeking, you may want to consider guaranteed auto financing for bad credit if you dont qualify for traditional financing.
by: ane martin
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