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November 16, 2007, Newsletter Issue #52: Refinancing With Bad Credit
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Tip of the Week
People usually refinance their car loans in an attempt to get a lower interest rate, but there are other instances for refinancing. Legal action, such as a divorce, may lead to a refinance because a loan which was once jointly owned by a couple will be turned over to only one person, resulting in the need to get the other person's name off the loan. Unfortunately, not all people in this and similar situations have good credit, and finding a lender for bad credit auto refinancing can be difficult.
When you apply for a refinance with bad credit you can expect to encounter high interest rates, and you may actually wind up refinancing into a higher interest rate than your current loan if your credit has gone downhill since you obtained the original loan. It is important to research current auto refinancing loan rates before applying, and if possible you should apply with a lender that you already do business with – such as your bank or credit union – as long as you have always made timely payments to the lender. Your bank or credit union may be able to overlook your current credit score and give you some leeway based on your financial history with them.
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