There are a few steps to doing this, sometimes it can be hard to get this done and sometimes easy to get this done, if your trying to refinance a car that has negative equity, and your credit is good this should be no problem for you, if your credit is bad this will be quite difficult.
Instructions
Things You'll Need:
* Credit
* know how long you want to pay on the car
* know how old the car is
* have a bank, or credit union in mind
* have a car dealership in mind
Step 1
The first step in this process is going to a site that lists values of your car such as kelly blue book. You need to know how much negative equity you have in your car before you actually start the process, banks and credit unions alike will look at this as a factor or refinance.
Step 2
After determining what your car is worth you have to determine how long you are willing to pay on the car the longer you refinance for the larger your interest rate will usually be not much but even .5% makes a big difference in a car payment and the amount of interest that you will pay. you usually can refinance anywhere from 24-72 months depending on the age of your car and what's left to pay.
Step 3
Contact your bank, or Credit union and let them know what you would like to do for a refinance on your car sometimes they will work with you others they won't really work with you. Most of the time if you have a good credit score they will be more then happy to work with you.
Step 4
After you have refinanced your vehicle your set, there shouldn't be much more that you would have to do on your part, though if a bank does not want to refinance and you don't owe to much negative equity on your car you might want to go to a dealership.
Step 5
If you don't have to much negative equity on your car you can trade it in for a newer car, the dealership will buy the car from your bank, and more often then not give you a newer car, this could either increase or decrease your payment depending on how new of a car you were to get, and how expensive of a car you bought. This should be a last resort seeing that dealerships give you substantially less then what your car is worth and you will have more negative equity on your new car.
Tips & Warnings
*
Know what your credit score is
*
Try and use a credit union they usually offer lower interest rates, but sometimes are harder to get qualified for a loan through
*
Try to get a lower amount of months if you can afford the refinance this will save you money in the long run
*
Don't refinance more then you currently can afford to pay the car off faster
*
Don't refinance for an interest rate more then 1pt higher then your current rate
*
Do a little bit of shopping don't choose the first bank that you ask, most people bank with 2-3 different institutions.
Thursday, July 2, 2009
Wednesday, July 1, 2009
How to Refinance a Car Loan with Bad Credit
It's possible to get a car loan with bad credit. Unfortunately, you won't get the best interest rate or terms. However, there's always the option of an auto loan refinance in the future. A refinance with bad credit can increase/decrease your loan term or reduce your interest rate.
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
Instructions
Step 1
Contact the auto lender and check your loan balance. Before you can refinance an auto loan with bad credit, you'll need to know the actual loan balance. Call your lender and speak with a customer service representative. This information is also available on your most recent statement.
Step 2
Determine how much your vehicle is worth. To qualify for a bad credit refinance, your vehicle's worth must be more than the amount you owe. The official Kelley Blue Book (see Resources below) can provide information on used car values.
Step 3
Maintain a good payment history with your auto lender. If you habitually submit late payments to your auto lender, a refinance may be impossible. Although auto lenders approve bad credit borrowers, they're less likely to approve your refinance application if you have a history of skipped or missed car loan payments.
Step 4
Look for a sub-prime auto loan lender. If you have bad credit, stay away from prime lenders. Instead, research different sub-prime or high-risk auto lenders. These lenders specialize in bad credit refinances, and they have access to several types of loans.
Step 5
Compare interest rates and terms. It's important for bad credit applicants to compare rates and terms. Some lenders purposely inflate the interest rate, which can create an upside-down car loan. Contact at least three sub-prime auto lenders.
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
Instructions
Step 1
Contact the auto lender and check your loan balance. Before you can refinance an auto loan with bad credit, you'll need to know the actual loan balance. Call your lender and speak with a customer service representative. This information is also available on your most recent statement.
Step 2
Determine how much your vehicle is worth. To qualify for a bad credit refinance, your vehicle's worth must be more than the amount you owe. The official Kelley Blue Book (see Resources below) can provide information on used car values.
Step 3
Maintain a good payment history with your auto lender. If you habitually submit late payments to your auto lender, a refinance may be impossible. Although auto lenders approve bad credit borrowers, they're less likely to approve your refinance application if you have a history of skipped or missed car loan payments.
Step 4
Look for a sub-prime auto loan lender. If you have bad credit, stay away from prime lenders. Instead, research different sub-prime or high-risk auto lenders. These lenders specialize in bad credit refinances, and they have access to several types of loans.
Step 5
Compare interest rates and terms. It's important for bad credit applicants to compare rates and terms. Some lenders purposely inflate the interest rate, which can create an upside-down car loan. Contact at least three sub-prime auto lenders.
Tuesday, June 30, 2009
How to Refinance a House With Bad Credit
mortgage refinance creates a new home loan. This is ideal for anyone who wants to change the terms of their existing mortgage loan. Individuals who refinance can obtain a lower interest rate or extend their mortgage term, which can reduce monthly payments and ease financial burdens. And the best part---because the home secures the loan, you can get approved for a refinance with bad credit.
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
Instructions
Things You'll Need:
* Closing costs Mortgage lender
Step 1
Determine your purpose. Refinances are beneficial for several reasons, and before submitting your application, determine your objective. Some people refinance with the purpose of converting their interest-only home loan or adjustable rate mortgage into a fixed rate; whereas others want to obtain a lower interest rate and reduce their monthly payment. Then again, some homeowners with bad credit need cash to pay off debts, and they choose a cash-out refinance.
Step 2
Save money for mortgage-related fees. Because a refinance creates a new home loan, you'll have to pay mortgage-related fees such as application fee, credit report fee, appraisal and settlement fees. Some mortgage lenders wrap these fees into the new home loan. This maneuver increases the mortgage balance. Nevertheless, it's an option for cash-strapped applicants.
Step 3
Contact your existing lender. If you have bad credit, consider refinancing with your current mortgage lender---especially if you've maintained an excellent payment history. They may overlook negative remarks on your credit report. Additionally, your current lender may waive a few fees, which can lower your settlement costs.
Step 4
Talk with other lenders. Although your current lender may be prepared to offer you a new home loan, it doesn't hurt to explore all your options. Shop around and obtain quotes from 3 or 4 different mortgage lenders. These lenders may offer a better rate and terms. If possible, use a mortgage broker. They can recommend different loan programs and connect you with mortgage lenders who offer bad credit refinances.
Tips & Warnings
*
If you can't qualify for a refinance, talk to your lender about a mortgage modification. This provision alters the terms of your existing mortgage loan without refinancing.
Get A Guaranteed Bad Credit Loans Up to $25,000 To Refinance Your House - Click Here!
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
Instructions
Things You'll Need:
* Closing costs Mortgage lender
Step 1
Determine your purpose. Refinances are beneficial for several reasons, and before submitting your application, determine your objective. Some people refinance with the purpose of converting their interest-only home loan or adjustable rate mortgage into a fixed rate; whereas others want to obtain a lower interest rate and reduce their monthly payment. Then again, some homeowners with bad credit need cash to pay off debts, and they choose a cash-out refinance.
Step 2
Save money for mortgage-related fees. Because a refinance creates a new home loan, you'll have to pay mortgage-related fees such as application fee, credit report fee, appraisal and settlement fees. Some mortgage lenders wrap these fees into the new home loan. This maneuver increases the mortgage balance. Nevertheless, it's an option for cash-strapped applicants.
Step 3
Contact your existing lender. If you have bad credit, consider refinancing with your current mortgage lender---especially if you've maintained an excellent payment history. They may overlook negative remarks on your credit report. Additionally, your current lender may waive a few fees, which can lower your settlement costs.
Step 4
Talk with other lenders. Although your current lender may be prepared to offer you a new home loan, it doesn't hurt to explore all your options. Shop around and obtain quotes from 3 or 4 different mortgage lenders. These lenders may offer a better rate and terms. If possible, use a mortgage broker. They can recommend different loan programs and connect you with mortgage lenders who offer bad credit refinances.
Tips & Warnings
*
If you can't qualify for a refinance, talk to your lender about a mortgage modification. This provision alters the terms of your existing mortgage loan without refinancing.
Get A Guaranteed Bad Credit Loans Up to $25,000 To Refinance Your House - Click Here!
How to Refinance With Bad Credit
Although it’s difficult for people with bad credit to get approved for loans, many lenders are prepared to offer a bad credit mortgage refinance. Refinancing a mortgage loan with a poor credit history is easier than applying for an original loan. In most instances, homeowners have a blemish-free payment history, and lenders trust their ability to repay a home loan. However, homeowners should anticipate a higher interest rate.
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
Instructions
Step 1
Save money for closing cost and other fees. A refinance with bad credit creates a new mortgage. Whether you refinance with your present home loan lender or apply for a loan with a new lender, you’ll have to pay out-of-pocket expenses such as an appraisal fee, application fee and closing costs.
Step 2
Wait at least two years after filing bankruptcy. Mortgage lenders tend to overlook minor credit mishaps such as the occasional late payment or high credit card debt. On the other hand, serious credit problems such as a recent bankruptcy or repossession can result in loan denial. In either case, wait at least two years, re-establish credit and then apply for a refinance.
Step 3
Find a lender that offers bad credit refinances. Since a large percentage of home loan lenders have shut down their subprime loan departments, getting approved for a refinance with bad credit takes time and effort. Speak to a mortgage broker or lender and inquire about an FHA refinance. These government-backed home loans are intended to help distressed homeowners refinance their mortgage and remain in their property.
Step 4
Complete the mortgage loan application. Once you find a lender that offers bad credit refinances, and you have enough cash to pay for the refinance, it’s time to submit your home loan application. Be sure to include pertinent documents such as tax returns, bank statements and paycheck stubs.
Step 5
Obtain a lower interest rate by paying points. If your credit score doesn’t justify a reasonable interest rate, consider paying points. For every point, or additional $1,000 paid at closing, mortgage lenders reduce the refinance rate by 1 percentage point.
Step 6
Schedule a closing date. To finalize the refinance loan, you’ll need to meet with your new mortgage lender and sign the refi documents.
Did You Know That Get a Personal Free Cash Grant w/ The Goverment? - For People with Bad Credit
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
Instructions
Step 1
Save money for closing cost and other fees. A refinance with bad credit creates a new mortgage. Whether you refinance with your present home loan lender or apply for a loan with a new lender, you’ll have to pay out-of-pocket expenses such as an appraisal fee, application fee and closing costs.
Step 2
Wait at least two years after filing bankruptcy. Mortgage lenders tend to overlook minor credit mishaps such as the occasional late payment or high credit card debt. On the other hand, serious credit problems such as a recent bankruptcy or repossession can result in loan denial. In either case, wait at least two years, re-establish credit and then apply for a refinance.
Step 3
Find a lender that offers bad credit refinances. Since a large percentage of home loan lenders have shut down their subprime loan departments, getting approved for a refinance with bad credit takes time and effort. Speak to a mortgage broker or lender and inquire about an FHA refinance. These government-backed home loans are intended to help distressed homeowners refinance their mortgage and remain in their property.
Step 4
Complete the mortgage loan application. Once you find a lender that offers bad credit refinances, and you have enough cash to pay for the refinance, it’s time to submit your home loan application. Be sure to include pertinent documents such as tax returns, bank statements and paycheck stubs.
Step 5
Obtain a lower interest rate by paying points. If your credit score doesn’t justify a reasonable interest rate, consider paying points. For every point, or additional $1,000 paid at closing, mortgage lenders reduce the refinance rate by 1 percentage point.
Step 6
Schedule a closing date. To finalize the refinance loan, you’ll need to meet with your new mortgage lender and sign the refi documents.
Did You Know That Get a Personal Free Cash Grant w/ The Goverment? - For People with Bad Credit
Monday, June 29, 2009
The 7 Biggest Bad Credit Home Loan Mistakes
acquiring a mortgage is a serious responsibility. Failing to keep up with your obligations involves risks. This is why anyone who plans to apply for a home loan is advised to be cautious. If you have bad credit, finding the right bad credit home loan poses even more risks. Consider these 7 biggest mistakes on getting a bad credit home loan:
Not taking the time to shop around. Many lending companies offer loans for people with bad credit. But obviously, not everyone gives the best deals. If you won’t spend time and effort comparing offers, you could easily get stuck with the wrong one.
Not preparing your credit report. So you already know that you have bad credit. But improving your score by even just a few points can make a big difference in the rates you’ll get. Even if you’ve decided to apply for a bad credit home loan, it’s still recommended to check your credit report.
Not getting a pre-approval. Why is it advisable to get pre-approved first before starting the home buying process? Knowing exactly how much your loan will save time and effort checking out houses that are way out of your budget.
Taking out a loan that you can’t afford. Do you plan to get a bigger loan because you want to buy a bigger house? Even if you can get approved for a bigger home loan, don’t forget to consider the monthly payment you’ll be facing. Will you be able to keep up with the monthly payments?
Looking at houses that are way out your budget. It’s easy to get a more expensive house than what you need. But what out! Even if the mortgage rate starts low, if it’s not a fixed-rate loan, your fees can balloon up at any time during your loan’s term.
Not checking the cost of your prepayment penalty. The prepayment penalty is the fee that the borrower must pay if he/she wants to complete mortgage payments ahead of time. Make sure that you are aware of the prepayment penalty cost before signing up the contract.
Taking out a home equity loan against your first mortgage. Unless you can submit 20% down payment, you’ll be required to pay the PMI or the Private Mortgage Insurance. You may be advised to get a 2nd mortgage to avoid the PMI but this can actually cost you even more because of the increasing interest rates.
Not taking the time to shop around. Many lending companies offer loans for people with bad credit. But obviously, not everyone gives the best deals. If you won’t spend time and effort comparing offers, you could easily get stuck with the wrong one.
Not preparing your credit report. So you already know that you have bad credit. But improving your score by even just a few points can make a big difference in the rates you’ll get. Even if you’ve decided to apply for a bad credit home loan, it’s still recommended to check your credit report.
Not getting a pre-approval. Why is it advisable to get pre-approved first before starting the home buying process? Knowing exactly how much your loan will save time and effort checking out houses that are way out of your budget.
Taking out a loan that you can’t afford. Do you plan to get a bigger loan because you want to buy a bigger house? Even if you can get approved for a bigger home loan, don’t forget to consider the monthly payment you’ll be facing. Will you be able to keep up with the monthly payments?
Looking at houses that are way out your budget. It’s easy to get a more expensive house than what you need. But what out! Even if the mortgage rate starts low, if it’s not a fixed-rate loan, your fees can balloon up at any time during your loan’s term.
Not checking the cost of your prepayment penalty. The prepayment penalty is the fee that the borrower must pay if he/she wants to complete mortgage payments ahead of time. Make sure that you are aware of the prepayment penalty cost before signing up the contract.
Taking out a home equity loan against your first mortgage. Unless you can submit 20% down payment, you’ll be required to pay the PMI or the Private Mortgage Insurance. You may be advised to get a 2nd mortgage to avoid the PMI but this can actually cost you even more because of the increasing interest rates.
How to Get a Home Improvement Loan With Bad Credit
By Valencia Higuera, eHow Editor
Rate: (0 Ratings)
Do you want to modernize your space or renovate your home? If so, you'll likely need a loan to complete the project. Some homeowners use their own money for home improvement projects, or they rely on credit cards. However, credit cards have high finance fees, and some people don't have a sizable savings account, which means they'll need a home improvement loan. Getting a home improvement loan with good credit is relatively easy. But if you have a low credit score, there's a higher chance of loan denial. Still, it's possible to obtain a home improvement loan with bad credit. The key is comparing loans and meeting the bank's requirements.
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
#
Step 1
increase your credit score. If your credit score is below 600, attempt to improve it before applying for a bad-credit home improvement loan. Adding 20 or 30 points doesn't result in good credit. However, the higher your credit score, the lower your interest rate. A person with a 580 credit score might qualify for a 14 percent interest rate, whereas a person with a 610 credit score might obtain an 11 percent interest rate.
#
Step 2
Secure the loan. To obtain a home improvement loan with bad credit, you'll need some type of collateral or security. This can include any piece of valuable personal property. Some applicants use a vehicle title, electronics or jewelry. If you own a home, inquire about a home equity-home improvement loan. You can borrow money from your equity and use the funds to improve your living space.
#
Step 3
Use a co-signer. Collateral isn't always enough, and if you have bad credit, the lender might require a co-signer. Choose someone with a good credit history, and make sure the person understands the co-signing arrangement. If you default on the home improvement loan, they're automatically obligated to repay the funds.
#
Step 4
Find a lender that offers bad-credit loans. Many lenders don't offer bad-credit home improvement loans. To find one that does, use a loan broker. They work with various lenders, and they're generally able to connect you with a bank or finance company that offers loans to people with less-than-perfect credit. In addition to collateral and a co-signer, these lenders may require a down payment.
Tips & Warnings
*
Borrow only what you need to complete the project. Even if the lender approves you for a larger amount, keep the loan balance small.
*
Be careful with home equity loans. These create a second lien on your property, and if you default, the home improvement lender can take possession of your home.
source: http://www.ehow.com/how_4795427_home-improvement-loan-bad-credit.html
Rate: (0 Ratings)
Do you want to modernize your space or renovate your home? If so, you'll likely need a loan to complete the project. Some homeowners use their own money for home improvement projects, or they rely on credit cards. However, credit cards have high finance fees, and some people don't have a sizable savings account, which means they'll need a home improvement loan. Getting a home improvement loan with good credit is relatively easy. But if you have a low credit score, there's a higher chance of loan denial. Still, it's possible to obtain a home improvement loan with bad credit. The key is comparing loans and meeting the bank's requirements.
======Recommended Resources======
Guaranteed Bad Credit Loans Up to $25,000
Bad Credit Personal Loans - Free Cash Gov Grants
The Attorneys Guide To Credit Repair
================================
#
Step 1
increase your credit score. If your credit score is below 600, attempt to improve it before applying for a bad-credit home improvement loan. Adding 20 or 30 points doesn't result in good credit. However, the higher your credit score, the lower your interest rate. A person with a 580 credit score might qualify for a 14 percent interest rate, whereas a person with a 610 credit score might obtain an 11 percent interest rate.
#
Step 2
Secure the loan. To obtain a home improvement loan with bad credit, you'll need some type of collateral or security. This can include any piece of valuable personal property. Some applicants use a vehicle title, electronics or jewelry. If you own a home, inquire about a home equity-home improvement loan. You can borrow money from your equity and use the funds to improve your living space.
#
Step 3
Use a co-signer. Collateral isn't always enough, and if you have bad credit, the lender might require a co-signer. Choose someone with a good credit history, and make sure the person understands the co-signing arrangement. If you default on the home improvement loan, they're automatically obligated to repay the funds.
#
Step 4
Find a lender that offers bad-credit loans. Many lenders don't offer bad-credit home improvement loans. To find one that does, use a loan broker. They work with various lenders, and they're generally able to connect you with a bank or finance company that offers loans to people with less-than-perfect credit. In addition to collateral and a co-signer, these lenders may require a down payment.
Tips & Warnings
*
Borrow only what you need to complete the project. Even if the lender approves you for a larger amount, keep the loan balance small.
*
Be careful with home equity loans. These create a second lien on your property, and if you default, the home improvement lender can take possession of your home.
source: http://www.ehow.com/how_4795427_home-improvement-loan-bad-credit.html
Subscribe to:
Posts (Atom)
Posts
