How To Get Out From Under A Buy Here Pay Here Vehicle With An Auto Loan Refinance

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Are you sick of paying the state maximum for your vehicle loan? Did you buy your vehicle from a buy here pay here lot? There are ways to get out from under your buy here pay here vehicle and they are not that difficult. There are two main ways that you can do this and save yourself some cash at the same time. Here are your auto loan refinance options.

First, you have the option of trading your vehicle at a special sale and getting a new one. This will mean a larger payment, larger balance, but also a new vehicle, a warranty, and a lower interest rate. There are special sales that are held from time to time that will allow you to trade your vehicle in regardless of how much you still owe.

They will pay your vehicle off for you and add the balance on the end of the new loan. The one thing they might do for you is negotiate a smaller pay off so that you do not have as much on the back end of your loan. This is a big deal because it will save you money and will get you into a better and newer vehicle.

Your other option is to do an auto loan refinance. You will have to be able to prove that you have paid on time on your vehicle for at least 6 months, but there are lenders that will take your auto loan and refinance it for you with a lower interest rate and better terms for you. They may require you to pay $500 to $1,000 up front, like a down payment to make the loan easier to obtain.

Auto Loan With Bad Credit - How To Get An Auto Loan With Bad Credit

Are you in need of an auto loan, but do not have the credit to go to a new dealership? Are you stuck using buy here pay here dealerships and do not know how to get a good vehicle that will fit your needs? There are ways to get an auto loan with bad credit and there are more options than just buy here pay here car lots. Here are some of the options you can explore.

First, you can use a non conventional lender that works with bad credit. There are actually lenders that have made it their business to work with those that have bad credit. All they require is that you have something on your credit that you have paid on time for at least 6 months. Then, of course the normal down payment that you would pay anywhere else.

Second, you can try your own bank. If you have a 401k, an IRA, a certificate of deposit, or a good sized balance in an account of some sort at your bank, then they may be willing to work with you. They will want to you sign over the account or accounts as collateral incase you do not pay and will want the vehicle as collateral, but they will offer a lower rate tahn anybody else can offer you.

Last, you can go to a new car dealership with any type of credit when they do a nobody turned down promotion. Be prepared to pay a good amount of money down, though. They are not usually in the business of doing an auto loan with bad credit, but some now have special lenders for those with bad credit. They may require between $1,000 and $5,000 down depending on the vehicle and which car lot you go to.