Phoenix, AZ -- (SBWire) -- 05/15/2013 --Credit-yogi.com is happy to share its knowledge of this topic, including:
- Define a Low Rate
- Don’t Apply with Original Lender
- Visit Several Financers
- Credit Unions
Definition of a “Low” Rate
Getting low interest auto refinance loans can help reduce a person’s payment. There are a number of factors that affect the definition of a low interest rate. For example, a rate of 6.2% is a low interest rate compared to the 8.5% that was assigned when the loan was new. Credit score affects the definition of low interest. If someone started out with a 15.2% rate and it was reduced to 10.6%, that’s a low rate for him.
No Original Lenders, Please
It is an unwritten rule that original lenders do not refinance their loans. If a person is looking for the lowest auto refinance rates, he should not waste his time by meeting with the financer that drew up the loan. The general thought here is that the borrower was given the best rates possible in the first loan, so the lender is not going to refinance it at an even lower rate now. It’s best for him to go to a new lender to increase his chances of getting his refinance.
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Compare Different Lenders
Obtaining low interest auto loan refinance isn’t difficult. As discussed above, going to the original loan writer is not an option, but there are many other choices to look into. An individual should evaluate several lenders, especially if his credit score is good. He should compare terms and interest rates until he find the best deal for himself. Another alternative is to combine rates and terms. When one lender offers great terms and a different one offers excellent rates, see if either of them will combine both.
Visit Credit Unions
There is one option for obtaining low interest auto refinance loans that many people don’t think about, and that is going to a credit union. These financial institutions guarantee a reduction in interest rate of at least 1% for those who qualify, and no prepayment penalties of fees. A borrower must have good credit to be approved, and the loan must be held by a different financer. Reasons for denial include having a credit score of less than 680 and having gotten the original loan from an online lender.
About Credit-yogi
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Low Interest Auto Refinance Loans with Bad Credit Are Easy to Get Approved