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Getting Approved for Bad Credit Financing

May 13, 2008
Plan to refinance your auto loan but have bad credit? You can still find financing at reasonable rates by searching online for your lenders. Researching rates and terms will lead you to a good deal, saving you money each month. Increase your odds of getting approved for the best loans by following these tips.

Think About A Co-Signer

The better your credit score, the better your rates. So if you don't have great credit, look for someone who does. By having them co-sign for your loan, you can find yourself qualifying for much better rates. Lenders look at your co-signers record, but you pay for the loan.

If you are a couple, you may also choose to use the person with the best credit score to apply for the refinance auto loan. You can find out who has the better record by requesting your credit score online.

Make Sure you Update Your Credit Report

While there isn't a quick fix for you credit score, you should make sure that it is in the best possible shape. Check your credit report weekly to ensure that all information is up to date. You should also write a letter explaining why your score is poor. Credit companies will sometimes allow for circumastances like loss of employment.

Get Rid of Old Debt - Keep Hold of Cash Assets

Besides your payment history, lenders also look at your debt and cash assets when considering your loan application. The less debt you have, the better you look to lenders - especially if you have a high income.

Cash assets are also important. Lenders like to see at least six months of cash reserves in the bank. This can mean a savings account, money market, or CD.

Do Not Lie on Your Application

More than likely, you will be approved for refinancing. What rates you qualify for depends on your information. So to get the most accurate loan estimate, be honest about your credit background. That way, when you actually apply for the loan, you will be approved for the rate quoted.

Different lenders charge different rates. Take a little time wihle searching online and you will find favourable rates, even if you have bad credit.
About the Author
Please find many more writing by Roberto Beiro on bad credit financing. He has also collected together many more finance tips at www.Roberto-Beiro.com/finance.
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