What is the best/easiest way to refinance my car loan?
Smelvin asked:
I have already contacted the company who loaned me the money in the first place they say that my income is insufficient and that my debt to income ratio is too high. The crazy part is that I earned less money and had more debt when I first bought the car!!! So what’s the deal? Did the crooked salesman pull a fast one on the lender or what? Why can’t I refinance now? What lender should I try next?
refinance
I have already contacted the company who loaned me the money in the first place they say that my income is insufficient and that my debt to income ratio is too high. The crazy part is that I earned less money and had more debt when I first bought the car!!! So what’s the deal? Did the crooked salesman pull a fast one on the lender or what? Why can’t I refinance now? What lender should I try next?
refinance
refinance
Haven’t you heard, there’s a terrible credit crunch now? It is much harder now to qualify for a loan now than it was last year. Lenders have tightened down on requirements so that many of the people who were able to squeak by before can’t do it now. Furthermore, if you are upside down on your loan (owe more than the car is worth), forget it. Lenders are not lending more than a car is worth now, where last year it was common.
refinance
Oh how I love this. The “crooked salesman pulled a fast one.” Why? because the economy took a downturn, and lenders tightened their loan requirements? Have you not paid attention to the news? You sure didnt care if there was a “fast one” involved when you got that car you wanted so badly.
There is a huge credit crunch right now. Lenders have really tightened up on what they will lend, and to whom. Where a 700 score was a slam dunk a year ago, its not so much right now. I am seeing people who would have just signed and driven away last year get turned down today.
Add to that, cars depreciate. I am sure you owe more on the car than it is worth - most of us who financed do.
If the bank you are currently financed through will not rewrite the loan, then its doubtful anyone else will either. They know your car payment history best, and they aren’t willing to redo this. So its unlikely another lender will either.
And stop blaming that sneaky old car salesman for a contract you willingly signed. It takes two parties to make a deal.