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When you choose to refinance your current auto loan you can keep the same or reduced terms (length of time) as your current loan but at a lower interest rate this will allow you to pay off your car faster. But you can also choose to have lower payments by extending the terms that remain on your current loan. Doing this can result in you paying more interest over the life of the car loan even with a lowered interest rate. Keep this in mind it is most beneficial for you to refinance an auto loan sooner than later. You will see more savings when you refinance your loan quickly within one to two years since most of the interest of an auto loan is charged in the beginning portion of the loan. You will save more money this could allow you to pay off your car loan ahead of schedule.
Loan providers always prefer to play it safe especially in these troubled economic times when the market conditions are bad and many individuals are facing pay cuts and job losses. If you happen to have poor credit ratings and desire to go in for standard auto dealers or creditors who provide auto loans it is recommended you improve your credit ratings by engaging in a credit score recovery program. If you are pressed for time and it is important to avail your car on a priority basis it is advised you search out for creditors who specialize in providing credit facilities to people who have low FICO scores and bad or poor credit ratings. Many creditors provide poor credit car loans and the best place to find them is to be online and search the net by Googling with the correct keywords. Required monthly income Generally loan providers look out for a monthly income that is within $2000 to $2500.
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But once you get out of it the risk factor reduces. Also coming out of bankruptcy is a major success. Lenders think that if you can successfully handle a bankruptcy car loans would be very easy for you. Keeping this in mind its best to apply after discharging your bankruptcy. How Long To Wait Before Getting A Post Bankruptcy Auto Loan? Every lender has separate lending criteria. There are many lenders who offer auto loans to borrowers with open bankruptcy. But the interest rates will be very high if you apply for an automobile loan with open bankruptcy. So its best to wait until you discharge bankruptcy. You can submit the car loan application the very next day of discharging your bankruptcy. However if you are not in urgent need of a car its advisable to wait for two to three months.