Wednesday, August 19, 2009

Auto Refinancing With No Money Down?

There's two primary options that you've. two is if you've lovely credit & haven't actually been late on your payments. The other option, is if you've had credit trouble over the last couple years & have been late paying your automobile payment.

With the present state of the economy, more & more people are looking for creative ways to lower their monthly bills. That automobile payment that was twice so easy to make, can now be a real burden when you're cost of living has increased & your income hasn't increased along with it. Refinancing your automobile is a lovely option. Doing so with no money down is even better.

You may be surprised that a simple phone call to your loan company can result in a lowered interest rate & lower payments. I've actually completed this. I had a automobile loan in my early 20's that was financed at 16% because of credit problems. twice my credit score improved, I called the loan company & told them that I was having a hard time making my payments. After being transferred to a supervisor, I was surprised to learn that basically by asking, I was able to get my interest rate reduced to 12% because I basically asked.

You're going to find your best solution online. there's loan companies that specialize in helping people refinance bad credit automobile loans without you actually having to pay anything to lower the amount financed. Every company is different & you should only deal with reputable sources.