Purchasing a new car from the dealership leaves you open to dealership scams, but what about when you need to refinance your car loan?
Many of the scams are the same as you will encounter when buying a car.
Here are the best tips for avoiding any of the refinance scams that dealerships force you through.
- Getyourowncreditscoreandbringitwithyoutothe dealership
- Don’tpayacashdepositforyourfinancingloanbecauseifthe deal goes bad, you can’t get your deposit back
- Don’tapplyforacarloanuntilyouhavebeenemployedforat least 6 months if you are a recent college graduate
- Learntofixyourcreditbeforeyouapplyforaloan.Getyour credit score to at least 680 first.
- Ifyouhaverecentlymovedwait6monthsbeforeapplyingfora loan. You addresses are always verified. If you move a lot, they will not trust that they can keep track of your whereabouts should you make late payments etc.
- Don’tgetaco-signerforyourloanbecauseoftentimesyouwill find that the deal is solely in the other person’s name