Why is it that even in these hard times, auto loan terms cannot be renegotiated?
June 28th, 2010 | 
Author: romper996 asked:
I’m in a bad car loan with a high APR. Back when I got it, I was making around 50k/yr and had terrible credit due to a divorce. I now make over 100k/yr base and own my own home. I cannot get refinancing and cannot get the terms renegotiated. Why?
bad credit car loan
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bad credit car loan
I got mad at a loan company once.
My revenge…. paid off the loan.
Make sure you have at least 3 months salary socked away.
And from now on, please buy your cars for cash. It’s silly to finance when you are making that much money.
.
You might have a ding on your credit report.
Have you checked them lately?
Do you know you can have bad items removed after 8 years?
Today, I want you to go to annual credit report . com
(if they want a credit card – its a scam) – you don’t need your scores for anything.
I want you to dispute anything over 8 years you don’t like.
I also want you to have all your credit cards down to 0.
Carrying a balance is bad for credit.
. Now, get to work.
Oh, when you pay off the loan, pay a couple of days extra. It’s hard to tell the exact date they will receive the check. (I paid an extra 2 weeks). They will send you a refund check.
Stop thinking like a poor person that makes loans to make banks rich. You have to think rich to be rich.
bad credit car loan
You signed a paper promising to pay the lender back with certain terms. There wasn’t a well if you run into hard times or lose a job or otherwise don’t want to pay, we’ll work with you clause.
Pay it back as you originally agreed. If you’re making more just make double payments. If you’re making more I don’t see why you are whining about this- at least you can afford it.
bad credit car loan
Auto finance is what I do for a living and it could be several things.
First of all you most likely owe more on the vehicle then the banks think it’s worth especially if you have not had the loan for at least 36-months.
Second all banks have really tightened up their lending guidelines since the sub-prime meltdown several months ago.
Third as far as renegotiating they terms with your current lender you have to understand they have no incentive to do so since it would cost them money in the long run.
bad credit car loan
You are a prime candidate to refinance your car loan assuming that your credit rating has recovered. There are a number of online lenders who refinance auto loans with no lender fees and with minimal paperwork. Check out Capital One, Up2Drive, Bank of America or Wells Fargo to name a few. Good luck.