How to Avoid Car Refinance Scams

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.

• Get your own credit score and bring it with you to the dealership

• Don’t pay a cash deposit for your financing loan because if the deal goes bad, you can’t get your deposit back

• Don’t apply for a car loan until you have been employed for at least 6 months if you are a recent college graduate

• Apply for your loan online so you can avoid getting ripped off

• Learn to fix your credit before you apply for a loan. Get your credit score to at least 680 first.

• Pay off your credit card debts before you look for a new car

• If you have recently moved, wait 6 months before applying for a 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.

• Having been approved for a loan in the past helps

• Don’t get a co-signer for your loan because often times you will find that the deal is solely in the other person’s name