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31 Dec 2011

Refinancing Poor Credit Car Loans

Once you have established your auto credit with a bad credit car loan you might want to consider this option

We know credit

If you’ve been financing a vehicle for a while using terrible credit auto loans you might be able to switch to something with a lower monthly payment.

We’ve sometimes seen this happen as we’ve been doing bad credit auto sales for twenty years next month here at Auto Credit Express. We even built a web site for applicants that explain such issues as credit scores and bankruptcy as well as today’s topic, bad credit auto loan refinancing.

Refinancing

Refinancing poor credit car loans can mean a number of things: cutting the interest rate, lowering interest expenses or even reducing the monthly payment. It can sometimes even do this as you to continue to establish your car credit.

Typically, you might qualify for a lower interest rate if you’ve made timely payments on your first bad credit car loan for 18 to 24 months, depending upon your original credit situation. A lower interest rate also reduces your interest expense.

A lower monthly payment can also be arranged by extending the loan term. If you currently have 36 to 48 months left on your payment schedule, a refinance can add an additional 12 months or more to the loan. Although this extends the payoff date (and a possible increase in interest expenses), a lower payment means more money in your budget for utility bills and other essentials. It also reduces the chances of late or even missed payments.

Credit score impact

Refinancing a bad credit auto loan can also improve your credit scores. Think about it: If a high payment in the past caused any problems, you can now boost your FICO scores. Since these lenders report to the credit bureaus and because they’re now lower, your now timely payments will help boost your scores.

The Bottom Line

If your current car payment is too high, one option you may have to lower your monthly payment (and possibly even your interest rate at the same time) is refinancing poor credit car loans.

And speaking of loans, if you haven’t yet applied for one, you should know that Auto Credit Express has helped thousands of people with bad car credit find a dealer that will give them their best chance at getting approved auto loans.

So if you’re serious about getting your auto credit back on track, you can begin now by filling out our online auto loans application.

Tags: Bad Credit, bad credit auto loan refinancing, poor credit car loans

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Frimpong joins Wolves on loan

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Arsenal midfielder Emmanuel Frimpong will join Wolves on loan from January 1 until the end of the season, the north London club have confirmed on their website.

The 18-year-old has forced his way back into the reckoning after a serious knee injury on the eve of the 2010/11 season saw him sidelined until April, when he returned for the reserves.

The Ghanaian-born player returned to the first team this season and has made 14 appearances in all competitions.

Frimpong will join up with Mick McCarthy’s team tomorrow for the remainder of the campaign in order to get more first-team action.

He will be looking to make up for lost time which forced him to look on as the likes of Jack Wilshere, who he played with in the Gunners youth team, prospered and even forced his way into the England team.

Frimpong joined Arsenal as an 11-year-old and was a key part of the youth team that won the FA Youth Cup in 2009 and the Academy League title a year later.

He was first called up to the first team when he was named as a substitute in the 2008/09 Carling Cup aged just 16 but due to his injury last season, Frimpong did not make his full competitive debut until August 2011 in a 2-0 defeat to Liverpool.

While he has represented England at youth level, Frimpong is still eligible to represent Ghana at senior level although manager Arsene Wenger has urged the former to secure the player’s services.

A statement on the Gunners’ website said: “Everyone at Arsenal wishes Emmanuel the best of luck during his time at Molineux.”

Occupy the tax code: why taxing the rich will make the economy soar

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