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How to Avoid Car Refinance Scams

Posted on May 1, 2020 by Trevor Schoborg

Buying a new car from the dealership leaves you open to dealership scams, but what about if you will need to refinance your auto loan? A number of the scams are exactly the same as you may encounter when purchasing a car.

Here are the top tips for preventing any of the refinance scams that dealerships induce you through.

* Get your credit rating and bring it with you to the dealership

* Do not pay a cash deposit to your financing because if the deal goes bad, you can not get your deposit back

* Do not 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 how to repair your credit before applying for financing. Get your credit score to at least 680 first.

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

* If you've recently moved wait 6 months before applying for a loan. You addresses are constantly verified. If you move a whole lot, they won't trust that they can keep track of your whereabouts if you make late payments .

* Having been approved for a loan in the past helps

* Do not get a co-signer for your loan since often times you will find that the bargain is solely from another person's title