How to Avoid Car Refinance Scams
You may be aware that 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 car refinance scams are the same as what you’ll encounter when you buy a car.
Here are some great tips for avoiding any of the refinance scams that a dealership may try to 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 start car shopping.
·If you have recently moved wait at least 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
