Buying A Car

Buying A Car Advice: Refinancing Scams

Before you start shopping to buy a car, take this buying a car advice...

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

Whether you're refinancing or not, whenever you are considering getting a new car, you should be sure to bring all of the information that will help you to get the best deal you can.

This will all be included in your "folder". Here is a list of all of the information that you will want to include in your folder.

· A copy of your credit report.

· New car purchase prices for the cars that you are considering.

· Accurate pricing data, rebates, tips and incentives.

· Credit pre-approval in writing.

· Insurance quote that covers the coverage that you want on your loan.

· Used car blue book that has used car information and market values

· Extended warranty quotes.

· Current loan rates that are in your local paper

Many of these items can be easily obtained online.

Bringing all this information with you will literally cut the legs out from under the dealer. It shows that you are one step above the various scams that you will encounter.

Buying A Car