I have a auto loan with HSBC Auto Finance and would like to refinance it. Are there any lenders who will finance at a good rate for a credit score of about 575. My current rate is at 16%
I have a auto loan with HSBC Auto Finance and would like to refinance it. Are there any lenders who will finance at a good rate for a credit score of about 575. My current rate is at 16%
I am in the business of financing RV’s and I will say that 16% is not a bad rate for your credit score. I would suggest that you make payments for a year steady and if you have no slow payments you will be able to refinance and get a good rate but you have to pay your dues to get there.
I think your best bet will be going to a credit union and applying there to see what they can do for you.
http://www.penfed.org – is very popular
Your local credit union or bank will be your best shot.
After that try Capital-One, Wells Fargo and Citifinancial.
Actually 16% for a 575 score is not that bad.
Your rate is typical for your credit score. Sorry, but 570 is well into "B Paper" territory and you’re not likely to do a lot better than that.
One other poster suggested trying a credit union. That’s good advice up to a point. A credit union will treat you much more fairly than a bank will. However, a credit union will NOT loan you money if you are already in over your head, unlike many banks. Some see this as a negative with credit unions but I view it as a sound practice that considers the customer’s financial harm by overextending themselves.
Ask your parents or grandparents for a loan. Other than that you are lucky to only have 16%.
If you have a poor credit score, it is difficult to get a loan from most banks and financial institutions. Credit is usually available only at a very high interest rate.Only few companies provide loan with poor credit score.Check out link for details.
http://www.acreditlibrary.com/prosper.