Refinancing Bad Credit

Posted by admin on March 31st, 2009 at 12:00am

Question:
What would be a good car company for refinancing bad credit?
Four months ago, I refinanced a vehicle under my name mainly for my sister and I am fighting every month with her to send me payments. I do not want my credit rating to be messed up, so I want to refinance through her name and she currently has bad credit and I already tried going with capitol one but they turned her down. What else could I possibly do? Can you provide me with information? I understand it was a poor decision on my part.

Answers:
If your sister is not paying you as agreed then perhaps you need to make some tough decisions. I don’t believe you will have any fortune refinancing bad credit for the car in your sister’s name so here are some alternatives. Have her bring the truck to a dealership to trade it in where they deal in secondary financing. She would require some money down which you will probably need to help with in order to get yourself out of this bad situation. Another alternative is to sell the car for anything you can get out of it. You carried out a favor that is not being recognized and now it seems as though your credit is affected. Take control of the problem.

What would your sister’s credit score happen to be? If it’s very bad, she won’t be able to obtain a loan without any co-signer, who could take over if she will not make payments. With her issues making payments, I doubt she would find anyone, including you, who would be wanting to co-sign for her. Here’s a webpage with further details:
http://www.leaseguide.com/Articles/bad-credit.htm

Under Bad Credit Questions