How to Finance a Salvage Title Vehicle

A salvage title -- referred to as a "rebuilt" title in some states -- indicates that a vehicle was wrecked, totaled out by the previous owner's insurance company and subsequently rebuilt. As a rule, banks are hesitant to finance vehicles that carry salvage titles. A salvage title decreases a vehicle's value. In the event you stop paying your auto loan and the bank has to repossess the car, the fact that the car has a salvage title could make recovering...

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How to Sell a Car Wholesale

Selling a car for the wholesale price is often a quick way for the vehicle owner to find a buyer. The seller must first determine the wholesale price of the car to know how much to ask for the vehicle. Once the seller sets the asking price, there are a number of ways to find a buyer for the car. Set the Sales Price Check online to find the wholesale price of your car by using a search engine to find a website that has used car valuations....

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Can You Get an Auto Loan If Your Only Income Is Unemployment and Workers Comp?

When you apply for an automobile loan, your lender evaluates the likelihood of you repaying the debt. Lender's lose money if you default on a debt so most lenders check your past credit history and current income levels before extending credit to you. Few lenders approve loans based on unemployment income but you may qualify for a loan if you receive worker's compensation payments. Debt-to-Income When you submit a loan application, your lender checks your credit report to find out about your existing loan obligations and your monthly debt...

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Can I Sell a Car Privately if I Still Owe a Balance?

If you still owe money on your vehicle but want to sell it, expect to pay off your loan to release the vehicle's lien. Many states require a lien release to transfer ownership. You may pay your loan balance using the sales payment; plan ahead by learning your lender's payoff and lien release procedures so you can better communicate with potential buyers. Payoff Amount and Procedure Before you sell your car, obtain your loan payoff amount from your lender. To release the vehicle's title or obtain a lien release (depending on your state),...

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Auto Loan Tips: How to Buy a Car With Bad Credit

If you have bad credit, it can affect your ability to obtain all kinds of credit including a home mortgage, credit cards and a car loan. Poor credit may signify your inability to repay a loan to a lender, and it makes you appear to be a greater credit risk. Even with this obstacle, if you are in the market for a new car, you may be able to get a car loan even with bad credit. Check Your Credit Assessing your credit situation is an important...

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How to Calculate a Gap Insurance Refund

Some people elect to purchase gap insurance when financing an automobile. If a vehicle is wrecked and totaled, the amount the insurance company will pay won't always be the amount that is owed on the auto loan. Gap insurance covers the difference between how much you owe on the vehicle and how much it is worth should be totaled. It provides extra coverage for the "gap" that occurs when a vehicle is not worth the amount owed to the finance company....

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Finance New Vs. Used Car

Interest rates are slightly higher for used car loans, although you're likely to finance for less money because of the cost difference between a new and used vehicle. Term options for your loan may also be affected depending on the year and mileage of the car you want to finance. Manufacturer Incentives You may find special interest rate offers if pursuing a new car purchase. Check the websites of manufacturers and individual dealerships to find out if offers exist. Interest rates offered by manufacturers for new cars are lower than you...

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The Process for Buying Out a Car Lease

The process of buying out a car lease is very similar to financing a first-time car purchase even though you already have the car. Unless you're paying cash, you must apply for financing and budget for fees such as taxes, registration and titling costs. Expect to arrange for financing if necessary and budget for additional fees. Obtain the Lease Buyout Amount You'll need your total lease buyout amount to purchase your leased vehicle. Call your leasing bank to obtain it or review your contract. Leasing contracts list the lease purchase price...

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Car Refinancing in South Carolina

To decrease monthly car payments, borrowers can refinance their vehicles with their existing lenders or new lenders, lowering their interest rates. Generally, state laws govern the rights consumers have when they refinance their vehicle loans. In South Carolina, the Department of Consumer Affairs provides information to consumers who refinance their automobiles from lenders conducting business within the state. Dispelling Myths There is no...

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10 Questions to Ask When Buying a Used Car

When you are buying a used car you can get some of the car's history for free by using the vehicle identification number, known as the VIN, and a VIN search website. Use focused questions to check on the history of the car that may not show up in a VIN report. You can also use information that does show up in the VIN report to find out if the seller is being honest with you. Get everything you are told in writing from the seller before you purchase...

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Bad Credit Car Refinancing

Refinancing an auto loan while you have bad credit may not prove beneficial. However, if you had poor credit when you first initiated your loan, you can save thousands by refinancing at a lower interest rate. Before pursuing a refinance, consider your current credit situation and whether a refinance is financially beneficial. Benefits of Refinancing Refinancing your vehicle allows you to take advantage of interest rates that may not have been available when you originally initiated your loan. Whether your credit has improved or rates have...

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When to Break a Car Lease Document You've Signed

If you can't pay your vehicle lease payments any longer, call your leasing bank as soon as possible. Otherwise, breaking your lease contract results in repossession, which significantly damages your credit rating. Other lease-end options, besides breaking your contract, may prove a better option. Break your lease contract only after you've exhausted all other options. Contact Your Lender First Before you decide whether or not to break your car lease, call your lender as soon as you know you can't make your lease payment. Many banks prefer...

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How to Break a Car's Rental Lease

When you lease a car, you enter into a rental agreement under which the car's owner allows you to use it for a number of years in return for monthly payments. Although you are under a legal obligation to honor the agreement, lease contracts include clauses that enable you to terminate your lease before the end of the rental term. However, to protect the financial interests of the lessor or owner, early terminations usually prove quite costly for...

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Can the Bank Garnish My Wage if I Voluntarily Repossess a Car?

When you fail to make payments on your car, your lender can repossess it at any time. With a regular or involuntary repossession, the lender hires a repossession company to take the car away. A voluntary repossession of a vehicle occurs when you turn your car into the lender on your own volition. Credit Damage A voluntary repossession still damages your credit. Though the lender may notate on your account that the repossession was voluntary, it is still a negative item on your credit report. The repossession will remain on your credit report...

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What Are the Requirements to Refinance an Auto Loan?

Each lender will set its own requirements for refinancing an auto loan. The guidelines for refinancing will in part depend on the reason you are seeking to restructure your loan. Purpose There are two key reasons to refinance: first, to save money on the loan; second, to prevent default. If you are strictly looking to save money, you will face one set of requirements in order to accomplish this goal. If you are facing default and need to refinance in order to keep your loan, you will face a separate set of requirements to accomplish your...

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How to Do a Voluntary Auto Reposession

A vehicle repossession is never an easy situation, ultimately effecting your credit report and hindering your ability to purchase another vehicle. However, a voluntary repossession may be your only choice if have a dire financial situation or have exhausted all your options. Unlike normal repossession, voluntary allows the borrower to contact the lender to surrender the car, lessen the fees owed and set up a civil arrangement to resell the car and...

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Can I Trade in My Car If I Still Owe on My Loan?

Dealers take vehicles for trade even if a current loan exists. However, you may face difficulty when applying for a new loan if you owe more than your vehicle's value, known as being upside down. Before you decide to trade your financed vehicle to a dealer, consider the process and whether it benefits you financially to do so. Trade Process Even with a financed trade, you can shop for a car as normal. Your salesperson will ask if you want to trade in your vehicle. In most cases, you can pick out a vehicle to purchase and allow the dealer...

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How to Calculate a Minimum Lease Payment

When you are looking to lease a car, the minimum lease payment is the least amount of money you would have to pay on the lease each month. Calculating the minimum lease payment (also known as the "bottom-line" lease payment) will allow you to pick the best deal from different financiers. Several factors affect the amount of the lease payment, including the vehicle's sticker price, the negotiated initial price, the vehicle's residual or salvage value,...

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Information on Car Lease Rules

Car leasing payments are based on a variety of bank-determined information, such as the car's expected depreciation over the lease term and payment interest rate. Each leasing bank sets it own rules, leasing provisions and fees. Before pursuing a lease, review your leasing bank's contract to determine its rules and requirements. Lease Payment Determination The bank you lease from ultimately defines the rules for your lease. A lease payment is based on the cost of the vehicle and its expected depreciation over the leasing term, which stays...

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How to Get a Repossessed Auto Back

One consequence of not paying your auto loan on time is losing your vehicle to repossession. A lender may wait several months before initiating a repossession, or it may do so as soon as you miss one payment. Repossession, however, does not mean that your car is gone forever. The Federal Trade Commission notes that you have several options to reclaim your repossessed vehicle -- provided you can pay what you owe. The process for reclaiming your car...

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Statutes and Administrative Rules & Regulations in Virginia When Selling a Car

A misstep when selling your car in Virginia could leave you with liability for the new buyer's mistakes. Therefore, it is important to carefully follow the administrative rules that the Virginia Department of Motor Vehicles has established for selling used cars. Although you should be aware of the rules before selling your car to a dealer, they are especially important for private party sales because the seller is likely unaware of the rules. Car Title The seller must turn over the car title to the buyer at the time of the sale. If you...

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Can I Trade in My Car Owing More Than it's Worth?

Approximately 22 percent of people buying new cars owe more on their old cars than they are worth, according to MSN Money. This is called being "underwater" or "upside down" on the loan. If you are in this situation, you have a few options when shopping for a replacement vehicle. Roll Old Balance Some lenders are willing to roll over the remaining balance on your old car loan into your new car loan. For example, your trade-in is worth $6,000...

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What are the Terms of Leasing a Car?

Exact leasing terms and options may vary between leasing banks. The most common leasing terms include monthly term options, mileage allowance, insurance requirements and any fees associated with the lease. You can find this information in your lease contract. Read your contract over before signing it to avoid any issues during or after your lease. Lease Term You must choose a monthly term to lease a vehicle. At the end of the term, you can return the car to the leasing bank or choose to purchase it. Lease terms differ by bank, but most...

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How Does Using Money As Collateral Work on a Car Loan?

Generally, when you take out a car loan you use the car being financed as the collateral for the loan, which means that the lender can repossess the car if you default on your loan payments. However, you can also finance a car by using a cash-secured loan, in which case the lender has no claim upon the car. Cash In order to take out a cash-secured loan, you must first establish a deposit account such as a certificate of deposit or a savings account. You must deposit a sum of money into the account that matches or exceeds the amount that...

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How to Buyout a Car Lease

Leasing a car is sometimes the best option for consumers as it provides a smaller monthly payment to work with. In some cases, after leasing a car, you decide that you no longer want to lease and would rather buy the car. While you lease the car, the leasing company may give you the option to buy the vehicle. Buying out a lease allows you to get out of the contract and start using the car as you want. Instructions 1 Review your lease paperwork. When you lease a car, the car dealer provides you with information about buying out your lease...

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How to Lease a BMW

Leasing a BMW is different from leasing an average car. For starters, luxury cars tend to hold their value. In fact, a high resale value creates a low monthly lease payment. Individuals interested in leasing a luxury car usually prefer convenience and like to avoid maintenance or repair work. Instructions 1 Decide what you want to lease. The 2009 and 2010 model years of BMW offer more than a dozen models to lease. Each car has different options...

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How to Get a Repo'd Vehicle Back

A re-possessed car is not necessarily gone for good, but consumers must act quickly to get a repo'd vehicle back. The procedure varies depending on the state in which you live, but most jurisdictions provide opportunities to get the car back if certain guidelines are met. If you are not able to negotiate favorable terms with the creditor, you will be able to get your personal possessions from the vehicle, such as electronics, maps and anything else...

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Car Grants for the Disabled

According to a survey conducted by the U.S. Census in 2005, roughly 41.3 million Americans suffer from some kind of disability. From mental to physical, disabled individuals are greatly impacted as well as their families. To improve the livelihood and accessibility of disabled individuals, several governmental programs, foundations and organizations provide grants for the purchase of adaptive automobiles and equipment. Automobile and Special Adaptive Equipment Grants for Veterans The Department of Veterans Affairs provides grants up to...

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Car Repair Vs. Buying Another Car

Consumer reporter Clark Howard told people on his radio show that, on average, people get a new car every three or four years. During a down economy, however, many people can no longer afford that luxury. Hanging on to your car, even if it means making repairs, is one possible money-saving option, but you need to know how long you should hold onto your car and when to throw in the towel. Decision It's a happy day when you've made your final...

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Advice on How to Negotiate Low Car Payments

Your ability to get a payment you can afford determines whether you're able to buy a new automobile. The interest rate on the vehicle loan impacts the car payment, so getting a low payment involves acquiring a low rate. Several factors can help you get the best rate possible on your next auto loan. Credit Risk A bad credit history or low credit score means you're more likely to default on an automobile loan. While this may not stop you from getting a vehicle loan, low credit scores and higher interest rates go hand-in-hand. Getting a lower...

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