Can I Get a Blue Book Value Using a VIN Number?

The "blue book value" of a used car is a reference to "Kelley Blue Book." Published since the 1920s, the "Kelley Blue Book" has long been the go-to source to determine the value of a used car. You can even use the VIN, or vehicle identification number, of a car to determine the Blue Book value. These numbers, which have been assigned to every individual car since 1980, were standardized to keep people from trying to sell a car as one make and model...

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The Best Way to Buy a New Car

If you're in the market for a new car, then there are some things you can do to ensure that your buying experience is a good one. After all, you'll be driving your new car for several years; therefore you might as well invest the time to make certain that the car you buy is the one you really want. What is the best way to buy a new car? That's easy--by following several important steps along the way. Please read on for some tips on how to make...

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Things to Do Before Buying a Car

The car you buy can have a major impact on your finances, the quality of your driving experience and your personal safety. Many car buyers end up overpaying for their vehicles or get cars that do not fulfill all of their needs. There are several steps you can take to help ensure you get as much as possible out of your car before committing to a purchase. Get Pre-Approved for a Loan Many car buyers have to borrow money to afford their vehicles. Car dealers often offer financing options, but the interest rates they offer may not be as low...

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How Do I Take Possession of a Vehicle Someone Abandoned in My Driveway?

Finding an abandoned vehicle in your driveway can be a real nuisance, especially if you dont know whom the vehicle belongs to. Once the car has sat in your driveway long enough, you may wish to take possession. However, just because the car appears to have no known owner and is on your property, the proper legal channels must be followed before possession can occur. Each states has their own laws and regulations regarding abandoned vehicles. Contact your state's department of motor vehicles or police department to inquire about abandoned vehicle...

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What Are the Consequences of Vehicle Repossession?

Not paying your automobile loan for several months will prompt your lender to repossess the car. Lenders do work with borrowers, and if unable to make a payment, they may renegotiate the terms of your agreement or allow you to skip a month. But if money problems continue and repossession becomes inevitable, the consequences of a repo can last for years. Credit Report Within months of repossessing the automobile, your lender will send a notation to the credit bureaus and include this entry on your credit file. Repossessions are serious,...

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New Vs. Used Car Interest Rates

Interest is the price you pay to borrow money. Both new and used cars often cost too much for the average buyer to pay in a lump sum. Various sources provide the money and offer payback terms of anywhere from 24 to 72 months or longer, although CarsDirect warns that lengthy loans often leave you owing more than the vehicle is worth. Interest rates differ for new and used autos. Comparison New car interest rates are generally lower than the rates for used car loans, said Eric Evarts, a Cars.com writer. For example, DataTrac Corp. reported...

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Can a Personal Auto Loan Be Tax Deductible?

The IRS eliminated the tax deduction provision for interest on most personal loans including auto loans. As with most any change in tax regulations, savvy lenders have figured out a way to get around that restriction, offering a loophole involving your most expensive asset: your home. Borrowing money should always be undertaken carefully, especially when you offer your home as collateral. Home Equity Loan If you take out a home equity loan, you can mortgage interest on your federal tax return. These loans are based on a percentage of the...

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How to Remove Yourself as a Cosigner of an Auto Loan

A co-signer of another persons auto loan may eventually want to be relieved of that agreement. If you are a co-signer and apply for your own loan, a lender might decline the request based on your high debt-to-income ratio. Removing your status as a co-signer lowers your debt ratio, which can result in a loan approval and increase your purchasing power. Instructions 1 Review the loan agreement for a co-signer release clause; the document may indicate if you are eligible to remove your name. Co-signer release clauses permit co-signers to take...

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How to Get a Husband Off a Loan Without Refinancing

If you don't want to refinance your loan, but you want to remove your husband as a co-signer, ask your lender to modify your loan contract to do so. Your lender doesn't have to agree to do this. Your original loan terms, including interest rate and depreciation based on loan terms, were made in consideration of both your credit and that of your husband. Also, if your lender agrees to remove your husband from the loan, your rate or term might change, resulting in a higher monthly payment. Instructions 1 Contact your loan provider and discuss...

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What Happens After a Vehicle Is Repossessed?

Vehicle repossession can be a frightening experience for a struggling borrower. In the event that a car note goes unpaid, the lien holder has the right to repossess the vehicle and recoup its losses. When a repossession company shows up to take the vehicle, it is wise to be agreeable and hand over the keys, and ask for contact information for the person who ordered the repossession and where the vehicle will be stored. A legitimate repo company will give you this information, and will usually let you remove personal items from the vehicle if you...

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What Is Average Rate on a Car Loan?

Interest rates for automobile loans do vary significantly based on the amount borrowed, credit score of the borrower, location and other factors. That said, while the base interest rates offered by banks and other financial institutions for auto loans do tend to be pretty similar across the country (although there is some regional variation), it is differences in how banks analyze individual credit risk that represent most of the variability in rates. Current National Auto Loan Rates According to Bank Rate, the average interest rate on...

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Paying a Car in Full Vs. Making Monthly Payments

Major purchases, such as a new car or home, often demand your time and research to ensure you are making a sound investment decision. The decision to use cash for your purchase instead of applying for a loan has pros and cons when buying a home, but when purchasing a new car, very few drawbacks exist for buying a car in full versus making monthly payments. No Interest Payments Borrowing money is never free. Lenders solicit borrowers with the hope of attracting a qualified borrower who can afford to repay a loan with interest. The amount...

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How to Refinance Your Car with Bad Credit

When seeking an auto loan with bad credit, it pays to be realistic. Although an auto loan is secured debt, and thus the easiest kind of credit to get, it can still be difficult to get approved. If you are approved, it can be difficult to get terms that are superior to what you already have. Although this process can be frustrating and require multiple attempts, it can save you hundreds or even thousand dollars in interest over the course of your loan. Instructions 1 Research the current value of your car on Kelley Blue Book or Edmunds. Most...

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When You Trade in a Car for a New Car What Happens If You Owe More Than the Car Is Worth?

If you owe more than your car's value, known as being upside-down on your car loan, the dealer you trade with must pay off your vehicle loan to take ownership of your trade-in. Any additional money you owe toward the loan after the dealer's offer is rolled over to your new car's purchase price. Dealer Payoff Expect your dealership to appraise your vehicle and offer a price. The dealer will also call your lender to get your vehicle's payoff amount, which it must pay in full to complete the trade process. The amount of money you owe toward...

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Tips to Save Money in Financing a Used Car

Loans for used automobiles often have higher interest rates than new vehicles. Higher interest rates on an auto loan increases the monthly payment. However, even with a higher auto loan rate, there are ways to ensure that you receive the best financing deal possible on your new used vehicle. Get Your Credit Score Getting a prime or low rate on a used vehicle loan will save you money throughout the life of the loan via lower monthly payments. Lenders will finance you if you have a low credit score, but the consequence of a bad credit rating...

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What to Look for When Buying Used Vehicles

A well-maintained used car can be a good deal for people who don't want to spend thousands of dollars on new cars that immediately drop in value after purchase. Savvy consumers have a used car checked out by a mechanic to determine the condition of the vehicle. However, there are several things buyers can look for themselves to size up a vehicle's condition. Exterior A thorough check of a car's exterior can reveal body repairs that may indicate...

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The Pros and Cons of Purchasing an Extended Warranty on a New Vehicle

Before you sign on the dotted line to become the proud owner of a new vehicle, you'll often be approached to purchase an extended warranty for the vehicle. Extended warranty coverage kicks in once the manufacturer's warranty expires. If you're not planning on keeping the vehicle long enough to see the manufacturer's warranty end, an extended warranty is not a wise buy. Warranty's Issuer -- Con If the extended warranty you are considering...

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How to Refinance a Truck

Owning a truck has several benefits, the most obvious of which is the truck bed that provides much more cargo area than cars or smaller vehicles. Buying a truck with an auto loan allows you to pay for your truck over an extended period of time, commonly up to five years. If your truck loan is difficult to repay or you think you can get a higher interest rate, refinancing your truck may save you money and extend your repayment period. Instructions...

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Can I Finance a Car with a Rebuilt Title?

One way to minimize the cost of purchasing a vehicle is to consider buying one with a rebuilt or salvage title. While these vehicles have sustained prior damage, this often means that you can purchase them for less than a similar model with no prior damage. However, if you need to finance the purchase, you're likely to have difficulty obtaining a loan. Identification A rebuilt title may be issued to a vehicle that has been declared a total...

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What Do I Need to Know When Purchasing a Car?

Buying a car is one of the most important decisions the average person will make in his or her life lifetime. The type of car you buy can affect your safety as well as the number of people you can transport or the amount of cargo you can haul. It is important to have as much information as possible before purchasing a car to ensure that you make an informed decision. What is the Vehicle's History? If you are buying a used car, it is imperative that you are aware of the vehicle's history, such as any accidents it has been involved in and...

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How Does Car Refinancing Work?

A car refinancing can lower your interest rate, reduce or increase your payment period and decrease your payments. When a car is refinanced, the original loan is paid off by your new lender, and the lender then establishes a loan agreement with you. Definition A car refinancing occurs when a borrower replaces the original loan with a new loan, whether from another lender or with the same bank. The new lender pays the entire original loan and gets the title to the vehicle being refinanced. A new car financing contract is drawn up between...

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What Is the Law in Florida If Someone Sells You a Car With a Lien?

Florida law requires you to acquire a car's title when you buy a car. To acquire the title, the former owner signs the title over to you and you also sign. Any liens on the car are stated on the title. Paid liens should have a stamp that says "lien satisfied" over them. If you buy a car with a title that includes current liens, you must pay the liens off before you can fully own the car. Liens Liens are claims by creditors made on a piece...

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How to Refinance My Auto

You're the proud owner of a brand-new auto but the interest rate on the loan you got from your dealer is sky high. If you have a good job, better than average credit, have been making auto loan payments for at least three to six months, and have not moved in the last six months, you may qualify for an auto refinance. Even if you have bad credit, a discharged bankruptcy or other liens on your name, you can refinance your car and drive away with bigger...

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How to Finance a Repossessed Vehicle

Once your lender repossesses your vehicle, you may have an opportunity to purchase it back before it is resold privately or at auction. Expect to pay for the loan's payoff amount in addition to late payments and repossession fees. You may face issues when applying to an auto loan provider for another loan, as potential lenders require that all loan accounts be current and not in default. Even though you're behind in payments, you still may obtain a loan approval. Instructions Obtain a Loan Approval 1 Call your current lender to obtain the...

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Auto Equity Loans Vs. Title Loans

When you need cash fast and you own a car outright (no liens on the car), you have different options available to use your car as collateral to secure a short-term cash loan. For many people, especially car owners with bad or poor credit, this represents a good way to fulfill some immediate financial obligations. Auto Equity Loans Auto equity loans are very popular in the United States. In fact, most check cashing businesses offer auto equity loans to car owners who are willing to collateralize their vehicle. Loans of this kind have to...

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Disadvantages in Buying a Salvage Vehicle

A car or truck is a salvage vehicle if the insurance company deemed it a total loss, often due to the estimation that the cost to repair the vehicle is more than its value. The vehicle likely has been in a major accident, has been through a flood, or has other significant problems with its frame, body or parts. Although salvage vehicles are much less expensive than comparable used cars with clean titles, they have a number of disadvantages as well. Cost to Repair If you are buying a salvage vehicle that has not had any repairs done to it...

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How Does a Car Lease Affect Your Credit?

Those who purchase cars with an auto loan can affect their credit history significantly with the actions they take surrounding their loan. Individuals who lease cars can also affect their credit histories. The way you make your lease payments can help or hurt your credit score and your chances of getting future credit. Same as Buying When you lease a car, you may not think that it is affecting your credit as much because you are not actually borrowing the money to buy one through an auto loan. In reality, getting a lease is basically the...

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How to Secure Payment When Selling a Car

Selling a used car can be a headache, but the challenge only grows when a buyer needs to finance the purchase rather than paying cash outright. In the event you decide to take the risk of allowing your car's buyer to make payments, you will need to take steps to make your transaction as transparent and secure as possible. Taking the right actions to protect yourself at the outset will reduce your risk in the event of later nonpayment by the buyer....

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How to Refinance a Used Vehicle That Is Upside Down

Refinancing your auto loan even if you owe more than it is worth, also known as being "upside down," is a possibility. Banks determine a vehicle's loan amount based on its value and your credit. If you have good to excellent credit, you may borrow up to 120 percent of your vehicle's value, which can help with negative equity. Otherwise, you may have to put money down. Instructions 1 Call your bank to obtain your car loan's payoff amount; you need it to apply for your refinance. Locate your title or an insurance card to view your vehicle's...

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Does Refinancing a Car Hurt Your Credit?

You can save thousands of dollars during the life of your car loan by filling out a 10-minute application to refinance your car loan. Refinancing a car loan takes your old loan and gives you a new one with better rates and terms. This strategy could hurt you slightly in the short-term, but the long-term benefits of refinancing usually outweigh the negatives. Identification Because refinancing your car loan shows up on your credit report as a new loan and requires a credit check, it could "ding" your score a few points, according to BankRate....

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