How to Sell a Car & Transfer the Title in Pennsylvania

Millions of vehicles are sold in the U.S. every year through private sales, meaning that individuals sell their vehicles to another party without involving a dealer. In some cases, owners can get a higher price for their vehicle by selling it themselves, as opposed to trading in the vehicle for cash on the price of a new vehicle. For residents of Pennsylvania, selling a vehicle to another individual involves transferring the title to the new owner...

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Rules on Selling a Car With a Lost Title

All vehicles sold in the United States must come with a title. If you have lost the title, you should request a duplicate before selling the vehicle. Selling a car without the title does not allow the buyer to legally assume ownership. Duplicate titles must be requested through your state's motor vehicle department. Features To receive a duplicate title, you must fill an application at your motor vehicles division. Its website may also allow...

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Can You Remove a Name From a Co-Signed Auto Loan?

Many times, a spouse, parent or close friend will co-sign an auto loan for another borrower to help the borrower qualify for the loan. A clear cut "yes" or "no" answer on whether or not a lender will drop a co-signer from a loan before it is paid off is not possible, as it is up to the individual lender to make that decision based on the circumstances specific to the loan, including the borrower's current financial standing and credit rating. ...

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What to Know About Buying Salvaged Cars at Auctions

The term "salvaged car" can mean a number of different things, depending on who is using it. In the context of a used car auction, you need to determine exactly how the auctioneers are using the term, and decide whether to bid based on that information. Your main concern is that the car is in good condition, or at the very least that you know about any defects, and that the title is valid. Buyer Beware The reason that you can get cars more...

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How to Refinance the Interest Rate on a Car Loan

Auto loan interest rates fluctuate almost as much as the weather; one week they're at an all-time high, while the next week may bring all-time lows. If you financed your vehicle with a higher interest rate loan, it may be possible to lower your payments and save on finance charges by refinancing. Instructions 1 Contact your lender to receive a payoff quote on your existing auto loan. The payoff amount is how much you will need to borrow under...

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How to Co-Sign a Lease for a Car

Car leasing companies consider the buyer's credit score to determine whether he qualifiesfor the lease and to set the terms of the agreement. If the buyer has a poor credit score, he may get approval for a lease if someone cosigns the lease. The cosigner accepts full responsibility to pay the amount owed on the lease if the primary borrower fails to make the required payments. This is not a responsibility to be taken lightly. The process is fairly simple, but the consequences could be severe. Instructions 1 Discuss the monthly payment...

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Problems You Face When Purchasing a Car

Purchasing a car is an exciting experience for most buyers. A new car oftentimes represents a new place in life where an upgrade to a better car is a reward for hard work and a job well done. But buyers can encounter a number of problems when purchasing a new or used car. The way that these problems are faced and resolved may have a direct impact on the purchase price of the car and the enjoyment that the car provides. New vs. Used One...

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How to Calculate the Interest on a Lease

For some consumers, the option to lease a vehicle is more attractive than the option to purchase it outright. Monthly payments on an auto lease are computed as a sum of interest and what's known as a "depreciation" payment. The calculation to determine what percentage of your monthly payment is interest is unusual. With a little patience and concentration, however, you'll be able to complete it in no time. Instructions 1 Call your dealership...

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How Much Should I Spend on Car Payments?

If the type of car you want suits your needs and fits into your budget, you are one lucky person. What usually happens, though, is that the car of your dreams is not practical or affordable. Before you indulge your dream car fantasies any further, determine what you can actually afford. Down Payment Before you buy a car, consider your monthly car payment and then scrape together a down payment, either with cash, a trade-in or a combination...

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How to Buy a New Car With a High Interest Rate

If you're in the market for a new car but you aren't blessed with a great credit rating, you might only be eligible for a loan with a high interest rate. However, a high interest rate isn't as bad as it seems. In fact, you might end up digging yourself deeper in the hole by trying to figure out a way around the rate. The best thing to do is deal with it. Instructions 1 Don't shop around. Whatever you do, do not look for a lower interest rate. If you have bad credit, chances are you aren't going to find a low interest rate anyway. Do...

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How to Add a Lien on the Car I'm Selling

Selling a car can be easier to do if you are willing to take payments instead of the whole amount up front. If you know the person buying your car, or you wish to sell the car quickly and don't necessarily need all of the money from the sale up front, this can be a win-win for both the buyer -- who may not have all of the money necessary for the car -- and the seller. In order to secure the loan, you can place a lien on the car so that if your buyer defaults, you can repossess it. Once the loan is paid off, you can release the lien. Instructions...

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Car Repossession Questions

If you've never dealt with repossession, you may have several questions regarding the process, your rights and if you can get your car back after it's been taken. A repossession may prove a negative experience, but once you know which questions to ask, you should know how to handle the process better. When Will My Car Be Repossessed? Read your loan contract to determine when your vehicle can be repossessed. While most contracts state a missed payment as reason for repossession, many banks will not take your car back right away. Contact...

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Documents Needed When Selling a Used Car

Your car has served you well, but now it's time to get rid of it. Before you slap a "For Sale" sign in the window and hope for the best, make it more enticing to the prospective buyer by showing him the paperwork that shows how well the car was maintained. Make sure the transaction is legal by gathering all the documents your state's Department of Motor Vehicles (DMV) requires to transfer the title to the new owner. Vehicle History Vehicle...

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How to Sell My Unpaid Car

Selling your car presents an opportunity to earn a profit that can be used toward a new vehicle or to add a cushion to your savings. No matter the reason you plan to sell, understanding the process of a private car sale can help you expedite the transaction once you find a buyer. If the car is not paid off, the transaction is similar, but you must go the extra step of closing the original loan with the lender so the buyer owns the car free and clear. Instructions 1 Contact your lender to determine the correct procedure to close out your...

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How to Finance Older Cars

Unless you are interested in purchasing a classic collector's car, it can be difficult to obtain financing for older vehicles. This stems primarily from the low value of older cars. While difficult, it is not impossible to get financing on an older vehicle. It is often easier to finance an older vehicle if you have a large down payment or if you can afford a short-term loan. Instructions 1 Purchase the vehicle through a used car lot that offers financing. Car lots typically offer financing for any car on their lot. You may not get the best...

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How to Sell a Used Car With a Lien

When you still owe a lender money on your car, the lender holds a lien, which means that the lender has the financial right to sell the car. When you want to sell the car yourself, you must get the lender to release the lien before you can transfer the title to the buyer. The only way to get a lender to release the lien is to pay off the rest of your loan. You can either do this before selling the car or you can use the buyer's purchase funds to pay off the loan and release the lien. Instructions Remove the Lien Before Selling 1 Call your...

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How to Trade in a Car With a Loan

If your are ready for a new car, it is possible to trade in your existing car -- even if it still has a loan. The dealership will pay off the car loan when you trade in your car for a new one. The biggest roadblock will be if your current car is worth less as a trade in than the loan balance. This is called being "upside down" in your current car. Instructions 1 Collect information on your current car loan, including the lender's name, your...

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How to Buy a Car in Atlanta

Buying a car in Atlanta is relatively straightforward, but the Georgia Office of Consumer Affairs recommends exercising caution in your negotiations, especially with dealers. In 2009, the agency reported that it had received complaints about nine dealerships in Georgia failing to pay off the customer's trade-in after a sale. The people were duped out of thousands of dollars when they traded in cars they still owed money on. The dealers promised to pay off the loans, but never did, leaving the customer with two loans--one for the car they purchased...

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Do I Have to Pay the Difference of a Repossession?

Your car is only yours for the amount of time you make payments on it. If you stop paying your lender before your loan is fully paid off, the lender will repossess the car. Not only does this leave you with no transportation, it doesnt necessarily relieve you of your obligation to pay off the original auto loan. How Repossession Works Lending consumers large sums of money is a considerable risk for banks. Auto loan lenders, like mortgage...

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Does a Cosigner of a Car Loan Have to Be Contacted on a Defaulted Loan?

The biggest risk of co-signing a loan is the possibility of credit damages caused by late payments or repossession. As a co-signer, you're equally as responsible for the auto loan payments as the borrower. Depending on the way your loan account was set up when you initiated the loan, you might not be contacted if the borrower defaults on payments. Read Your Paperwork Your lending contract states the process and reasons for a repossession, although it may not describe the procedures for collection and contact. Most lenders, however, make...

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Tips for Buying a Car With No Credit History

Having a vehicle or reliable transportation is a necessity for adults with responsibilities. However, if you don't have good credit or a credit history, acquiring a car loan can prove challenging. Auto lenders use your three-digit credit score to assess your likelihood of repaying the car loan. And even if you have the best intentions of repaying the loan, having no credit history makes a lender nervous. Still, there are ways to acquire a car loan with no credit history. Show Steady Employment Or Income A steady job or a steady source of...

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Can I Buy a Car From a Private Seller With a Car Loan?

It is possible to buy a car from a private seller using a car loan. The primary problem with buying a car from a private party is that the seller must wait for the buyer to acquire the money from the bank. However, by being prepared to make the purchase, a buyer can significantly reduce the time needed to get the money, which will increase the odds of a successful purchase. Pre-Approval Before going car shopping, a consumer should contact a number of banks, credit unions or other lenders to determine which will offer the best loan terms....

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How to Keep a Car From Being Repossessed With Partial Car Payments

If you've run into hard times and are having trouble making your car payments, talk to your lender immediately to work out a payment plan. Many lenders would prefer to work with you and may even offer you options to permanently lower your car payment -- or at least for the time being. Don't wait until your car loan is behind before your reach out for help. Learn how you can make partial car payments if your bank allows it. Instructions 1 Figure out your budget and how much you can spend on your car payment. Contact your bank to discuss your...

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How to Lower Car Interest Rates

Most people want to lower their monthly expenses and increase their disposable income. If you have a car loan, reducing your interest rate can result in a lower monthly payment. Hence, you'll have cash to put into savings or pay down debts. Some car buyers obtain a higher rate due to no credit history or poor credit. However, there are ways to obtain a reduced rate. Instructions 1 Obtain a copy of your credit report. Low interest rates are...

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How Does a Person With a Poor Credit Score Get an Auto Loan?

Having a poor credit history doesn't mean you have to rely on public transportation or drive around in a much older car. While big dealerships may not approve your application with poor credit, there are tips to help you qualify for an auto loan. Benefits of a Subprime Lender Buying a car from a dealership that specializes in bad credit auto loans, or using a lender that issues loans to borrowers with bad credit, can help you obtain an auto...

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Tips on Buying a Leased Car

Purchasing your leased vehicle instead of returning it may prove financially advantageous, as you know the vehicle's maintenance and repair history. Lack of such information can be a problem with used car purchases. Also, if you went over your mileage allowance, you can save on lease-end fees by purchasing the car instead of returning it. Call Your Bank Call your bank to find out your lease purchase amount. The bank can also go over any fees associated with buying your car. Dealers can also do this for you and can arrange your financing...

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Credit to Buy a Car

Cars are an expensive purchase that people finance when they cannot afford to pay the total cost all at once. Vehicle loans are secured by the car itself, since the lender can repossess it for nonpayment and sell it to offset the owed balance, but you still need a decent credit rating to qualify for financing. Credit Requirements You need a solid credit history and good credit score to finance your car purchase at a reasonable interest rate. You can still get credit to buy a vehicle with some past problems, but your lender will charge a...

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How Long Does it Take to Build Credit With Car Payments?

Car loans are secured loans because they have property backing their repayment. The Federal Trade Commission (FTC) explains that banks and financial companies repossess cars if the buyers cease paying. People with bad credit can often get vehicle loans because of the collateral. Lenders charge higher interest on subprime accounts, which raises their profits. Eventually such borrowers build their credit up again by handling the car loans properly. Time Frame FICO, the biggest credit score provider, explains that every on-time loan payment...

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How to Beat a Ruthless Lien Holder

Of course, everyone intends to pay their bills and do so on time. But sometimes financial hardship gets in the way. What do you do when you need just a little more time to pay your bills and a lien holder is pressing down on you? You need your car. Desperate times call for desperate measures. Here are a handful of options available to you. Instructions 1 Contact your lender. Although they are not obligated to do so, the lender may agree...

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Can Car Sales Tax Be Included in Financing?

Car sales tax can normally be included in the total loan amount taken when buying a new or used car. This is helpful for consumers who prefer to put no money down when financing a vehicle. However, a consumer's credit history, the total amount financed and even the type of vehicle can impact the lender's decision when it comes to financing car sales tax. Credit History The most important factor when it comes to financing sales tax on a new or used car purchase is personal credit history. Consumers with poor credit histories and those financing...

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