Options for Refinancing an Auto With Bad Credit

Refinancing your auto loan requires you to transfer the balance of your current loan to another auto loan provider. If you have bad credit, refinancing might not prove worthwhile. Consider the problems you might face when trying to refinance and how you might overcome approval issues. Traditional Lender Your credit might not be as bad you think. If you've consistently paid your current auto loan on time, you may have improved your credit score. Apply to a lender in your area, such as a bank or credit union. If your credit has improved,...

Read More

How to Get out of Car Debt and Get Rid of Car Payments

Did you know if you invest the amount of an average car payment each month during your working lifetime, instead of paying a car payment to the bank, that at retirement you'd have well over one MILLION dollars? Are car payments keeping you from becoming a millionaire? Instructions 1 Open a savings account for a car purchase. If you are not currently making a car payment but you will need a car in the future, start saving now. Just a few thousand dollars in the bank in a "car fund" will give you enough money to buy a used starter car. It...

Read More

Can Unmarried Couples Be on the Same Car Insurance?

Married couples have the ability to secure one common auto insurance policy instead of getting separate coverage. However, if you and your partner are not yet married but drive the same household cars, you may wonder if that would apply in your case. Do not immediately assume that you can't -- call a few insurers to investigate whether you can establish a shared policy. Unmarried Couples If a boyfriend and girlfriend who live in separate households attempt to get a shared car insurance policy, it is unlikely to be approved. Insurers will...

Read More

How to Take Over a Car Payment After a Death

When someone dies and leaves a car with an attached loan, the vehicle generally becomes part of the estate. If no will exists and the matter is not taken to probate court, you can usually become the owner of the vehicle. However, it is not as simple as sending in the payments from your checking account to the lender. Lenders do not simply add someone to an existing loan. Instead, the loan must be paid off and a new loan started. Instructions ...

Read More

Car Buying Behavior

Buying a car is a weighty decision, and many factors are involved in reaching that decision. For the car buyer, it is an individual decision, reflecting on his priorities. Some buyers value cost over safety, while others place an emphasis on style and comfort over economy. Knowing how people reach the decision to buy a car helps dealers and manufacturers develop future automobile strategies. Groups Understanding car buying behavior among...

Read More

How to Get Approved for a Car Loan With a Cosigner

When you have your heart set on a new car, the last thing you want to hear is that your loan application was rejected. However, it does happen due to poor credit or a lack of credit history. The good news is that the lender may still approve you if you have a co-signer. A co-signer serves as the guarantor and tells the lender that regardless of what happens, the co-signer will repay the loan if you cannot. Co-signers lessen the risk a lender takes on. Instructions 1 Review your credit score; get a free copy at AnnualCreditReport.com. If...

Read More

What Does the Maturity Date on a Car Loan Mean?

The maturity date on a car loan refers to the date when the finance contract expires and the loan is paid off. The maturity date is the final payment date. When referring to auto loans and leases, the maturity date is fixed, meaning the date the loan or lease reaches full maturity is set at the start of the loan. Significance The maturity date for an auto loan or lease is the final time you must pay the lender. In the case of an auto loan,...

Read More

4 Key Questions You Need to Ask When Buying a Car

You won't regret a purchase later if you ask certain questions while car shopping. You must research the car, set spending limits, define needs and evaluate the seller before finalizing the deal to make sure you do not spend too much or end up with a car that needs costly repairs. Who Owns the Car? A car at a dealership may appear to belong to the dealer, but that is not always the case. Dealers sometimes sell cars for people they know, other dealers if sharing lot space or car rental agencies. Ask who owns the car, how long it has been...

Read More

Is it Worthwhile to Buy Extended Warranties on Cars?

Facing unexpected and expensive vehicle repairs can happen to anyone, as the owner is responsible for vehicle repairs outside of the warranty period, even if parts become faulty through no fault of their own. Not having adequate protection in place can potentially cost you thousands. To avoid this situation, consider the benefits of purchasing an extended warranty. Manufacturer's Warranty Check how long the manufacturer's warranty lasts. Usually two are standard: a powertrain and a bumper-to-bumper warranty. The bumper-to-bumper warranty,...

Read More

What Are My Rights When Buying a Car?

In a perfect world, when you go to buy a new or used vehicle, all dealers and private sellers seek your best interests instead of just profit. The reality is that while most dealers and sellers treat customers fairly, some aren't above acting as con artists. Understanding your rights as a consumer can protect you from possible abuse. Good Title When you purchase a vehicle, you have a right to a clear or "good" title. This means that you can prove that you (or your lender) are the owner of the vehicle. This is important, because you need...

Read More

End of Auto Lease Secrets

You might be able to get out of your lease contact early and penalty-free if you plan to purchase or lease again. If you plan to purchase your lease, you may save money by choosing a competitive interest rate from a different lender. You can save money in various ways at the end of your contract, whether you want to return the lease for another vehicle, purchase it or walk away. Purchase Considerations Plan ahead for extra fees you'll pay if you want to purchase your lease at the end of your contract term. You can buy the car for the amount...

Read More

New Car Buying FAQ

Buying a new car is a major investment, and it helps to have your questions answered before you head out to the dealership. New cars can come with rebates and incentives, but they can also come with additional fees if you are not careful. Take the time to do some research on how to buy a new car before you try and tangle with a car salesman. What Car is Best for Me? Talk to family and friends about their cars and evaluate the feedback you...

Read More

Auto Financing or Pay in Full Advice

The process of buying a car might be complicated, with small and large decisions alike. Decisions range from choosing a reliable model and picking a color you like to deciding how you want to pay. Both new and used cars can represent major financial decisions, and the financing you arrange will further contribute to the total cost of your car. The Difference Many car buyers, especially those interested in new models, finance their purchases....

Read More

How to Rent a Motor Home

Traveling in an RV is an excellent way to get to your destination, whether you are vacationing with your family, attending a business meeting with work colleagues, or headed to your band's next gig. An RV provides plenty of space for multiple passengers and lots of room to stretch your legs, use the restroom, take a nap, or watch TV while you're on the road. In most states, renting a car or truck is fairly simple. The process for renting a motor...

Read More

How to Get Your Ex-Spouse's Name Off Your Car Loan

Dividing property and debt during a divorce is difficult and often emotional. Parting ways with respect to joint loans is even more challenging. Perhaps a divorce decree stipulates that one spouse keeps the car and assumes the loan payments. One of the problems with joint loan debt in a divorce is that you both signed the loan contract and agreed to the auto finance company that you would make a set number of payments for a set amount of money. A divorce does not remove you from that binding contract, no matter what your divorce decree says. ...

Read More

How to Break an Auto Lease

Leasing is a financing transaction where you pay for the amount of depreciation that the vehicle experiences over the time period of the lease, but the bank or leasing company keeps ownership of the vehicle. About 20 percent of all new vehicles on the road are leased, according to Kiplinger.com. Many people do not think that you can get out of an auto lease early, but with some planning, you can break an auto lease with minimal impact. Instructions...

Read More

What Happens If I'm Unable to Pay the Lease on a Vehicle?

A lease is a binding legal contract for the long-term rental of a vehicle. The lease calls for you to make timely payments as they are due. If you fail to make the payments, then there will be ramifications similar to if you do not make payments on a vehicle that you are purchasing. Requirement for Payments with a Lease When you finance and purchase a vehicle, you agree to pay a certain amount of money to the bank or finance company for a...

Read More

How to Get a Car Title & Still Owe Money on the Loan

When you borrow money, a lender may want collateral such as a car title or a home. Lenders usually require collateral when the amount you want to borrow reaches a certain amount. Usually you cannot get your car title until your loan is paid in full. You may be able to negotiate the release of your car title before the loan is paid off. A lender may take something else of value in place of your car. Instructions 1 Contact your lender to see...

Read More

How Long it Takes Before a Repossessed Car Is Sold

A process usually exists for a repossessed vehicle's sale. It is first taken back from the borrower and then stored until the bank's auction or resale (if it sells vehicles privately). It then takes time to sell a vehicle once it is for sale; not all sell immediately. If you're wondering if you have an opportunity to get your car back or how long it will take to receive a check for equity, you must first understand the process. Before the Sale To repossess your vehicle, the bank hires a repossession or tow company to collect your car. Once...

Read More

What Is a Bad Credit Auto Loan Rate?

A bad credit auto loan is a car loan made to a consumers with a low credit score. The cutoff score varies from lender to lender; however, it's usually applicable to scores that are 620 or below. Consumers with such scores are considered subprime borrowers. Function A bad credit auto loan gives consumers the opportunity to buy a car when they don't qualify for traditional financing. Not all dealers offer such loans, however. Features A bad credit auto loan will have a higher interest rate than a traditional loan. It may also require...

Read More

Procedures in Buying a Car

Buying a car typically involves more than breaking out the checkbook or credit card and driving home. Widely recognized as the second-most expensive purchase people will make beyond their homes, cars come with their own checklist that should be met before completing the credit check and paperwork that precedes driving your new car home. New Car Once the decision has been made to purchase a new car, buyers should determine the exact make,...

Read More

If I Have a Bad Credit Score, Can I Still Buy a Car?

Credit woes can leave you nervous at the idea of creating a new loan. Some purchases, however, do not require the use of your personal credit score. When buying a car with bad credit, there are loan programs available but you can also avoid loans altogether by considering alternative financing options. Loans Having bad credit does not automatically exclude you from qualifying for a loan. There are loan program for people with bad credit as long as they can prove they are employed. However, these loans have inflated interest rates which...

Read More

How to Buy a Vehicle Out of State

Buying a vehicle out of state may save you some initial money on the purchase price because you may see the same vehicle for cheaper in a neighboring state. Shopping in another state may even allow you to easily find a vehicle that is hard to find in your state. If you are buying in a neighboring state that has no sales tax or a lower sales tax rate, it does not get you out of paying the tax in your state, however. Instructions 1 Visit your state Department of Motor Vehicles website to check the vehicle registration requirements in your...

Read More

Can You Repo Cars If Someone Owes You Money?

According to New Hampshire Legal Aid, there are circumstances where a car can be repossessed and sold to pay off a debt. If you loaned someone the money to buy a car, took a valid legal security interest and they are in default of the loan, you can repossess their car. Promissory Note In order to have the right to repossess the car, there must first be a legally enforceable loan. The promissory note must be in writing, signed by the debtor, and must set out in detail how much money the debtor must pay the lender and when he must do so....

Read More

How Much Car Loan Can I Afford?

Edmunds.com suggests spending less than 20 percent of your income on your car payment after your gross monthly income, or the amount you take home after taxes. This suggestion might not work for everyone, as personal affordability depends on current debt and financial situation. Before you apply for a loan, consider the various costs of owning a car to make sure all ownership costs fit your budget. Creating a Budget Assess your current debt and present or future financial situation to determine how much of a car payment you can afford....

Read More

Common Mistakes When Purchasing a Car

Purchasing a car is one of the biggest financial commitments that most people make in their lives. With such a large amount of money on the line, you want to ensure that you get the best deal you can find. Many people make some common mistakes when engaging in the car buying process. Focusing on Payment When buying a new car, one of the biggest mistakes that you can make is focusing on the monthly payment instead of the total price. There are many different things that a sales representative can do to lower the monthly payment for you without...

Read More

Can I Trade My Car in If the Balance Due Is More Than the Car Is Worth?

If you owe more than your car is worth, also known as being "upside-down," you might still find you can trade your vehicle. Ultimately, your credit is used to determine the amount of a vehicle's value you can borrow, so excellent credit buyers may find this process easier. The selling price of the vehicle plays a big part in loan determination. Consider the overall costs before you decide to trade in an upside-down vehicle. Money Down You can put the excess money you owe as a down payment. Whether you keep your car and pay off the loan...

Read More

How to Sell a Car as a Co-Signer With the Owner's Permission

After you find a buyer for your vehicle, you and the vehicle's titled co-owner must sign the vehicle's title. Since you already have the co-owner's permission to sell the car, follow your state's rules regarding seller signatures. Depending on where you live, you might need to have your signatures notarized. Have your co-owner sign the vehicle's title if she can't be with you when you sell your vehicle. If your state requires notarized signatures, the co-owner can have her signature notarized before you sell the vehicle or sign the title. Instructions...

Read More

How to Pay Off a Car Title Loan Early

Paying off a car title loan early can have many benefits. When a car title loan is paid off early, you can save money from not having to pay the pre-arranged monthly interest. Another benefit is that you will reduce the amount of debt that shows up on your credit report. This can also improve your credit score, which will increase your chance of getting a loan at a lower interest rate. When the car payment is paid off early, there is one less bill...

Read More

Is it Better to Lease or Finance a Vehicle?

There are many variables involved when deciding between leasing or purchasing a car. Most people who buy a new car do so through financing. They make monthly payments to their lender and eventually own the vehicle. Leasing also requires monthly payments, but typically you don't own the car at the end of the lease. There are pros and cons to each option that are dependent upon your financial situation, lifestyle and preferences. Down Payment ...

Read More

What Are the Steps for Purchasing a Car?

When you buy a car you must first establish a car buying budget and then attempt to find a car that meets your needs but falls within your budget. You should research the cost of comparable vehicles, get insurance quotes and make you sure you understand the sales agreement before agreeing to buy a car. Financing You can either buy a car with cash or finance it. Aside from the actual cost of the car you must also take into account the cost...

Read More

How to Qualify for Auto Refinancing

The primary reason to refinance an auto is to lower the interest rate and decrease the monthly payment on the vehicle. Qualifying for a refinance is similar to qualifying for financing a vehicle, so the lender is going to check your credit, ask for employment information and evaluate the value of the vehicle. Instructions 1 Collect your credit report and score. One of the primary factors that determines your qualification for a refinance is...

Read More

Tips on Buying a Car With Bad Credit

Credit reports and credit scores are very important. Good credit scores open doors to the best financing options, while bad credit scores do the opposite. However, if you have a bad credit history, a major purchase, such as a car, isn't out of the question. There might be some financing options available, depending on how low your credit score is. Put Together a Down Payment Putting together even a small down payment will significantly increase...

Read More

How to Obtain a Motorcycle Loan

The requirements for motorcycle loans are similar to those required for car loans in that the ability to repay the loan, repayment history and value of the vehicle are used to make loan decisions. Motorcycle loans often have steeper interest rates than car loans, however, because banks view motorcycles as a greater risk due to the fact that they are recreational vehicles. The logic follows that a person is more likely to allow a motorcycle that they...

Read More