How to Get Auto Financing With Bad Credit

The impact that credit scores have on financial life can make it seem as though bad credit closes the doors to many opportunities. Bad credit is not the end of the world, but until credit is repaired, compromises are usually necessary, especially when it comes to financing a vehicle. Qualifying for auto financing with bad credit will take some work, but it is far from impossible. Instructions 1 Order a copy of your credit report. Credit reports...

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Legal Rights Against Repossession of a Vehicle in Georgia

Repossession is the legal right of a creditor to reclaim property after a debtor has failed to pay a loan secured by that property. With respect to automobiles, if you fail to pay your car loan, the bank or other financial lender can repossess the vehicle. In Georgia, a creditor can repossess as soon as you are delinquent unless the loan contract says otherwise. Creditor's Repossession Rights Unless the loan contract expressly says otherwise, the financial institution can repossess the vehicle as soon as you default on the loan. Typically,...

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How to Owner Finance a Car

Any commercial transaction, including the sale of a car from one person to another, can be completed with owner financing. Owner financing--sometimes called seller financing--is when the seller of a given product extends credit to the buyer of that product and holds a promissory note for the loan. The opposite of owner financing is bank financing, where the seller receives payment in full from a bank and the borrower repays the lending institution....

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How Low Can You Negotiate for a Used Car When Paying Cash?

Contrary to what some buyers may believe, used car dealers don't accept a lower price for vehicles when the customer is paying cash. The form of payment makes no difference in a sale. Also, most private sellers accept cash for payment only because of the risk that check payment may present. Before negotiating a lower price for a used car, understand why dealers prefer financing over cash payments and how to get a better deal, regardless of how you...

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The Advantages and Disadvantages of Buying Vs. Leasing a Vehicle

If you know what you want out of a vehicle, making the decision to buy or lease can be simple. If you're unsure, you can look at your pattern of use for your previous vehicle to see whether leasing or buying is the right decision for you. Advantages of Buying If you're the type of person who likes to drive a car until it can't be driven any more, buying will likely be the best decision for you. When you purchase a vehicle, after you finish...

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Can You Get a Car Loan If You Are Retired?

A lender looks at a borrower's income when deciding whether to make a loan. Even if you are retired and no longer working, you can still qualify for a loan if your income is high enough. Generally, lenders look to see if you have a good credit history and the funds available to repay the loan. Lenders also measure your level of financial responsibility by the amount of any other debts you owe. Proof of Income Standard practice for lenders...

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How to Compare Car Leasing Deals

At first glance, just about all leasing payments look attractive. Manufacturers advertise their monthly leasing at the lowest possible price. What you see advertised for leasing is, in fact, the cheapest a lease can be for the month's incentives, meaning that if you change the mileage or years, the payment will rise. At closer glance beyond the low monthly payment, you'll see that leasing differs a great deal from one car to the next. Learn how to...

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Leasing Cars: Pros & Cons

Determining whether or not to lease a car is a matter of personal choice, although some business elements should be considered as well. While leasing a car means that you might pay less in income taxes at the end of the year, buying the car gives you an actual asset when you purchase the vehicle. Commitment If you're the kind of person who likes to drive a new car every three or four years, leasing will have some advantages. You'll be able...

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Can I Get a Cosigner on a Vehicle?

While you might ask someone to co-sign on an auto loan with the best intentions, co-signing an auto loan is extremely risk for the co-signer's finances. Putting your name on the same loan note as anyone immediately gives him a new liability that he may never be able to shake unless you pay off the debt. If you need help getting a car loan, there are other ways doing so. Auto Loan Co-signer The best place to look for a co-signer is someone close to you, such as a friend or family member. However, you should inform them of the risks of co-signing...

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What Is a Lease Buyout?

At the end of your lease agreement, you'll have the option of purchasing your vehicle at a price called the "residual value." This is a lease buyout. If you have enjoyed driving your car, this may be a smart move for you. However, before you decide, crunch the numbers to make sure that you're getting a good deal. Lease Buyout Terms Within your original lease agreement, the company specified the residual value at the end of your lease. This...

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What Happens If the Car Dealer Can't Find Financing After You Take the Car?

If a dealership lets you take a car without having a definite loan approval, the car is not paid for and you must return it. Paperwork you signed likely includes a blank bank contract, a buyer's order that states your price agreement or a document that allows you to use a dealer plate. The dealer did not process the motor vehicle paperwork and still owns the vehicle. Dealership Intentions Dealerships work with a variety of lenders, including subprime lenders, banks, credit unions and nationally based lenders. Dealers submit credit applications...

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Auto Lease Vs. Loan

When it comes time to get a new vehicle, many debate whether it is more beneficial to buy a vehicle using an auto loan or to lease the car. Choosing the better of the two options depends on your personal situation, so there is not a one-size-fits-all option that is right for everyone. To weigh which option is right for you, you have to learn about the differences between the two options and the advantages and disadvantages of each option. Auto Loan When you decide to buy a vehicle using an auto loan, you generally make a down payment, pay...

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How to Buy Back a Repossessed Vehicle at an Auction

When a person who has taken out a loan to purchase a car becomes delinquent in paying back the debt, the lender may choose to repossess the vehicle, which acts as a form of collateral on the loan. While the specific procedures for this repossession vary by state, in many cases, the lender will be required to sell the car at auction. The borrower may then attempt to repurchase the car by entering the bidding. Buying Before the Auction In many states, before the lender places the car up for auction, the borrower is given another chance to...

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Ways to Finance a Used Car

Several finance options exist for a used car loan, while each offers its own benefits depending on consumer credit standing or convenience. You can obtain financing on your own or let a dealership handle the process for you. Learn which finance options you should consider before you make your financing decision. Traditional Financing Credit unions usually offer the most competitive rates and term options in an area. Other lenders, such as Chase, HSBC or Bank of America also exist on a local level. You can find used-car interest rates advertised...

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How to Refinance a Van

A van purchased during a period of higher interest rates or with a low down payment could present an opportunity to lower your monthly payment. Refinancing the loan for a longer term or a more attractive finance rate might help lower your expenses. If your credit history and credit score has improved since you purchased your van, you may qualify for better financing terms. Instructions 1 Verify the credit reporting for your van loan and other items that appear on your credit profile. Obtain your credit report and score online from Annual...

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What to Do When You Drove More Miles Than Allowed in Your Lease Agreement?

If you drove more miles than allowed in your car lease agreement, you must pay the per-mile overage charge as specified in your contract. The typical charges for each mile in excess of the maximum contracted mileage typically ranges between 15 and 25 cents per mile, depending on your leasing company. If you have far exceeded the mileage restriction, it may be more viable to complete a lease buyout than pay the mileage penalty in full. Reasons for Mileage Charges Leasing companies must assess overage penalties when you drive more than the...

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Tips on the Purchase of Used Cars

Buying a car is a process that requires planning and thoughtful consideration, especially if you want to save money in the process. Since new cars depreciate so quickly, you can find some of the best deals by opting for a used car that's still in excellent condition. But buying a used car presents new risks that new car buyers don't have to worry about. Know the Warranty Status The biggest risk of buying a used car is the chance that it will...

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How to Get Car Payments Deferred

Although most individuals only take on car loans they can afford, sometimes an unexpected crisis--often a job loss or unexpected medical bill--causes the borrower to be without the necessary funds to make the payment. Fortunately, most car loan officers are willing to defer payments for a short time if you can prove the need. Instructions 1 Contact your auto lender as soon as you realize you cannot make your monthly car payment. Auto lenders...

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Problems Associated With Buying a Used Car With a Lien

If a vehicle title has a lien listed on it, a bank has legal financial interest in the vehicle, meaning that there is an active loan on the vehicle that has not been satisfied. If a lien exists, a bank's name and address will be listed under the "lien holder" section on the front of the title. Transfer of Ownership Many states do not allow title transfers if a lien is listed on the title. Even if you pay the seller for the car, you can find...

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How to Buy a Used Car From a Private Seller When the Title Is Held by the Seller's Lender

When an individual selling a used car still owes money on his car loan, he will not have the title in hand to complete the sale with you. He needs to pay off the loan to get the lien released so he can sign the title over to you. In general, there are two ways to go about completing the sale. Use the method at the seller's lender's office if possible because it ensures that you receive the title right away. Otherwise, you can use the bill of sale method. Instructions Lender's Office 1 Agree on a purchase price, and have the seller call the...

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Can You Roll a Car Loan Into a Home Loan?

When you "roll" a debt into another debt, you are taking a consolidation loan. The new loan replaces both of the existing debts with a single debt, allowing you to make just one payment. You can consolidate many different types of loans, and it is even possible to consolidate a car loan and a home loan. To do so, you must consolidate the loans into a new debt. Process In order to consolidate an auto loan and a home loan, you will need one...

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How Long Can You Default On An Auto Lease Before They Repossess It?

Repossession laws vary from state to state and from contract to contract. Generally, there's no difference between not making lease payments on a vehicle and not making your payments on an auto loan. In both cases, you've signed a contract to pay a certain amount of money over an extended period of time. Most lease contracts include fine print that the leaseholder can repossess the auto immediately, or right after the grace period, if you default...

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How to Trade in a Vehicle If It Is On a Loan & You Don't Have the Title

Many states are "title-holding" states, meaning the state motor vehicle office sends the title to the lien holder instead of to the registered driver. The bank holds the title until the loan is paid in full. In the event you trade your car to a dealer, he must pay off your old loan to obtain the title of the vehicle. State paperwork varies for the procedure of receiving a title, but your dealer will ask you to sign paperwork authorizing him to sign it on your behalf or at least get the title delivered to the dealership. Instructions 1 Call...

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Car Sales: Cash Vs. Payments

Paying cash or financing your car purchase both have advantages and disadvantages, especially if you're purchasing from a dealership. Paying cash doesn't always save you the most money, nor is it a reason for a lower negotiated price with a dealership. Consider the benefits of each option to determine which can earn you the most money or deepest discounts. Dealership Discounts New car manufacturers constantly offer incentives for financing, such as low interest rates or automatic discounts. To qualify for some of the price reductions you...

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How to Assume an Automobile Lease

You need a new automobile, but times are tough. You know you can make the monthly payment, but have little to no money to put down. With preparation it is possible to assume the payments of someone else's automobile lease. Armed with knowledge you can easily avoid the pitfalls of auto leasing while reaping the benefits. Instructions Find Your Automobile 1 Determine your needs. If you have a family of six, a compact car is unlikely to satisfy your day-to-day driving requirements. Be realistic about which make and model best fits your lifestyle,...

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How to Buy a Car with a Low Income in Michigan

Cars can be expensive, but having a low income doesn't mean you can't buy a car. It just means you have to buy a car within your means. For most people, that means buying an older used car straight out, without financing or making payments to anyone. The car may not be as flashy as some others but it will do fine as basic transportation. The Search The first step is preparing yourself. Review your finances and savings carefully to determine what you can afford to buy. Remember you also have to insure the car, put gas in it and pay for any...

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How to Buy a Car in Nevada

If you need a new vehicle in Nevada, you can purchase one from either a local car lot or from an individual seller. The buying process is similar for buying both new and used vehicles. When you buy from a car lot, the dealer takes care of processing the majority of the paperwork for you. With an individual buyer, you must visit your local Department of Motor Vehicles office on your own. If you are going with an individual seller, inspect the car title before agreeing to purchase to make sure it does not say "Salvage" at the top because salvage...

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How to Sell Luxury Cars

Whether you are trying to sell an Audi sports car or a Ferrari, selling luxury cars is a similar process to selling any other type of vehicle. The main difference is that more money is involved in the transaction. When selling a luxury car, you must look beyond the standard newspaper classified ads to reach the luxury automobile buying audience. When you find a buyer, the transaction should be like selling any other car. Instructions 1 Take photos of each luxury car. Get long shots of the body that include the whole car along with close-ups...

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How to Terminate an Auto Lease to Lease Another Car

Terminating an auto lease to lease another vehicle is a common occurrence, but it can be intimidating, especially when you consider the unique stipulations and terminology related to a lease. In order to terminate an auto lease to get another vehicle, you must return the leased vehicle to a car dealership that sells the same brand as your leased car. You may also be required to pay lease-end charges, which may include the remaining lease payments,...

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Automobile Lease Pros & Cons

Driving and use restrictions apply to a vehicle lease, so the option is not beneficial for everyone. Leasing penalty fees can prove expensive. A leased vehicle must be returned in good mechanical condition and remain under the contracted mileage allowance. Consider your various lease options and contract restrictions to determine whether a lease is beneficial. Monthly Payment Leasing payments often prove cheaper than a comparable finance. Unlike financing, lease payments go toward the vehicle's depreciation, not its entire cost. Expected...

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Pros & Cons of Subprime Auto Finance Companies

Working with a subprime auto finance company is an option that many people with bad credit have to consider. While this will not give you the benefits that come with a traditional auto finance company, these lenders can still provide you with a few advantages. Bad Credit Lenders The big advantage of this type of lender is that it is willing to work with people who have bad credit. If you have a bad credit score, there is a good chance that...

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What Happens When a Car Loan Does Not Go Through?

Dealers are sometimes so eager to sell cars that they get you to sign loan contracts even though the loan hasn't been approved. Dealers do this because they believe you may not come back and purchase the vehicle if the approval takes several days, or they fear you may shop elsewhere. In the event your car loan doesn't go through, you must return your vehicle to the dealership. What Happened You may have stopped by the dealership at the end of the month to purchase the vehicle, which is usually when dealers are most pressed to sell vehicles....

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Tips to Negotiating Car Financing

Most car buyers anticipate having to negotiate the price of a car, but they may not expect to negotiate the terms of their auto financing. In reality, almost all of the terms of the car loan are negotiable. Coming into the negotiation with the proper information can help you save you a substantial amount of money. Come With Quotes Before you negotiate a loan, get quotes from other lenders. Shop for financing before you start shopping for your car. Get some quotes on paper. When you negotiate after you choose your car, you will have some...

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How to Paydown a Car Loan

Most car loans are set up for a term of 60 months, or five years. For much of that time, your car loan will be "upside-down" because the car depreciates in value faster than you pay the loan. Being upside-down can be problematic if you want to trade in your car for a new one, because what you still owe will be added to your new loan. You may want to pay your car loan off faster to get of this upside-down situation, reduce your debt-to-income ratio...

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Does Buying a Car Decrease Your Credit Score?

Credit scores fluctuate based on new inquiries, new lines of credit and payment history for existing lines of credit. If you're financing your vehicle, your credit score may have decreased because of inquiries. If you're paying cash for your vehicle, the purchase won't affect your credit score. Credit Score Each time you authorize a creditor to view your credit report, your score decreases. The MyFICO website states that inquiries make up 10 percent of a credit score and that the impact of an inquiry varies on individual credit history....

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What Do I Do if My Leased Car Is Totaled?

A lease allows you to drive a car at a lower monthly payment than if you purchased the car. A lease is a short-term agreement of a few years, which allows you to trade in for a newer car every few years. When you lease a car, you agree to return it in good condition at the end of the lease. If you damage the car, you will be charged additional fees. File With Insurance After the accident, file with your insurance company and the insurance...

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How to Scrap a Car for Cash

Many people see old, non-working or barely-running cars as worthless items. Old junked cars retain some value, however. Scrap yards pay cash for rusted-out junk cars. These businesses often crush and melt the car, then sell the metal to manufacturing or refining companies. Additionally, scrap yards may sell parts from old cars to independent buyers or auto repair shops. You can turn your old junk car into cash by selling it to a scrap yard in a few...

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