Can I Be a Co-signer on a Car Loan If I Live in a Different State?

Many banks allow a loan's co-signer to live in a different state, although the purchase process may be prolonged as paperwork is mailed back and forth. Expect to prove your identity to the lender before your approval. Consider the risks associated with co-signing while out of state before you co-sign a loan. Credit Application Process If a dealership or lender allows you to co-sign for a borrower, it likely has to prove your identity before approving your loan. Expect to provide your license number and its expiration date. Also, ensure...

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What Auto Loans Can I Get Without a Co-signer?

You might be able to acquire an auto loan even as a fresh-faced college graduate with nothing but a credit card with a small limit to your name. If you have bad credit, you may need a co-signer on an auto loan, but you never know until you actually apply. If you do ask someone to co-sign a loan, be sure he understands his legal responsibility for the debt in the event you don't pay. Identification You can get any auto loan without a co-signer as long as you meet the approval criteria of the lender. In general, most creditors look at your...

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How to Refinance a Car Loan With Poor Credit

Refinancing a car loan when you have poor credit can be difficult. Most lenders will not offer a better interest rate for a car if your credit is poor. When you refinance, you may be able to lower your monthly payments by increasing the length of the loan, but that will increase the amount you pay in interest over the length of the loan. If you owe more than the car is worth, then you may have a difficult time refinancing as well. Instructions...

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How to End a Lease on a GM Vehicle

If you currently lease through GMAC or Chase, you may qualify for a pull-ahead program to help you get out of your lease early and penalty-free. If you do not plan on purchasing or leasing a new GM vehicle, you may be subjected to early termination fees in addition to any payments still owed for the remainder of the contract. Know where to find lease-end options and how to go about executing any that might work for you. Instructions Pull-Ahead...

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How to Finance a Used Car With a Lien on the Title

Financing a used car from a dealership involves some paperwork, but what about financing a used car from a private dealer that has lien still on the title? Well, that involves a little more paperwork, but it's still possible. If you can pass your bank's credit check and obtain a loan, then the most difficult part involves getting the lien released on the used car. Instructions 1 Obtain financing. As long as you pass the bank's credit check, you should have no problem getting financing for an auto loan for a private purchase. Banks don't...

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How to Stop Paying High Interest on a Car

If you're currently paying high interest on your vehicle's loan, consider refinancing with another lender if your credit has improved. If your credit has not improved, you might need to use a cosigner to refinance. Before applying for another loan, obtain a copy of your credit report to determine which accounts are hindering your credit score. Try to fix your credit before applying for an auto loan. If you've paid your current loan on time, you might have already established better credit. Instructions 1 Get a copy of your credit report...

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Can a Dad Cosign a Lease on a Car?

Car leasing is a form of auto financing where the person taking possession of the vehicle arranges to pay monthly payments covering the depreciation of the vehicle. At the end of the lease, the user of the vehicle can either purchase it or return it to the bank or leasing company. Leasing has credit requirements similar to an auto loan, and if a lessor does not qualify, another person, including a parent, can co-sign the lease. When Needed A leasing company may ask a person leasing a car to have a co-signer when the lessor does not meet...

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Can I Buy a Car I Leased?

Leasing a car is an attractive option for some because it allows you to get a cheaper monthly payment for the car you want. At the end of the lease term, you may be tempted to buy the car because you have grown attached to it. In this situation, you may have the option of buying the car. Value Buying a car after leasing it is not the most economical way to buy a car, but it can give you access to the car you really want. When going this route, you have to make sure that you do not overpay for the car. When you signed the original lease,...

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How to Stop Repossession of a Vehicle

Having your vehicle repossessed can be a difficult and embarrassing situation. Once a vehicle has been repossessed, you cannot recover the vehicle until you pay all amounts due to the lender, which will now include the fees to repossess and the costs of storing the vehicle. Stopping a repossession is not easy, but you should attempt to stop the process as soon as you are advised of the pending repossession. Successful negotiation or bankruptcy proceedings...

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What to Do When You Want to Lease a Car

Advertisements make it possible for shoppers to determine lease costs and requirements. Leasing terms are flexible; you can often change the terms of a lease to match your needs. Before you head out to a dealer to pursue a lease, take your time to research pricing and vehicle options. Review Leasing Offers Lease offers and vehicles differ by manufacturer. Review offers for any vehicles that interest you. Go to manufacturer websites and take note of the following lease information: lease term, down payment requirement, monthly payment and...

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What Can I Do If My Leased Car Was Repossessed?

Unlike a car loan, you never gain title to the car you lease. This has certain advantages for you, the lessee, but it also means that the lessor can enforce specific lease requirements, particularly if your car is repossessed. Repossession of a leased vehicle is different from a repossession under an auto loan. Auction Notification If your leased car is repossessed, you may or may not receive notification from the leasing company that your...

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Free Legal Advice for Car Repossessions in Texas

Facing a potential car repossession is never a pleasant prospect, and getting competent advice from someone who understands the law can be difficult, especially if you're just relying on a lay person's opinion. If you need free legal advice in Texas, you may be able to obtain assistance from a variety of sources. However, many free legal services providers only give free assistance to those who meet specific income guidelines, so free legal services may not be available to you. Car Repossessions When you buy a car in Texas using an automobile...

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What Are the Benefits of Refinancing a Car?

Loan refinancing is often associated with home mortgages, but it is also possible to refinance smaller loans, such as car loans. When you refinance a loan, a lender pays off your existing loan and then offers you a new loan in return. Refinancing an auto loan can have several notable benefits. Monthly Payments One of the biggest benefits of refinancing an auto loan is the potential to reduce monthly payments on the loan. When you refinance a loan, the terms of the loan can change, meaning you can get a different interest rate. If interest...

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How Much Can I Save by Making Extra Car Payments?

According to the National Automobile Dealers Association, as of September of 2010, the average new car costs $29,428 and the average used car costs $16,321. Either of these two prices represent an investment larger than the vast majority of American households are willing or able to make as a one-time purchase. Because of this, most car buyers choose to borrow money when they buy or lease a vehicle. How Financing Works Financing works on...

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What Is the Loan Value on My Car?

Buying a car is an involved process that takes on an added dimension when you choose to finance rather than pay cash. Financing a car means you'll need to go through the process of securing a loan. Some aspects of auto loans are straightforward, such as the understanding that a lower interest rate means it will cost less to borrow the money. But other aspects, including loan value and loan-to-value ratio, are not always as clear. Value for Lenders Lenders use loan value as a measure of how much they are willing to offer a borrower in an...

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Can You Trade in a Vehicle That Is Not Paid Off?

It is possible to trade in a car that still has an outstanding loan balance. Car dealerships have a procedure for handling trade-in vehicles not paid off. You should have an understanding how the current loan on your trade-in will affect your new car deal and what to expect from the dealership. Trade Value Vs. Loan Balance The biggest factor to consider when you want to trade in a car with a loan is what is the relationship between the car's...

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How do I Calculate Car Payment Auto Loans?

If you plan to buy a car, you might need to take out an auto loan to finance the vehicle. According to Bankrate.com, your car loan payment shouldn't exceed 15 to 20 percent of your monthly budget. To determine if you can afford a car, you need to know the amount of your monthly payment. To get figure this, you need the amount borrowed, the loan term and the interest rate. Instructions 1 Divide your annual interest rate by 1200. This is the...

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How to Trade in Your Car Without Paying Anything

There are many different reasons to trade in your current car for a replacement car. The big question: Is there an outstanding loan on your current car? You can work with a reputable dealership and your lender to trade in your car without paying anything. Instructions 1 Call your bank or auto loan company. Ask them if you're allowed to do an auto-payoff of your loan through a car dealership. Ensure that there are no early pay-off penalties....

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Can I Use a Regular Loan to Buy a Car?

You can use a personal loan to buy a car, but typically an unsecured personal loan does not offer an interest rate as low as what you could get with a secured auto loan. Car loans are secured by the vehicle, as the lender takes a lien against the vehicle. This means if you default on the loan, the lender can repossess the car as collateral. Car Loan Basics Car loans are financing used to purchase a vehicle. Vehicles are one of the most valuable...

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How to Get Approval for an Auto Loan Extension

If you want to extend the term of your auto loan, you must ask your lender to modify your loan. Otherwise, applying for a completely different loan than the one you already have is known as refinancing. Many lenders are willing to work with borrowers to extend an auto loan because of financial hardship, but may restrict your options. Extending your loan term may also increase your interest rate and your overall loan payback amount. While you'll still obtain a lower monthly payment, you may want to plan on refinancing in the future if your rate...

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Can You Transfer a Car Loan to Someone?

It is not possible to transfer a car loan from person to another by any official means. When a borrower is given a loan for an automobile, that loan is intended for them and them alone, and they are solely responsible for paying it back unless they had someone co-sign on the loan for them. However, when a person is stuck with a car loan that they cannot afford, there are some alternatives to transferring the loan. Why You Cannot Transfer a Car Loan The reason it is not technically possible to transfer an auto loan to another person is because...

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How Much Negative Equity Can Be Financed in a Used Car?

The amount of negative equity a borrower can roll over into a used car loan differs by individual credit history and lender-determined vehicle value. Some borrowers might be able to roll over thousands of dollars into a used car loan, while others might have trouble financing the cost of a used car without providing a down payment to increase vehicle equity. Credit Your credit history sets the terms of your loan. Excellent credit borrowers might obtain an approval for up to 120 percent of a vehicle's value, while poor credit applicants...

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Do You Need Comprehensive and Collision When Financing a Used Vehicle?

In most cases, when you finance the purchase of a used vehicle, you are required by the lender to obtain full coverage auto insurance, according to CarInsurance.com. However, when you purchase a vehicle for cash or use a non-auto loan for financing, you are only required to meet state insurance requirements. Basics Auto insurance is generally categorized into liability, collision and comprehensive coverage. Liability coverage is required...

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How Long After a Car Is Repossessed Must a Bank Sell it?

After repossession, your lender will likely resell the vehicle, but is not required to do so. According to the Federal Trade Commission, a lender who seizes a vehicle may have to notify you of where it intends to resell your vehicle and when. If the bank promises to sell your vehicle during a certain time frame after repossession, you'll find that information stated in your loan contract. Before the Sale Before your bank resells the repossessed vehicle, you might have an opportunity to reclaim it. You'll receive a letter from your lender...

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Why Should I Finance a Car Instead of Leasing?

Although the monthly cost to finance a car is typically higher than the monthly cost to lease the same car, you will end up with many benefits by choosing to finance the car. According to cars.com, the fact that only 16 percent of retail car sales were leases in 2009 should tip you off to the fact that financing is usually the better choice. End to Monthly Payments After you pay off a car loan, you get to drive the car for as long as you like with no monthly payments. For example, if you buy a car with a 48-month loan, you will own the...

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How to Get Rid of a Car That Money Is Still Owed On

Selling a car that you own outright is a fairly straightforward process in which you're able to pocket the profit. Selling a car with an outstanding balance is more complicated, because the loan must be paid off and the car title must be obtained from the lender. But it can be done. Instructions 1 Find out how much you owe on the auto loan. Contact your lender and request the payoff amount of your vehicle loan. 2 Refer to a reputable source, such as Kelley Blue Book, to determine the fair market value of your vehicle. This helps you...

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How to Calculate Lease Payments on Auto Loans

Figuring a lease payment is slightly different than figuring a monthly car payment, where you'll own the car at the end of the loan. In a lease situation, the dealer provides something called a "residual value in the contract." The residual value is the amount of money that the car will be worth at the end of the loan. When calculating lease payments, you essentially substitute the residual value on the lease of a car where you'd substitute a zero...

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How to Extend my Car Payment

Extending your car payment is a step to consider before defaulting on a car loan. An extension will not hurt your credit report, whereas defaulting on the loan or just not paying it will cause great harm to your credit. It is difficult to determine if an extension will allow you to still make a monthly payment without knowing the cost of the monthly car payment and the amount you can comfortably afford. An extension even temporarily is a good-faith...

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