What Do You Need to Provide for a Vehicle Loan?

The initial stages of applying for an auto loan are similar to the process of applying for any other form of unsecured credit. The most important decision to make before buying your new car is whether to shop by lender or dealer. If you find a car at a dealership that insists you use a specific lender, the terms may be less favorable than those offered by a major bank. Authorized Dealer Many lenders will lend you money to buy a car only if...

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Can I Get Car Financing if I Receive Unemployment?

Unemployment payments are temporary. Some lenders won't consider extending a loan to someone with a temporary income, although other lenders might, depending on your credit score. Low unemployment wages tend to result in high debt-to-income ratios -- particularly for those used to substantial incomes -- which are also used to determine a loan approval. Income Your lender might accept other forms of income from rental properties, child support, disability, social security or a pension. If you earn additional income, find proof of income...

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Pros & Cons of Financing a Car

You may have seen TV commercials, radio ads or newspaper ads from companies offering to help finance your car. If you're in the market for a car, you've probably asked yourself if getting an auto loan is worth it or not. The answer depends on your financial status and whether or not you can afford a car loan. Credit Score When you finance a car, you affect your credit score either in a positive way or negative way. If you consistently make...

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Car Buying Help

Buying a used or new car often requires applying for a car loan and negotiating the sale price of the automobile. Seasoned car buyers know how to get the best price for a car, and they know the factors a lender takes into account when approving loan applications. Familiarize yourself with car buying tips to help ensure a smooth deal. Credit and Interest Rates It's possible to finance a car with bad credit. However, your credit history and credit score impacts the interest rate a finance company gives on the auto loan. Finance companies...

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Is it Possible to Get Out of Car Lease if the Car is a Lemon?

You can't know everything about a car when you buy it. Unfortunately, a car that looked good on the lot can start falling apart on the drive home. There is legal protection for people who end up with lemons. In many states, the protection extends to both lessees and buyers. Definition Your car must meet your state's definition of a lemon before you can take any legal action. Generally, a car must have a defect that affects its value or safety and a reasonable number of attempts must have been made to repair the vehicle. The defect also...

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How to Buy a Hearse

Though typically used by funeral homes, anyone can buy a new or used hearse. If you are a collector, finding and buying a hearse is similar to purchasing any other vehicle. The hearse is a heavy vehicle with the typical gas mileage ranging between 10 and 15 miles per gallon. A variety of hearse models are available since the older models actually doubled as ambulances. Instructions 1 Look in your local newspaper classifieds for someone in the area offering a hearse for sale. Focus on the section featuring collector cars and limousines listings....

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How to Prove a Breach of Contract in a Car Purchase

Buying a car requires a legally binding contract. This contract states that the seller certifies the vehicle as being in a certain condition, while the buyer agrees to pay a set amount for said car. The seller can easily cancel the contract if the seller refuses to honor the contract. The buyer will need to do a bit more work proving that the seller has breached the contract by not delivering the vehicle in the stated condition. Instructions ...

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Can a Car Company Run Your Credit Without Permission?

When you go to finance or lease a new or used car, one step in the process requires that the car company check your credit report. This is because your creditworthiness determines whether you qualify for the loan or lease and what interest rate you will pay. Laws govern when the car company can check your credit. Fair Credit Reporting Act Your privacy with regard to your credit report is protected by the Fair Credit Reporting Act. The specific part that pertains to running your credit without specific written or verbal permission is section...

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Is it Best to Payoff a Previous Car Loan Before Getting Another One?

If you plan to trade your car in, it may not prove beneficial to pay off your loan first, depending on your vehicle's value. If you want to take an additional car loan, you may be able to do so depending on your credit standing and income. Determine your budget and overall loan costs before deciding if it is beneficial to pay off your loan. Trading the Vehicle If you trade in a car that still has a loan on it, the dealer will pay off the loan amount to take ownership of the vehicle. If you owe less than your vehicle is worth, the value...

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How to Pay Debt Collectors for Car Repossession

Paying debt collectors for your repossessed car is one way to have it returned to you. If your car is sold by the debt collector, you still may owe the balance of the loan that was not satisfied by the sale. Whether you are paying the collection agent to retrieve your vehicle or satisfy a deficiency on your loan, it's important to know what to do so you no longer have to worry about being hounded by debt collectors. Instructions 1 Pay back the entire amount due to get your car back after it is repossessed but before it is sold. You may owe...

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Americorps Members & Car Payment Reduction

Serving in AmeriCorps might be a great way to reduce student debt, but the service doesn't impact your car payments. Background In September 1994, AmeriCorps sent its first class of 20,000 volunteers into more than 1,000 field locations. The popular U.S. service program connects about 75,000 volunteers per year to local and national nonprofit groups (as of 2010). Benefits AmeriCorps service helps students manage college loans. Volunteers...

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How to Sell a Car With Negative Equity

The life of your car loan may outlast the life of your car. If you took out a 72-month loan with small monthly payments, you'll find yourself quickly slipping into a negative equity situation, which could make it financially difficult for you should you decide to sell your car -- or if it is totaled in a collision. If you made a small down payment (or no down payment) and your credit is bad, giving you a high interest rate, you will be dealing with...

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How to Negotiate Your Car Repo

Borrowers usually have two opportunities to negotiate a car repossession: before the lender repossess the vehicle or after the vehicle has been seized and resold. If you know you'll have trouble making your car payment, contact your bank to negotiate your loan terms or ask for a payment deferment. If your vehicle has already been repossessed and your lender agrees to negotiate the balance due on your loan, the agreement is considered a settlement. Loan settlement cause tax issues with Internal Revenue Service, so be prepared to pay taxes on the...

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How to Get a Bad Credit Auto Loan With No Dealer Contact

Getting an auto loan with bad credit and no help from the dealer will be challenging--but not impossible. Dealers can be a big help because they generally know all the auto lending sources in town, including lenders comfortable with bad credit borrowers. You have the right to find financing on your own, but be prepared to spend considerable time calling around as you look for finance companies willing to give you a loan. Instructions 1 Get...

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Repo Cars and Lease Laws In California

In California, repossession agencies must comply with the state's licensing and consumer protection laws. To conduct business as a repossession agency within the state, the agency must first apply for a license with the Bureau of Security and Investigative Services. California's consumer protection law also governs the rights that buyers have when they default on their vehicle loans. Repossession Licenses and Rights Although the state requires...

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How to Obtain a Lost Title on a Car With the Bill of Sale

A lost title on a car can be a pain when you're ready to register it. Titling is done by the agency that regulates motor vehicles in each state. Titles are tied to the owner of the vehicle at the time the title is created. Once you've purchased a car with a lost title, you'll need the original owner's help to get a new copy of the title so that you can have it transferred to you. You can bring the bill of sale with you to the motor vehicle agency and get the car registered and transferred the same day if you prefer. Instructions 1 Go in...

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Risks If You Cosign for a Car

The biggest risk of co-signing for another person's auto loan is the amount of damage it might cause to your credit. As a co-signer, an auto loan affects your credit the same as it would if you borrowed the loan by yourself. Consider the risks to your credit and finances before you decide to take on the role of a co-signer. Late Payments Any time the person you co-signed for pays his auto loan payment late by more than 30 days, the lender reports the instance to the credit bureaus. Your credit report lists the lender's name, your original...

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What Is the Difference Between Selling a Car and Having Someone Take Over Payments?

You cannot actually transfer your car loan to another person. You can, however, sell your vehicle and ask the buyer to apply to your lender. This simplifies the selling process when a loan is involved. There is no guarantee of your buyer's approved monthly payment, interest rate, term or down payment requirements; approvals are based on personal credit information. Selling Your Vehicle Obtain your loan's payoff amount. You can sell your car for the amount you owe or more, if you want. If you simply want to get rid of your car and its loan,...

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Can a Vehicle Lien Show Up on My Credit Report?

If you borrow money for an auto loan, that information will find its way onto your credit report. Your lender has a lien on your vehicle, which means you cannot sell or otherwise dispose of your car until the debt has been satisfied. Once you have paid off your loan, then your credit report will be updated to reflect that action. Vehicle Financing When financing a vehicle, your bank, credit union or finance company holds a lien on the vehicle's title until you have paid off your debt. In some cases they will hold the actual title, transferring...

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How to Assume Car Payments in Florida

The process for assuming car payments for another person mirrors the process for purchasing a used car and financing the balance of the cost. In Florida, the private seller is not bound by law to disclose the same Buyer's Guide required of car dealerships, nor are they obligated to provide any implied warranties. Buyers who seek an assumption of payments will need to do their own research on the vehicle and secure an independent inspection and warranty prior to purchasing the vehicle. Instructions 1 Contact the financial institution financing...

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How Much Does a Vehicle Depreciate Annually?

Purchasing a new car is one of the biggest financial steps that the average person takes in a lifetime. While purchasing a car is a big financial investment, it does not improve your financial situation in the long run. The vast majority of vehicles actually depreciate in value over their life. Vehicles do not all depreciate at the same rate, but in most cases, you can be sure that your car is losing value. First Year Problems One of the biggest disadvantages of buying a new car is that it depreciates rapidly in the first year. When you...

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When Does Leasing a Car Make Sense?

If you don't have the money to purchase a car outright, then you have two options: leasing or applying for an auto loan. Auto loans are popular because at the end of the loan, you own the car. A lease essentially allows you to borrow the car for a certain amount of time, so you never actually own the vehicle. Ownership aside, there are a few major benefits to leasing a vehicle. No Down Payment A typical down payment for a new car is usually...

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How to Negotiate Buying Your Leased Vehicle

With most vehicle leases you have the option to buy the vehicle at the end of the lease period. This is called a "lease payoff" and just means that you have the option to purchase the vehicle from the leasing company. If you choose to purchase the vehicle, this benefits the lease company because they don't have to worry about finding something to do with the vehicle after you return it. For this reason, many lease companies are willing to negotiate...

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How to Find a Car With Bad Credit Problems

So, you are interested in purchasing a car, but your credit is not too good. Well, even though you've experienced some credit problems, you may still be able to find a car. In fact, many people have dealt with bad credit at some point in their life--so you are definitely not alone. Fortunately, there are resources that you can use to help you find a good car. Instructions 1 Speak with a loan specialist at your bank. If you are currently employed...

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How to Combine Two Car Payments Into One

If you have two household cars with two separate monthly payments, you may be able to combine those two car payments into one. Combining two car payments into one not only serves to eliminate a bill that you must remember to pay each month, but sometimes gives you the opportunity to change the terms of the loans. By refinancing two car payments into one loan with a lower interest rate, you lower your total monthly payment. Instructions 1 Try...

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How to Finance Buying a Car With Banks

Several different financing options may be available to you depending on your credit standing and income. Manufacturers often offer incentives to buy, such as low-rate financing or lease options. You may also finance your car at a credit union, which may offer lower interest rates than a bank. Once you decide where to apply for your loan, you must fill out a credit application and submit your vehicle information for an approval. Based on the information you submit, your lender will approve or decline your loan. Instructions 1 Check auto...

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