I am looking to get an auto loan while still in college. I have already begun a full-time job. However, I have lived in the dorms all four years and will continue to do so before I graduate in May. I need a car. Can I use the statements on my college bill regarding room and/or board as the proof of residency that all auto loans require? After all, I have been the one paying to live in this dorm room for four years.
Can I use a college room and board statement as proof of residency for an auto loan?
Unless that address matches your drivers license, no.
But please stop thinking about getting into debt! When you earn a dollar you’re lucky to get 80 cents, but when you save a dollar you get the whole dollar. But you pay back financed whole dollars with earned shrunken dollars. So it often pays better to work at saving on expenses than it does to just work for money.
Also, don't buy any car, new or used w/o reading up here:
http://www.usedcartips.org/
I like the answer from Jaclyn%26amp;D, but I DISAGREE with Dave Ramsey on putting money in a Mutual Fund, better to use an annuity, CD or money-market. I've had a Mutual Fund crash, taking with it my "investment" avoid the Stock Market, except for gambling money.
Reply:No, it is not considered your permanent residence.
Reply:Needing a car and needing a loan are very different things.
Why not save and buy a car for cash? Unless you want to start out your adult life with debt and payments, that is.
Buying used cars for cash is the smart way to buy cars ... don't take out loans on things that drop in value!
Reply:I can see no reason why that would not work. Good luck.
Reply:No. You'll need to use your driver's license. But, changing the address on your driver's license just takes a drive to the DMV. People use dorm addresses all the time on their license.
lilac
Friday, November 6, 2009
Can you take an auto loan out on a car that is financed by credit cards?
My credit card interest rate jumped beyond what auto loans finance at. IF the titles are with me can I take an auto loan on the cars and use that amount to pay off credit card debt that was incurred at a higher interest rate.
Can you take an auto loan out on a car that is financed by credit cards?
Sure, credit cards are unsecured debt.
Try your own bank or credit union to get the best rate.
Reply:The webguide http://carloanguide.automobile...
has highly useful info on Car Loan.
You can get all your doubts clarified from the site.
Check it out. Good luck! Report Abuse
Reply:If your FICO score is any good, then that is a great idea. As the others said, the credit card companies have no idea what you used the money for, and as far as the rest of the world knows, your car is free and clear of any debt. Best idea is to go to a credit union, where they work for the members and not for the ceo.
Check it out, as they have just as many services as the banks have, and you can go to any other member credit union and use your ATM card to withdraw or usually deposit without any additional fees anywhere in the nation.
Also with the credit union, if you need more than the alloted $200 a day, you call them and tell them how much you need, and then go to a credit union ATM, and you can get it right there.
Reply:Yes you can take a loan against the car. The credit card is unsecured debt.
But you offer a pretty good example of why financing a car with credit cards isn't such a good idea.
Reply:why would you want to go from a unsecured loan to a secured loan, just try to lower your interest rates via the credit card companys before doing anything like that, its your car keep it that way.
Reply:Sure can; it's called a secured loan.
Reply:There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.
http://badcredits.awardspace.com/autoloa...
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Reply:Hi friend getting auto loan is very easy now a days with bad credit .. Approach any bank or private money lenders.In mean while just take a look at the link below to get free loan quote,
Can you take an auto loan out on a car that is financed by credit cards?
Sure, credit cards are unsecured debt.
Try your own bank or credit union to get the best rate.
Reply:The webguide http://carloanguide.automobile...
has highly useful info on Car Loan.
You can get all your doubts clarified from the site.
Check it out. Good luck! Report Abuse
Reply:If your FICO score is any good, then that is a great idea. As the others said, the credit card companies have no idea what you used the money for, and as far as the rest of the world knows, your car is free and clear of any debt. Best idea is to go to a credit union, where they work for the members and not for the ceo.
Check it out, as they have just as many services as the banks have, and you can go to any other member credit union and use your ATM card to withdraw or usually deposit without any additional fees anywhere in the nation.
Also with the credit union, if you need more than the alloted $200 a day, you call them and tell them how much you need, and then go to a credit union ATM, and you can get it right there.
Reply:Yes you can take a loan against the car. The credit card is unsecured debt.
But you offer a pretty good example of why financing a car with credit cards isn't such a good idea.
Reply:why would you want to go from a unsecured loan to a secured loan, just try to lower your interest rates via the credit card companys before doing anything like that, its your car keep it that way.
Reply:Sure can; it's called a secured loan.
Reply:There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.
http://badcredits.awardspace.com/autoloa...
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Reply:Hi friend getting auto loan is very easy now a days with bad credit .. Approach any bank or private money lenders.In mean while just take a look at the link below to get free loan quote,
Can you get a auto loan with a learner permit in new jersey?
I'M 32 years old with a learner permit,and i want to get a auto loan for achevrolet blazer.Is this possible in new jersey.
Can you get a auto loan with a learner permit in new jersey?
I absolutely concur with the first two answers. A child actor can buy and legally own a limo, they just can't drive it. And why would they want to, they would hire a driver in a second and go on about their business...
Reply:the key with auto loans is the ability TO PAY for the car, not the ability to drive one... although with a learner's permit you will not be able to drive alone....
Reply:you dont need a license of any kind to buy a car or get a loan for one.
you only need the license to drive it.
Can you get a auto loan with a learner permit in new jersey?
I absolutely concur with the first two answers. A child actor can buy and legally own a limo, they just can't drive it. And why would they want to, they would hire a driver in a second and go on about their business...
Reply:the key with auto loans is the ability TO PAY for the car, not the ability to drive one... although with a learner's permit you will not be able to drive alone....
Reply:you dont need a license of any kind to buy a car or get a loan for one.
you only need the license to drive it.
What is the best way to pay off my 2 crerdit card and 1 auto loan bills?
i want to know the best way to pay of my bills and save money.... i got 2 credit card which are at $1500, and $2500, and a auto loan at $10,000. .... i get paid $2500.. a month. ... . i wanna start saving , but these bills are holding me back. i need help.
What is the best way to pay off my 2 crerdit card and 1 auto loan bills?
Heres what you need to do:
Start carrying a list and write down everytime you purchase something. Even if its a .50 or $1 item write it down. Do this for a few weeks.
Now sit down with your paycheck, bills and that list. Do a budget figuring the minium payment on all your bills and see how much money you have left each month. Next, see which debt has the highest interest rate. pay any extra money to it while paying the minium on e verything else. Once it's paid off take the amount you where paying to the paid off debt and add it to your next highest accuring debt and keep doing that.
Now look at what you can cut out of your budget or downsize on. Things like taking lunch to work, making your d rinks and taking with you to work. make your morning coffee at home, cut the cell phone bill down, same with house phone and cable get rid of them or cut them down to the bear minium. Now, I would suggest selling your car and getting something for cash. I just did this and it now saves me $440 a month between the car payment and insurance. Even if you can get the amount you owe on the car, get a small loan to pay off the difference and sell it. If you h ave a extra room rent it out. You might want to look at picking up a second job too. It's amazing how 300-400 extra a month can help. Take all the money from the second job and pay it towards your debt.
I would suggest gettting a book by D ave Ramsey called "The complete money makeover". This will help you stay focused and teach you how to get out of debt. Once you are debt free and one day with alot of hard work you will be, remember how bad it feels nad never let yourself get in this position again. happy holidays and I wish you all the best. Trust me, follow this plan and it will work it has worked miracles for me over the last 3 mnths since I started doing it.
Reply:First, stop using the cards and pay cash for things you need - no superflous spending. It wouldn't hurt to set a little extra aside for emergencies, so you're not tempted to pull them out if something happens. Pay just the minimum on all the bills but the smallest - put everything extra, plus the minimum, that you can on the card with the 1500 balance. As soon as it's paid off, put all that amount as extra (on top of minimum payment) towards the card with 2500. When that's paid off, put all that as extra on the car. It's called a debt snowball, because it gains momentum (and the amount you are paying on each successive debt grows!). Then you can build up your savings.
Reply:You need to look at where you are spending your money. For a two week period, keep a written record of every penny you spend. You'll be amazed at how much money you are wasting. Based on this, set up categories of real expenses and assign a monthly or weekly dollar amount for these expenses.
From this you should be able to set up a budget. Initially, you should be pretty strict and put every penny you can squeeze out of your budget on the highest interest rate credit card, while paying the minimum on the rest. When the highest rate card is paid off, move to the next till they are all paid in full.
Reply:You must make at least the minimum monthly payment on all. Beyond that, start with the highest interest rate loan (probably one of the credit cards) and put all available money into paying that one off first, then the next highest, etc.
Reply:First -- either put the cards away or cut them up. Start making larger than minimum payments on the card with the higher balance. Keep making at least minimum payments on the other card, and for heaven's sake, be on time every time. Pay on time every month on your car/truck.
Once the cards are paid off, take that money and stick it in a savings account and ignore it. Keep making your car payment, and increase the amount you pay/month.
Another thing to do is to make your larger-than-minimum payments and instruct that the overage has to go to the interest, not the principal.
What is the best way to pay off my 2 crerdit card and 1 auto loan bills?
Heres what you need to do:
Start carrying a list and write down everytime you purchase something. Even if its a .50 or $1 item write it down. Do this for a few weeks.
Now sit down with your paycheck, bills and that list. Do a budget figuring the minium payment on all your bills and see how much money you have left each month. Next, see which debt has the highest interest rate. pay any extra money to it while paying the minium on e verything else. Once it's paid off take the amount you where paying to the paid off debt and add it to your next highest accuring debt and keep doing that.
Now look at what you can cut out of your budget or downsize on. Things like taking lunch to work, making your d rinks and taking with you to work. make your morning coffee at home, cut the cell phone bill down, same with house phone and cable get rid of them or cut them down to the bear minium. Now, I would suggest selling your car and getting something for cash. I just did this and it now saves me $440 a month between the car payment and insurance. Even if you can get the amount you owe on the car, get a small loan to pay off the difference and sell it. If you h ave a extra room rent it out. You might want to look at picking up a second job too. It's amazing how 300-400 extra a month can help. Take all the money from the second job and pay it towards your debt.
I would suggest gettting a book by D ave Ramsey called "The complete money makeover". This will help you stay focused and teach you how to get out of debt. Once you are debt free and one day with alot of hard work you will be, remember how bad it feels nad never let yourself get in this position again. happy holidays and I wish you all the best. Trust me, follow this plan and it will work it has worked miracles for me over the last 3 mnths since I started doing it.
Reply:First, stop using the cards and pay cash for things you need - no superflous spending. It wouldn't hurt to set a little extra aside for emergencies, so you're not tempted to pull them out if something happens. Pay just the minimum on all the bills but the smallest - put everything extra, plus the minimum, that you can on the card with the 1500 balance. As soon as it's paid off, put all that amount as extra (on top of minimum payment) towards the card with 2500. When that's paid off, put all that as extra on the car. It's called a debt snowball, because it gains momentum (and the amount you are paying on each successive debt grows!). Then you can build up your savings.
Reply:You need to look at where you are spending your money. For a two week period, keep a written record of every penny you spend. You'll be amazed at how much money you are wasting. Based on this, set up categories of real expenses and assign a monthly or weekly dollar amount for these expenses.
From this you should be able to set up a budget. Initially, you should be pretty strict and put every penny you can squeeze out of your budget on the highest interest rate credit card, while paying the minimum on the rest. When the highest rate card is paid off, move to the next till they are all paid in full.
Reply:You must make at least the minimum monthly payment on all. Beyond that, start with the highest interest rate loan (probably one of the credit cards) and put all available money into paying that one off first, then the next highest, etc.
Reply:First -- either put the cards away or cut them up. Start making larger than minimum payments on the card with the higher balance. Keep making at least minimum payments on the other card, and for heaven's sake, be on time every time. Pay on time every month on your car/truck.
Once the cards are paid off, take that money and stick it in a savings account and ignore it. Keep making your car payment, and increase the amount you pay/month.
Another thing to do is to make your larger-than-minimum payments and instruct that the overage has to go to the interest, not the principal.
Does anyone know why Bank of America won't finance an auto loan for an independent used car dealer?
I applied for an auto loan and was approved, but once I sent in my purchase agreement my loan rep said that they would only finance auto loans for franchise dealers - no independent used car dealers. I know the car and the dealership are fine. I have the carfax report on the car and I've had a mechanic take a look at it. Frustrated!
Does anyone know why Bank of America won't finance an auto loan for an independent used car dealer?
They only deal with franchised or VERY large and very stable used car dealers. They get enough repo's from the franchise stores without going out and looking for trouble. You may have found the one true Diamond, but the odds are that most independents will burn them more times than not, and that is what the bank is playing is the odds.
edit: I really don't know if this gets read or not but if the dealer is all that straight he must know a new car dealer and should be able to "sell the deal" to them so that you buy the car from a new car store problem solved
Reply:It doesn't matter. They were gonna rape you on the interest, anyway. The best car loan to get is the one you get yourself. Get a pre-approved loan. A car dealership will chew you up and spit you out if you just waltz in there, expecting a decent rate. Try looking through the different loan offers here. It'll give you an idea about what's out there and available to you.
http://www.loan-com.info/auto-loans.html
Reply:It can really save you time to just get an auto loan price online to see what todays rates are. You might be really suprised. Also if your credit is not good, a lot of online loaners are more willing to help people.
What I always tell friends is that an online quote at http://auto.lowratetoday.com is the way to go.
Reply:They are a big company, trying to kill the little guy. they for some reason, cannot guarantee that they will get there money from the dealership or whatever, and they dont like it. they prefer new car deals
Reply:YOu are not the only one who met this problem,I have met this type of problem before.I have good experience here to solve my similiar problem.http://car-loan.free-deal.info/free-appr...
Reply:I don't know but you can try a local dredit union they may be able to finance it for you.
Reply:They are just protecting themselves. I myself would only buy from a franchised dealer.
Reply:Finding a bad credit auto lender take a little bit of work to find the right one. When looking to buy a new or used car, the dealer may offer bad credit financing, or refer you to a lender. Car buyers should consider arranging their own financing. Bad credit auto loans are simple yet complicated and some lenders will try to take%26lt;!--advantage of you. It helps to know your available options.Before applying for a car loan, try to get a copy of your personal credit report. Lenders base approval on your credit score and credit history. Some lenders classify sub prime borrowers as persons with scores below say 700. On the other hand, another lender may qualify a borrower with the same score for prime rates.
http://best-loans.awardspace.com/autoloa...
http://best-loans.awardspace.com/auto.ht...
Unless you have a 700 or higher credit score, it might be a good idea to look at your credit report and see what you can do to improve your credit score. A 700 score will get you the best rates at the best loan terms. Any credit score higher will not change what a lender can offer you, since you will already qualify for the best loan deal. Where you will start having trouble is if you fall below a credit score of 700. When you fall below--%26gt;lenders see you as a risk and will start charging higher interest rates in order to offset the risk.At this point your only options are to seek a bad credit lender or get to work on fixing your credit score. There are a number of quick things to do to improve your credit rating and get the loan you need at the rate you want.
floral shops
Does anyone know why Bank of America won't finance an auto loan for an independent used car dealer?
They only deal with franchised or VERY large and very stable used car dealers. They get enough repo's from the franchise stores without going out and looking for trouble. You may have found the one true Diamond, but the odds are that most independents will burn them more times than not, and that is what the bank is playing is the odds.
edit: I really don't know if this gets read or not but if the dealer is all that straight he must know a new car dealer and should be able to "sell the deal" to them so that you buy the car from a new car store problem solved
Reply:It doesn't matter. They were gonna rape you on the interest, anyway. The best car loan to get is the one you get yourself. Get a pre-approved loan. A car dealership will chew you up and spit you out if you just waltz in there, expecting a decent rate. Try looking through the different loan offers here. It'll give you an idea about what's out there and available to you.
http://www.loan-com.info/auto-loans.html
Reply:It can really save you time to just get an auto loan price online to see what todays rates are. You might be really suprised. Also if your credit is not good, a lot of online loaners are more willing to help people.
What I always tell friends is that an online quote at http://auto.lowratetoday.com is the way to go.
Reply:They are a big company, trying to kill the little guy. they for some reason, cannot guarantee that they will get there money from the dealership or whatever, and they dont like it. they prefer new car deals
Reply:YOu are not the only one who met this problem,I have met this type of problem before.I have good experience here to solve my similiar problem.http://car-loan.free-deal.info/free-appr...
Reply:I don't know but you can try a local dredit union they may be able to finance it for you.
Reply:They are just protecting themselves. I myself would only buy from a franchised dealer.
Reply:Finding a bad credit auto lender take a little bit of work to find the right one. When looking to buy a new or used car, the dealer may offer bad credit financing, or refer you to a lender. Car buyers should consider arranging their own financing. Bad credit auto loans are simple yet complicated and some lenders will try to take%26lt;!--advantage of you. It helps to know your available options.Before applying for a car loan, try to get a copy of your personal credit report. Lenders base approval on your credit score and credit history. Some lenders classify sub prime borrowers as persons with scores below say 700. On the other hand, another lender may qualify a borrower with the same score for prime rates.
http://best-loans.awardspace.com/autoloa...
http://best-loans.awardspace.com/auto.ht...
Unless you have a 700 or higher credit score, it might be a good idea to look at your credit report and see what you can do to improve your credit score. A 700 score will get you the best rates at the best loan terms. Any credit score higher will not change what a lender can offer you, since you will already qualify for the best loan deal. Where you will start having trouble is if you fall below a credit score of 700. When you fall below--%26gt;lenders see you as a risk and will start charging higher interest rates in order to offset the risk.At this point your only options are to seek a bad credit lender or get to work on fixing your credit score. There are a number of quick things to do to improve your credit rating and get the loan you need at the rate you want.
floral shops
What credit score must one have to be approved for a 0% auto loan?
Has any one ever qualified for a 0% auto loan? And if you did, what was your credit score? How many years was your auto financed? 36, 48, 60, or 72 months?
Thanks.
What credit score must one have to be approved for a 0% auto loan?
This depends on the lender. Not all have a specific FICO cutoff. Many new car lenders use a tier level system, which can make it possible for someone with a low score to still qualify for 0%.
Tier systems take into account many factors including 'debt-to-income', 'loan-to-value', income, job history, residency, and credit. If they offer 0% for the first 3 tiers, then someone can have score in the 500's and still get 0%. Keep in mind that not all lenders are like this, so good luck and I hope this helps.
Reply:It'll depend on who's paying for the loan. That's a promotion, and you'll have to ask whoever's running the promotion.
Reply:its up to the bank. no less than 725 on average. and just about never late on any payment in ur life.
Reply:680 credit score is passing for an auto loan. It's harder to get approved on an auto loan than a house, because if you don't pay your house payment, the bank knows where the house is, they will just come and take it. But with the car, once you leave the dealer's lot, they may never see you or the car again, you can go anywhere.
I purchased a brand new car in 2007 and my credit score was 690. My interest rate is 7.12% and the loan is for 60 months....it was a $14,000 car and I pay $270 per month NO money down, I even financed the fees and taxes!
Reply:You would only be able to get that kind of deal if the dealership is having a promotion. And I would say that you'll need excellent credit, either in the high 700's or somewhere in the 800's.
Reply:THere is no 0% interest loan
Thanks.
What credit score must one have to be approved for a 0% auto loan?
This depends on the lender. Not all have a specific FICO cutoff. Many new car lenders use a tier level system, which can make it possible for someone with a low score to still qualify for 0%.
Tier systems take into account many factors including 'debt-to-income', 'loan-to-value', income, job history, residency, and credit. If they offer 0% for the first 3 tiers, then someone can have score in the 500's and still get 0%. Keep in mind that not all lenders are like this, so good luck and I hope this helps.
Reply:It'll depend on who's paying for the loan. That's a promotion, and you'll have to ask whoever's running the promotion.
Reply:its up to the bank. no less than 725 on average. and just about never late on any payment in ur life.
Reply:680 credit score is passing for an auto loan. It's harder to get approved on an auto loan than a house, because if you don't pay your house payment, the bank knows where the house is, they will just come and take it. But with the car, once you leave the dealer's lot, they may never see you or the car again, you can go anywhere.
I purchased a brand new car in 2007 and my credit score was 690. My interest rate is 7.12% and the loan is for 60 months....it was a $14,000 car and I pay $270 per month NO money down, I even financed the fees and taxes!
Reply:You would only be able to get that kind of deal if the dealership is having a promotion. And I would say that you'll need excellent credit, either in the high 700's or somewhere in the 800's.
Reply:THere is no 0% interest loan
Can you deduct interest paid on an auto loan from your taxes?
My brother is able to deduct the interest he pays on his farm equipment, and I'm able to deduct the interest I pay on a student loan... so I was wondering if anyone knows if it's possible (or legal) to deduct the interest paid on an auto loan come tax time?
Can you deduct interest paid on an auto loan from your taxes?
Not if it's your personal car. If it's used for a business you own, then you could deduct the proportion than your car was used for the business - sort of like your brother's farm equipment, which is used in his business.
There are special laws passed to encourage education. The law allowing deduction of student loan interest is one of them.
A few decades back, personal interest like car loans and credit card interest was deductible if you itemized. That law was changed some time back.
Reply:I think these are some useful sites: http://autoloanguide.automobil... Report Abuse
Reply:No, it's not legal to deduct the interest paid on an auto loan unless you are self employed and it is used for business, sorry!
Reply:Car loan interest is considered personal interest and isn't deductible any longer (late 1980s it ended). You brother and his farm equipment has to do with a business - that's different. You should get a statement regarding your student loan interest - I did.
Reply:You can ONLY if you have a business and your vehicle is part of that business. Otherwise NO... they changed this law only a few years ago.
Reply:No. Only home mortgage interest is deductible on your tax return.
Reply:No, it's not legal to deduct the interest paid on an auto loan unless you are self employed and it is used for business, sorry!
Can you deduct interest paid on an auto loan from your taxes?
Not if it's your personal car. If it's used for a business you own, then you could deduct the proportion than your car was used for the business - sort of like your brother's farm equipment, which is used in his business.
There are special laws passed to encourage education. The law allowing deduction of student loan interest is one of them.
A few decades back, personal interest like car loans and credit card interest was deductible if you itemized. That law was changed some time back.
Reply:I think these are some useful sites: http://autoloanguide.automobil... Report Abuse
Reply:No, it's not legal to deduct the interest paid on an auto loan unless you are self employed and it is used for business, sorry!
Reply:Car loan interest is considered personal interest and isn't deductible any longer (late 1980s it ended). You brother and his farm equipment has to do with a business - that's different. You should get a statement regarding your student loan interest - I did.
Reply:You can ONLY if you have a business and your vehicle is part of that business. Otherwise NO... they changed this law only a few years ago.
Reply:No. Only home mortgage interest is deductible on your tax return.
Reply:No, it's not legal to deduct the interest paid on an auto loan unless you are self employed and it is used for business, sorry!
Where can I get a bad credit auto loan without phonecalls from dealerships?
I'm interested in a private loan company that specializes in bad credit auto loans. I do not want the type of loan where they refer you to 20 different dealers. I already have a vehicle in mind through a private seller. How can I just get a bad credit auto loan that has no referrals for dealers???
Thanks
Where can I get a bad credit auto loan without phonecalls from dealerships?
Your best bet is to try a couple of online lenders. I have used lendingtree.com before and they were very good. You fill out one application and they shop it to 4 lenders who are likely to approve you. If Lendingtree does not get an approval, go to capitalone.com or drivetime.com.
I stress to only go to Drive or Cap AFTER applying at lendingtree. The last 2 specialize in bad credit loans, and will hit you with a higher interest loan. If Lendingtree cannot get an approval, they are the next-to-last choice. Last line of options is the buy here/pay here lot.
Try the online soureces firts, lets see how they work
Reply:Since you have bad credit, you can go to a local Credit Union. See what they are offering. Also try Bank of America. They have super attractive rates for good credit. So they likely have reasonable rates for you.
Also you can give the VIN number of the car you have in mind %26amp; whatever price you %26amp; Seller agreed. That will make sure you are not directed to the Dealers. The banks usually don't unless you ask.
Good Luck.
Thanks
Where can I get a bad credit auto loan without phonecalls from dealerships?
Your best bet is to try a couple of online lenders. I have used lendingtree.com before and they were very good. You fill out one application and they shop it to 4 lenders who are likely to approve you. If Lendingtree does not get an approval, go to capitalone.com or drivetime.com.
I stress to only go to Drive or Cap AFTER applying at lendingtree. The last 2 specialize in bad credit loans, and will hit you with a higher interest loan. If Lendingtree cannot get an approval, they are the next-to-last choice. Last line of options is the buy here/pay here lot.
Try the online soureces firts, lets see how they work
Reply:Since you have bad credit, you can go to a local Credit Union. See what they are offering. Also try Bank of America. They have super attractive rates for good credit. So they likely have reasonable rates for you.
Also you can give the VIN number of the car you have in mind %26amp; whatever price you %26amp; Seller agreed. That will make sure you are not directed to the Dealers. The banks usually don't unless you ask.
Good Luck.
How can I refinance my auto loan in USA when moving to Canada with the car?
I bought a car in USA with an auto loan from toyota financial services. Now I got a job in Canada. I want to take my car with me. But problem is TFS is not allowing me to take the car to Canada and instead asking me to payoff the whole amount now before moving. I thought I can pay my monthly instalment from Canada. But they are not allowing that. In this case I want refinancing from other institution, who can allow me to pay instalment from Canada. So that I can pay TFS now and take my car to Canada.Can any one help me in this matter? I really appreciate and thak you in advance.
How can I refinance my auto loan in USA when moving to Canada with the car?
when i was getting my car, i used this site to get quotes on a car loan. i think it's a great site, check it out (it's free too)!
Reply:I think these are some useful sites: http://autoloanguide.automobil... Report Abuse
How can I refinance my auto loan in USA when moving to Canada with the car?
when i was getting my car, i used this site to get quotes on a car loan. i think it's a great site, check it out (it's free too)!
Reply:I think these are some useful sites: http://autoloanguide.automobil... Report Abuse
Are there any companies that will give a $15000 auto loan to somebody with bad credit?
My credit is not so good because of a house i owned years back and i need an auto loan. I can afford to pay about $600 per month for the loan.. Any companies will approve me that you guys know of?
Are there any companies that will give a $15000 auto loan to somebody with bad credit?
Rhoda R, Try getting a free online auto loan quote. http://www.autoadviceonline.com/Auto-Loa... The automated questionairre will give you results based on your credit and financial situation. It's free and you can get an answer in minutes.
Reply:It is getting harder to find loans now that the economy and credit has tightened up. However, there are still finance companies out there that work with people with bad credit. Here is an article that has some suggestions:
http://www.leaseguide.com/Articles/bad-c...
Another possibility is a buy-here-pay-here (BHPH) dealer who finances his own loans and doesn't check credit. However......you should know that the cars are overpriced, the interest rates the maximum allowed by law, the payments plans are very strict, and repossessions are common. Here's an article with more details:
http://www.firstcarguide.com/finance/sho...
.
Reply:If you have a stable income, can show stable residence at one location and have a sizable down payment, sure there are companies that will take you as a customer. Just don't expect low interest rates.
Some of them may require a direct payment method as well. Direct debit to your loan account every payday.
Reply:There are companies were you can apply for bad credit auto loans.
You have to be very careful will whom you choose on-line. Please look at the following site, they are special finance specialist. I know you can get all your questions answered and even apply for a loan if you choose. Good Luck!
www.autocreditexpress.com
Reply:Yes. Google Credit Acceptance Corp. They have guaranteed loan approvals. Once you get hooked up with them, they'll report to the credit bureaus which in turn will help get your credit re-established.
Reply:
here are some search results
http://www.yabloog.com/112credit_card_.h...
Are there any companies that will give a $15000 auto loan to somebody with bad credit?
Rhoda R, Try getting a free online auto loan quote. http://www.autoadviceonline.com/Auto-Loa... The automated questionairre will give you results based on your credit and financial situation. It's free and you can get an answer in minutes.
Reply:It is getting harder to find loans now that the economy and credit has tightened up. However, there are still finance companies out there that work with people with bad credit. Here is an article that has some suggestions:
http://www.leaseguide.com/Articles/bad-c...
Another possibility is a buy-here-pay-here (BHPH) dealer who finances his own loans and doesn't check credit. However......you should know that the cars are overpriced, the interest rates the maximum allowed by law, the payments plans are very strict, and repossessions are common. Here's an article with more details:
http://www.firstcarguide.com/finance/sho...
.
Reply:If you have a stable income, can show stable residence at one location and have a sizable down payment, sure there are companies that will take you as a customer. Just don't expect low interest rates.
Some of them may require a direct payment method as well. Direct debit to your loan account every payday.
Reply:There are companies were you can apply for bad credit auto loans.
You have to be very careful will whom you choose on-line. Please look at the following site, they are special finance specialist. I know you can get all your questions answered and even apply for a loan if you choose. Good Luck!
www.autocreditexpress.com
Reply:Yes. Google Credit Acceptance Corp. They have guaranteed loan approvals. Once you get hooked up with them, they'll report to the credit bureaus which in turn will help get your credit re-established.
Reply:
here are some search results
http://www.yabloog.com/112credit_card_.h...
What auto loan interest rate can I expect?
Looing for a used car for my son. What auto loan interest rate can I expect?
What auto loan interest rate can I expect?
Auto finance is what I do for a living and with the limited amount of information you have provided there is no one here that can answer your question.
I can however tell you what auto loans are based on;
!. LTV (loan to value).
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time at residence.
7. Time on job.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
Depending on how the above numbers are submitted to the lenders will determine your interest rate.
Good luck.
Reply:It would depend wholly on what's in your credit file, your credit score and ability to repay the loan (e.g. your job history and salary).
You excluded all of those details in this question, so it would be impossible to give you a remotely accurate answer.
tanning
What auto loan interest rate can I expect?
Auto finance is what I do for a living and with the limited amount of information you have provided there is no one here that can answer your question.
I can however tell you what auto loans are based on;
!. LTV (loan to value).
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time at residence.
7. Time on job.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
Depending on how the above numbers are submitted to the lenders will determine your interest rate.
Good luck.
Reply:It would depend wholly on what's in your credit file, your credit score and ability to repay the loan (e.g. your job history and salary).
You excluded all of those details in this question, so it would be impossible to give you a remotely accurate answer.
tanning
How much does your credit score increase when you pay off an auto loan?
The last time I viewed my credit report, it did not have my auto loan as paid off. I had paid it off about a week before my credit report was pulled. Does anyone know how much that will increase my credit score? My FICO score was 545 and I am wondering if it will increase significant enough to be considered for a home loan. I know the score is pretty low, but you never know with the housing market today.
How much does your credit score increase when you pay off an auto loan?
To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score%26lt;!--you'll get your credit report, an indication of how your score ranks nationally and an explanation of how you can boost your standing.
http://badcredits.awardspace.com/credits...
In order to improve your credit score, it's important to know where you stand currently. Despite all the media attention given to free credit reports--%26gt;you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.
Reply:Auto Loan Guide: http://autoloans.autoloanassis... Report Abuse
How much does your credit score increase when you pay off an auto loan?
To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score%26lt;!--you'll get your credit report, an indication of how your score ranks nationally and an explanation of how you can boost your standing.
http://badcredits.awardspace.com/credits...
In order to improve your credit score, it's important to know where you stand currently. Despite all the media attention given to free credit reports--%26gt;you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.
Reply:Auto Loan Guide: http://autoloans.autoloanassis... Report Abuse
Will refinancing my auto loan to a lower monthly payment and less interest paid out, hurt my credit score?
I'm preparing to buy a house next year and doing everything in my power to increase my credit score when the mortgage process starts. I have an auto loan @ 6.24% interest rate, and my truck will be paid off in 3 years. I've pretty good credit right now. However, if I decide to refinance my auto loan for a lower interest rate and monthly payments, will that hurt my credit score?
Will refinancing my auto loan to a lower monthly payment and less interest paid out, hurt my credit score?
the real answer is yes. paying off your loan can hurt your credit score. The first auto credit score will be paid off and that builds credit. However your new loan will have a high balance and will add new debt that lenders will look at. If you want to increase your credit score make larger payments on the car loan. In order to increase your credit score make sure you pay off balances and DO NOT GET YOUR CREDIT PULLED BY A LENDER. Also make sure you order a copy of your credit score (this does not count against you) so you can check for errors. finally make sure your good credit is updated as this can really help build your score.
Reply:Visit this webguide : Auto Loan Guide: http://autoloans.autoloanassis...
Good Luck Report Abuse
Reply:Auto Loan Guide: http://autoloanguide.automobil... Report Abuse
Reply:The lower rate and the lower monthly payments won't hurt your score. What might cost you a few points initially is the application for the new loan as seeking new credit always lowers your score. The fact that you would then re-pay the old loan and then not seek new credit for a while should bring it back up.
Good luck!
Reply:Maybe it will cost you a point or two. A lot depends on what else is in your credit report.
But, what will be a large help to you is the reduced monthly payment. That will far overshadow the minimal drop in credit score. One of the things that lenders look at is your debt to income ratio. By lowering your car payments, you are increasing that ratio, and demonstrating that you can better afford the payments.
I say do it. Any reduction in the the interest you are paying is a good thing.
Will refinancing my auto loan to a lower monthly payment and less interest paid out, hurt my credit score?
the real answer is yes. paying off your loan can hurt your credit score. The first auto credit score will be paid off and that builds credit. However your new loan will have a high balance and will add new debt that lenders will look at. If you want to increase your credit score make larger payments on the car loan. In order to increase your credit score make sure you pay off balances and DO NOT GET YOUR CREDIT PULLED BY A LENDER. Also make sure you order a copy of your credit score (this does not count against you) so you can check for errors. finally make sure your good credit is updated as this can really help build your score.
Reply:Visit this webguide : Auto Loan Guide: http://autoloans.autoloanassis...
Good Luck Report Abuse
Reply:Auto Loan Guide: http://autoloanguide.automobil... Report Abuse
Reply:The lower rate and the lower monthly payments won't hurt your score. What might cost you a few points initially is the application for the new loan as seeking new credit always lowers your score. The fact that you would then re-pay the old loan and then not seek new credit for a while should bring it back up.
Good luck!
Reply:Maybe it will cost you a point or two. A lot depends on what else is in your credit report.
But, what will be a large help to you is the reduced monthly payment. That will far overshadow the minimal drop in credit score. One of the things that lenders look at is your debt to income ratio. By lowering your car payments, you are increasing that ratio, and demonstrating that you can better afford the payments.
I say do it. Any reduction in the the interest you are paying is a good thing.
How does a self-employed person apply for an auto loan?
I have just applied for an auto loan at a credit union in order to get a low interest rate. Problem is they keep saying I have insufficient income because they only look at my schedule C gross income which is after business expenses are deducted. Shouldn't they be looking at the big picture? Like monthly income? Bank Statements?
Isn't there a specific way to do self-employed loans differently? Are there loans specialized for the self-employed?
If anyone can suggest some info i would appreciate it!
How does a self-employed person apply for an auto loan?
Try getting an online auto loan quote. http://www.goodinternetdeals.com/Auto-Lo... The questionairre will give you results based on your credit and financial situation. It's free and you can get an answer in minutes.
Reply:Don't you keep record books? Ask them what they need. Lending to the self employed is very risky for lenders.
Reply:3 years of tax returns is what you need to show.
Reply:Just try http://finance.ebookorama.com they mention a 99% success rate, good luck.
Reply:Your schedule C bottom line IS your income. They don't look at what you brought over that amount - because it's not money available for you to spend. It pays for the expense of doing business.
If you have other income - show it to them, whatever its source. You mention "bank statements"...if you have banking income - show them. If you have significant savings - use that to buy the car instead of taking out a loan.
And no, loans for the self-employed aren't much different. They look at your income that appears on the front of your 1040, just like the wages that appear there on the wages line. That's taxable income. That's what they look at.
here's why they don't look at the "gross" at the top of a schedule C. Take the example of two self-employed people. One is a consultant, who pulls in $100,000 a year, and has almost no overhead, and no expenses. The second is a carpenter, or pulls in $100,000 a year, but pays out $20,000 in materials, and $40,000 for skilled laborers on the crew he uses to complete jobs he gets.
At the end of the day, the consultant has $100,000 in profit, but the carpenter has only $40,000. They both "brought in" the same amount of money, but they definitely don't have the same amount of money at the end of the day, and there's no WAY a bank would treat them the same in terms of loans.
Isn't there a specific way to do self-employed loans differently? Are there loans specialized for the self-employed?
If anyone can suggest some info i would appreciate it!
How does a self-employed person apply for an auto loan?
Try getting an online auto loan quote. http://www.goodinternetdeals.com/Auto-Lo... The questionairre will give you results based on your credit and financial situation. It's free and you can get an answer in minutes.
Reply:Don't you keep record books? Ask them what they need. Lending to the self employed is very risky for lenders.
Reply:3 years of tax returns is what you need to show.
Reply:Just try http://finance.ebookorama.com they mention a 99% success rate, good luck.
Reply:Your schedule C bottom line IS your income. They don't look at what you brought over that amount - because it's not money available for you to spend. It pays for the expense of doing business.
If you have other income - show it to them, whatever its source. You mention "bank statements"...if you have banking income - show them. If you have significant savings - use that to buy the car instead of taking out a loan.
And no, loans for the self-employed aren't much different. They look at your income that appears on the front of your 1040, just like the wages that appear there on the wages line. That's taxable income. That's what they look at.
here's why they don't look at the "gross" at the top of a schedule C. Take the example of two self-employed people. One is a consultant, who pulls in $100,000 a year, and has almost no overhead, and no expenses. The second is a carpenter, or pulls in $100,000 a year, but pays out $20,000 in materials, and $40,000 for skilled laborers on the crew he uses to complete jobs he gets.
At the end of the day, the consultant has $100,000 in profit, but the carpenter has only $40,000. They both "brought in" the same amount of money, but they definitely don't have the same amount of money at the end of the day, and there's no WAY a bank would treat them the same in terms of loans.
What kind of auto loan do I get with a 685 score?
I have 680, 685, and 689 FICO scores based on the 3 bureaus. What kind of auto loan (interest, max amount etc) can I get?
What kind of auto loan do I get with a 685 score?
You're right on the bubble between being considered Prime and Near-Prime by most auto finance companies. It also depends on whether you're buying a new or used car.
You should first check with your banking institution or credit union since they're most likely to give you the benefit of the doubt and put you in the Prime category where you'll get the lowest rates. Also check rates online with auto loan providers like Capital One Auto Finance.
Reply:Your scores aren't that bad, but there are other factors a loan officer considers. They will evaluate how much unpaid debt you have open in relationship to your income. If you have your credit report take a look at you late payment history, 30, 60, 90 days. That is a big factor. You might consider opening an account with a credit union. Sometimes they can offer better rates to borrowers.
Reply:Auto finance is what I do for a living and you can not go by score alone.
Auto loans are based on the following factors;
1. LTV (loan to value).
2. Term.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income.
9. Credit score/profile.
10. Total debt to income ratio.
Depending on the above your rate could be anywhere from 0% to 14.95%.
Reply:You’ll have to ask the lender you plan to use.
When I bought a car last December, at the dealership I used, the top tier (lowest) of interest rates were for 700+, second tier were for 600+. Your lender may or may not use the same criteria.
Reply:Ask your nearest Auto Dealer and the Bank also.
Reply:Be careful about accepting a loan you are quoted by dealership "finance managers." In the fine print, there will be language stating that the contract is subject to the lender's underwriting - which means they'll let you drive the car off the lot and a week or two later, you'll get a letter stating that the agreed upon interest rate was not accepted by the lender and you must pay a higher rate. Happens frequently.
Reply:Unless you buy one of those "special deals", 0.00 down on a new car. A conventional loan will be about 6% for 2008 thru 2003. 2002 and down will be close to 9.5
floral
What kind of auto loan do I get with a 685 score?
You're right on the bubble between being considered Prime and Near-Prime by most auto finance companies. It also depends on whether you're buying a new or used car.
You should first check with your banking institution or credit union since they're most likely to give you the benefit of the doubt and put you in the Prime category where you'll get the lowest rates. Also check rates online with auto loan providers like Capital One Auto Finance.
Reply:Your scores aren't that bad, but there are other factors a loan officer considers. They will evaluate how much unpaid debt you have open in relationship to your income. If you have your credit report take a look at you late payment history, 30, 60, 90 days. That is a big factor. You might consider opening an account with a credit union. Sometimes they can offer better rates to borrowers.
Reply:Auto finance is what I do for a living and you can not go by score alone.
Auto loans are based on the following factors;
1. LTV (loan to value).
2. Term.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income.
9. Credit score/profile.
10. Total debt to income ratio.
Depending on the above your rate could be anywhere from 0% to 14.95%.
Reply:You’ll have to ask the lender you plan to use.
When I bought a car last December, at the dealership I used, the top tier (lowest) of interest rates were for 700+, second tier were for 600+. Your lender may or may not use the same criteria.
Reply:Ask your nearest Auto Dealer and the Bank also.
Reply:Be careful about accepting a loan you are quoted by dealership "finance managers." In the fine print, there will be language stating that the contract is subject to the lender's underwriting - which means they'll let you drive the car off the lot and a week or two later, you'll get a letter stating that the agreed upon interest rate was not accepted by the lender and you must pay a higher rate. Happens frequently.
Reply:Unless you buy one of those "special deals", 0.00 down on a new car. A conventional loan will be about 6% for 2008 thru 2003. 2002 and down will be close to 9.5
floral
How many points are deducted from your credit score when applying for an auto loan?
My husband and I applied for an auto loan and did not agree to the rate, so how many points are deducted from the credit score when it is run? Thanks!
How many points are deducted from your credit score when applying for an auto loan?
Maybe 2 or 3 never more than 10....they come back later on..
Reply:There are too many variables to even give an actual range. However inquiries are not detrimental so long as you don't have a lot of them. 7 credit inquiries per year is considered border line excessive and anything over that in a 12 month period will start to have more detrimental effects to your score.
Reply:This company will approve just about everyone for auto loan but realize the
poorer your credit is the interest rate will be a little higher. There are no upfront fees.
http://nbjmp.com/click/?s=52473%26amp;c=84759
Reply:Every time you apply for a loan your score is affected but not by much and no one can tell you exactly by how much.
Reply:If you're worried about your credit report you can check it for free on this site..
Reply:to answer that question try to read this
http://creditscore.pro/
How many points are deducted from your credit score when applying for an auto loan?
Maybe 2 or 3 never more than 10....they come back later on..
Reply:There are too many variables to even give an actual range. However inquiries are not detrimental so long as you don't have a lot of them. 7 credit inquiries per year is considered border line excessive and anything over that in a 12 month period will start to have more detrimental effects to your score.
Reply:This company will approve just about everyone for auto loan but realize the
poorer your credit is the interest rate will be a little higher. There are no upfront fees.
http://nbjmp.com/click/?s=52473%26amp;c=84759
Reply:Every time you apply for a loan your score is affected but not by much and no one can tell you exactly by how much.
Reply:If you're worried about your credit report you can check it for free on this site..
Reply:to answer that question try to read this
http://creditscore.pro/
What is a good amount to borrow when applying for an auto loan?
I am applying for an auto loan and am new to this. I am not sure what amount to ask for or loan term. I can afford $250-$300 a month.
What is a good amount to borrow when applying for an auto loan?
The smallest amount possible ,
Loans just flush $$$$$ down the drain by paying % .
And Car loan % is NOT even tax deductible !
%26lt;
Reply:If you are buying a used car, make sure the term is 3 years and less - a new car - 4 years and less
You should be putting down at least 30% down on a vehicle, so that you don't end up "upsidedown" when the car continues to depreciate.
Remember, you must carry comprensive and collision on a car that has a loan attached to it - figure that additional expense in.
Honestly, I think you should save money for a year and just buy the vehicle for cash!
What is a good amount to borrow when applying for an auto loan?
The smallest amount possible ,
Loans just flush $$$$$ down the drain by paying % .
And Car loan % is NOT even tax deductible !
%26lt;
Reply:If you are buying a used car, make sure the term is 3 years and less - a new car - 4 years and less
You should be putting down at least 30% down on a vehicle, so that you don't end up "upsidedown" when the car continues to depreciate.
Remember, you must carry comprensive and collision on a car that has a loan attached to it - figure that additional expense in.
Honestly, I think you should save money for a year and just buy the vehicle for cash!
What is the average interest auto loan rate these days?
What is a good or average interest rate on an auto loan?
For a brand new car that is. I know it depends on your credit, so please don't give me that answer. Still, even with good credit or average credit, how do I know the average interest rate for auto loan unless someone tells me please.
What is the average interest auto loan rate these days?
the diff in good credit 3.9 %-7 % great credit 0-3%
or not so good credit 8-15% it really makes a big diff especially if your going new car. diffs in pmt could be
280-450.$ just from a higher rate
Reply:I think these are some useful sites: http://autoloanguide.automobil... Report Abuse
Reply:Mine is 5.0 percent through my credit union
Reply:I'm not sure what the average is, but mine is 4.9%
Reply:Theres actually not a fixed rate. There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.
http://badcredits.awardspace.com/autoloa...
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Reply:Below Site is Home of the Loan for every need. Learn about Personal Loan, Student Loan, Auto Loan, Business Loan, Home Loan, Bad Credit Loans or Loan Consolidation. Search for the lowest loan rates; compare lenders, Shop for loans. Loans made fast and simple. Don't worry about Bad Credit and No Co-signer needed. No Upfront.
Refer Auto Loan Section.
http://lnk.in/56f2
Reply:For good to average credit you can find out what the rates are in your area by visiting bankrate.com. I've included the link below.
When you visit the site select you state from within the lefthand box and click next. Avoid the center box it is an advertisement.
http://bankrate.com/brm/rate/brm_autosea...
For a brand new car that is. I know it depends on your credit, so please don't give me that answer. Still, even with good credit or average credit, how do I know the average interest rate for auto loan unless someone tells me please.
What is the average interest auto loan rate these days?
the diff in good credit 3.9 %-7 % great credit 0-3%
or not so good credit 8-15% it really makes a big diff especially if your going new car. diffs in pmt could be
280-450.$ just from a higher rate
Reply:I think these are some useful sites: http://autoloanguide.automobil... Report Abuse
Reply:Mine is 5.0 percent through my credit union
Reply:I'm not sure what the average is, but mine is 4.9%
Reply:Theres actually not a fixed rate. There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.
http://badcredits.awardspace.com/autoloa...
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Reply:Below Site is Home of the Loan for every need. Learn about Personal Loan, Student Loan, Auto Loan, Business Loan, Home Loan, Bad Credit Loans or Loan Consolidation. Search for the lowest loan rates; compare lenders, Shop for loans. Loans made fast and simple. Don't worry about Bad Credit and No Co-signer needed. No Upfront.
Refer Auto Loan Section.
http://lnk.in/56f2
Reply:For good to average credit you can find out what the rates are in your area by visiting bankrate.com. I've included the link below.
When you visit the site select you state from within the lefthand box and click next. Avoid the center box it is an advertisement.
http://bankrate.com/brm/rate/brm_autosea...
What is a reasonable interest rate for a used auto loan?
I plan on purchasing a used car from a local dealer, and go shopping at several car dealerships. What is, in your experience, a reasonable, most used interest rate for the auto loan financed through the dealership?
What is a reasonable interest rate for a used auto loan?
I found an offer for 7.something%, but that was through my bank/credit union. Seriously, though, see if you can just pay for it outright and use that as leverage in negotiating a lower price. Most won't want to budge from Kelley Blue Book value for dealerships and STILL tack on fees to sell it to you. See if you can haggle the APR the purchase price. See if there's a prepayment penalty and, if not, pay more than what's due so that you can be done with the debt earlier and pay less in interest overall. (This is part of why a large down payment is a good option.) Good luck!
Reply:Interest rates are sky high right now. To answer your question:
a good rate for a used car is between 8 and 10, but your rate will depend on your CREDIT SCORES. I bought a new vehicle last August and have excellent credit and i received a 7.98 on a new car, but had the option of 0.0
GOOD LUCK
Reply:Options is power in a negotiation. See what your bank etc will offer and then negotiate the best rate with whomever offers it
Reply:6% but i woulnt count on it from used dealership they high as hell
Reply:You need to get a loan before you shop for the car. Repeated checks of your credit at dealerships hurts your score which determines the rate you get. When you get pre approved for a loan and have the check you have the upper hand . Try this site and they will get you different offers.
Reply:You won't have any control over it unless you have a big down payment. I agree that www.lendingtree.com will get you talking to the lender first before going to the dealer. You want to have your money lined up before you buy the car. Otherwise you are at the mercy of the finance company the dealer uses. Also watch out for add ons on the contract. Most people are so worn out waiting on approval they just want the keys and will and do sign anything. Later they realize they paid for credit life, disablity, extended "warranty" ( that's worthless).
Good luck!
purchase flowers
What is a reasonable interest rate for a used auto loan?
I found an offer for 7.something%, but that was through my bank/credit union. Seriously, though, see if you can just pay for it outright and use that as leverage in negotiating a lower price. Most won't want to budge from Kelley Blue Book value for dealerships and STILL tack on fees to sell it to you. See if you can haggle the APR the purchase price. See if there's a prepayment penalty and, if not, pay more than what's due so that you can be done with the debt earlier and pay less in interest overall. (This is part of why a large down payment is a good option.) Good luck!
Reply:Interest rates are sky high right now. To answer your question:
a good rate for a used car is between 8 and 10, but your rate will depend on your CREDIT SCORES. I bought a new vehicle last August and have excellent credit and i received a 7.98 on a new car, but had the option of 0.0
GOOD LUCK
Reply:Options is power in a negotiation. See what your bank etc will offer and then negotiate the best rate with whomever offers it
Reply:6% but i woulnt count on it from used dealership they high as hell
Reply:You need to get a loan before you shop for the car. Repeated checks of your credit at dealerships hurts your score which determines the rate you get. When you get pre approved for a loan and have the check you have the upper hand . Try this site and they will get you different offers.
Reply:You won't have any control over it unless you have a big down payment. I agree that www.lendingtree.com will get you talking to the lender first before going to the dealer. You want to have your money lined up before you buy the car. Otherwise you are at the mercy of the finance company the dealer uses. Also watch out for add ons on the contract. Most people are so worn out waiting on approval they just want the keys and will and do sign anything. Later they realize they paid for credit life, disablity, extended "warranty" ( that's worthless).
Good luck!
purchase flowers
Trying to apply for a auto loan but was told that my credit history is limited, what are my options?
I recently tried to apply for an auto loan, the finance dept. told me before they submitted the loan app that my credit score was decent but my credit history is limited and that may cause me to be denied the loan. What can I do about that? I previously paid off an auto loan from a credit union in which I had a cosigner but want to do it this time by myself. Should I try to used them for the new loan since we have history?
Trying to apply for a auto loan but was told that my credit history is limited, what are my options?
dondizzle404, Try getting an online auto loan quote. http://www.autoadviceonline.com/Auto-Loa... The form will give you results based on your credit and financial situation. It's free and you can get an answer in minutes.
Reply:as a former car salesman ive seen this before,auto dealerships are tightening down on the credit they will give due to the economy. I would go to my credit union and apply for the loan,they usually have great interest rates and are more than happy to give you the loan. auto dealerships want you to finance with there lender because they receive a kickback on the interest rate,which in the auto bossiness is called back end,how much money we made on finance,gap,accessories,warranty's,etc, but cannot always provide the financing needed, you may also get a better deal on the final price. find out what the credit union will give you and go make you're best deal.
Reply:If you think you need to have a new or used car to support your life activity, auto loan is the kind of loan which will guarantee a loan regardless of your credit rating. With this credit rating waive, guaranteed approval auto loan will have a higher interest which you need to consider thoroughly before you jumping into it.
http://www.worldbestloans.com/autoloans....
There are a lot of companies which can guarantee you auto loans, so you must find the best offer that is suitable with your monthly income. Look for the best deal and offer that you can get. You can visit any banks and car dealers around your area, but for a guaranteed approval auto loan usually available via websites.
Reply:
It should really save you hassle to just get an automobile loan price online to see what the going rates are. You might be totally suprised. Also if your credit is not good, a lot of online loaners are more able to work with you.
What I always tell folks is that an internet quote at http://auto.lowratetoday.com is the way to go.
Reply:If the finance company at the dealership cannot get you approved at a good rate call the credit union. But, before you sign any documents you should also check with the credit union and find out what their rates are.
Trying to apply for a auto loan but was told that my credit history is limited, what are my options?
dondizzle404, Try getting an online auto loan quote. http://www.autoadviceonline.com/Auto-Loa... The form will give you results based on your credit and financial situation. It's free and you can get an answer in minutes.
Reply:as a former car salesman ive seen this before,auto dealerships are tightening down on the credit they will give due to the economy. I would go to my credit union and apply for the loan,they usually have great interest rates and are more than happy to give you the loan. auto dealerships want you to finance with there lender because they receive a kickback on the interest rate,which in the auto bossiness is called back end,how much money we made on finance,gap,accessories,warranty's,etc, but cannot always provide the financing needed, you may also get a better deal on the final price. find out what the credit union will give you and go make you're best deal.
Reply:If you think you need to have a new or used car to support your life activity, auto loan is the kind of loan which will guarantee a loan regardless of your credit rating. With this credit rating waive, guaranteed approval auto loan will have a higher interest which you need to consider thoroughly before you jumping into it.
http://www.worldbestloans.com/autoloans....
There are a lot of companies which can guarantee you auto loans, so you must find the best offer that is suitable with your monthly income. Look for the best deal and offer that you can get. You can visit any banks and car dealers around your area, but for a guaranteed approval auto loan usually available via websites.
Reply:
It should really save you hassle to just get an automobile loan price online to see what the going rates are. You might be totally suprised. Also if your credit is not good, a lot of online loaners are more able to work with you.
What I always tell folks is that an internet quote at http://auto.lowratetoday.com is the way to go.
Reply:If the finance company at the dealership cannot get you approved at a good rate call the credit union. But, before you sign any documents you should also check with the credit union and find out what their rates are.
How do you refinance an auto loan?
I don't know the specifics of the loan (it's my boyfriends), but he purchased a vehicle around October of last year. He had never had an auto loan before and had little credit history, so his interest rate was fairly high. His loan is through a credit union. I know he has had one late payment.
Knowing this, does anyone have any recommendations on refinancing? We don't know a thing about it, but we do know that gas is too high not to consider it!
Thanks!
How do you refinance an auto loan?
Let me see if I can get this answer out to you as fast and concise as possible.
1. What is Refinancing?
For a car, refinancing is taking a current loan and giving it to another (or the same lender) on new terms. The terms can go up or down (payments, interest, and length of term).
The old auto loan is paid off fully and title is transferred to the new lender. You cannot get cash out of this deal. You cannot change owners of the car by refinancing. If you don't need a cosigner, don't get one. (If this is your bf car, don't be a co-signer, trust me)
2. Why refinance?
Many reasons: 1. Extending your loan another few months can reduce your payments. 2. Reducing interest rate can reduce the amount you pay out over the life of the loan.
3. How much will I save?
That depends on many things. Most people think it's just the credit score of the borrower. But that isn't the only thing. LTV (loan to value, or the value of your car versus what you owe on it), DTI (debt to income, or what you make versus what you owe each month in rent, etc), and what the contents of your credit report are (collections, # accounts, etc.).
4. What you need when going for refinancing:
a. Car Info (make, model, year and VIN if you have it)
b. Loan Info (who, payoff, rate, payment)
c. Financial Info (monthly pay, monthly debts, SSN, etc)
5. Who do I go to for refinancing?
There is no right answer here. Start with the CU, see if they can help. I work for a car refinancing company that works a lot like Lending Tree, but for cars. We take your information to a list of lenders and get the best deal (like a personal shopper). Watch how many places you apply at though. Too many inquiries COULD (not will, could) hurt your credit. So be picky about who you apply to refinance with.
Let me know any other ?s you have. I'll add a link to our FAQs if that helps.
Reply:Most people refinance a loan to make the payments more affordable. You can either go through the original lender or to another loan company, who will buy out the balance of what your bf owes, and set up a payment plan. A word of caution, however, is that another lender may charge a higher interest rate even if the payment is lower, which will extend the time he will have payments, and actually make him pay more for the car in the long run. Credit unions and banks are generally more reliable than loan companies. He should probably stick with the credit union to refinance. If your bf can make his payments on time, generally they will negotiate for a lower payment, reasonable rate of interest, but a longer term.
Reply:all you have to do is go to your bank or to your credit union and refinance the loan...for example; i owe you 5000 at 10% financing and contractually i am committed to a 5 year pay off schedule...you can refinance , the existing amount for a shorter, longer or same pay schedule at a lower financing rate...this helps build up good credit
Reply:credit unions usually have the best interest rates. sad for your bf car loose value VERY FAST, he has probly been making mostly interest payments since it the begining of the loan. if you look up what his car is valued at now, (that would be the newloan) and his current balance he may owe more than the car is worth.
Knowing this, does anyone have any recommendations on refinancing? We don't know a thing about it, but we do know that gas is too high not to consider it!
Thanks!
How do you refinance an auto loan?
Let me see if I can get this answer out to you as fast and concise as possible.
1. What is Refinancing?
For a car, refinancing is taking a current loan and giving it to another (or the same lender) on new terms. The terms can go up or down (payments, interest, and length of term).
The old auto loan is paid off fully and title is transferred to the new lender. You cannot get cash out of this deal. You cannot change owners of the car by refinancing. If you don't need a cosigner, don't get one. (If this is your bf car, don't be a co-signer, trust me)
2. Why refinance?
Many reasons: 1. Extending your loan another few months can reduce your payments. 2. Reducing interest rate can reduce the amount you pay out over the life of the loan.
3. How much will I save?
That depends on many things. Most people think it's just the credit score of the borrower. But that isn't the only thing. LTV (loan to value, or the value of your car versus what you owe on it), DTI (debt to income, or what you make versus what you owe each month in rent, etc), and what the contents of your credit report are (collections, # accounts, etc.).
4. What you need when going for refinancing:
a. Car Info (make, model, year and VIN if you have it)
b. Loan Info (who, payoff, rate, payment)
c. Financial Info (monthly pay, monthly debts, SSN, etc)
5. Who do I go to for refinancing?
There is no right answer here. Start with the CU, see if they can help. I work for a car refinancing company that works a lot like Lending Tree, but for cars. We take your information to a list of lenders and get the best deal (like a personal shopper). Watch how many places you apply at though. Too many inquiries COULD (not will, could) hurt your credit. So be picky about who you apply to refinance with.
Let me know any other ?s you have. I'll add a link to our FAQs if that helps.
Reply:Most people refinance a loan to make the payments more affordable. You can either go through the original lender or to another loan company, who will buy out the balance of what your bf owes, and set up a payment plan. A word of caution, however, is that another lender may charge a higher interest rate even if the payment is lower, which will extend the time he will have payments, and actually make him pay more for the car in the long run. Credit unions and banks are generally more reliable than loan companies. He should probably stick with the credit union to refinance. If your bf can make his payments on time, generally they will negotiate for a lower payment, reasonable rate of interest, but a longer term.
Reply:all you have to do is go to your bank or to your credit union and refinance the loan...for example; i owe you 5000 at 10% financing and contractually i am committed to a 5 year pay off schedule...you can refinance , the existing amount for a shorter, longer or same pay schedule at a lower financing rate...this helps build up good credit
Reply:credit unions usually have the best interest rates. sad for your bf car loose value VERY FAST, he has probly been making mostly interest payments since it the begining of the loan. if you look up what his car is valued at now, (that would be the newloan) and his current balance he may owe more than the car is worth.
Must you pay off an auto loan before trading in your vehicle?
I purchased an Acura RL back in October 2007. I have an auto loan with Navy FCU. When would I be eligible to trade in my vehicle for another vehicle of equal or lesser value?
Must you pay off an auto loan before trading in your vehicle?
You can trade in a car with a loan on, Just have the loan information available. They may pay off the loan, or wrap it into the new one, depending on what you owe and the value of the car.
Reply:Depends on how much money you want to put down when you trade in. Any amount still owed on your loan will be rolled over to the new one. BUT, a lender will only approve so much, usually 120% over the cars' value on a loan, so be mindful of that.
Reply:u can trade it anytime.u don't have to pay off the loan.go to the bank and seek for advices.
Reply:Just because you can doesn't make it a smart thing to do. You probably owe more on your current vehicle than it's worth, and rolling the negative equity into the new loan is heading down a slippery slope.
Reply:Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my mortgage and auto loans up to 58%.It's legitimate and free consult.I came across this company on NBC News Special Edition.Check it out here:
http://memurl.com/furetu
Must you pay off an auto loan before trading in your vehicle?
You can trade in a car with a loan on, Just have the loan information available. They may pay off the loan, or wrap it into the new one, depending on what you owe and the value of the car.
Reply:Depends on how much money you want to put down when you trade in. Any amount still owed on your loan will be rolled over to the new one. BUT, a lender will only approve so much, usually 120% over the cars' value on a loan, so be mindful of that.
Reply:u can trade it anytime.u don't have to pay off the loan.go to the bank and seek for advices.
Reply:Just because you can doesn't make it a smart thing to do. You probably owe more on your current vehicle than it's worth, and rolling the negative equity into the new loan is heading down a slippery slope.
Reply:Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my mortgage and auto loans up to 58%.It's legitimate and free consult.I came across this company on NBC News Special Edition.Check it out here:
http://memurl.com/furetu
Where do I find an auto loan for a 1996-2000 model vehicle?
Banks almost exclusively require an auto loan be applied to a vechicle 5-7 years old or newer. Does anyone know of online lenders who will lend for an older model vehicle? We're still talking about valuable cars, valued in the $7000-10000 range.
Where do I find an auto loan for a 1996-2000 model vehicle?
Many dealers offer 3-5 year loans on cars from 96-2000 you have to shop around. Depending upon credit. Also look up that info thru google or yahoo and you may get hooked up with someone online who can help. I found loans on 97-2000 locally with good credit but only let you take them out for 3 - 4 years. Also buy here pay here is another option or inhouse credit places. Try them also. Good Luck. www.lackomotorsports.com
Reply:I read your Article. I have applied for series of Loan in different loan companies online and end up loosing my money.I lost $1,700.00 in the hands those internet loan scammers, who claim to be loan lenders. I lost every penny i had till a friend directed me to Macro Loan House, were i applied for a loan of $46, 000.00 which was Approved and transfer to me. I will advcie you contact the company too for possible help. Company email:{loaninsurance_coys@yahoo.com} i assure you that you are dealling with a reputable legit lender who have the fear of God and human in him.I don't have much to say,I live you to follow your faith.And i pray for you not to fall into the hands of scams.
Regards
Reply:Have you tried lending tree? I have done several loans through them. I think the car has to be less than 10 yrs old and less than 100k miles. You can choose to buy from a dealership or from an individual. Might be worth a shot!
Reply:If you can't get financed through the dealer then go back to your bank and ask for a personal loan and use the car as collateral.
The rates may be slightly higher than a car loan but you'll get a loan.
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Where do I find an auto loan for a 1996-2000 model vehicle?
Many dealers offer 3-5 year loans on cars from 96-2000 you have to shop around. Depending upon credit. Also look up that info thru google or yahoo and you may get hooked up with someone online who can help. I found loans on 97-2000 locally with good credit but only let you take them out for 3 - 4 years. Also buy here pay here is another option or inhouse credit places. Try them also. Good Luck. www.lackomotorsports.com
Reply:I read your Article. I have applied for series of Loan in different loan companies online and end up loosing my money.I lost $1,700.00 in the hands those internet loan scammers, who claim to be loan lenders. I lost every penny i had till a friend directed me to Macro Loan House, were i applied for a loan of $46, 000.00 which was Approved and transfer to me. I will advcie you contact the company too for possible help. Company email:{loaninsurance_coys@yahoo.com} i assure you that you are dealling with a reputable legit lender who have the fear of God and human in him.I don't have much to say,I live you to follow your faith.And i pray for you not to fall into the hands of scams.
Regards
Reply:Have you tried lending tree? I have done several loans through them. I think the car has to be less than 10 yrs old and less than 100k miles. You can choose to buy from a dealership or from an individual. Might be worth a shot!
Reply:If you can't get financed through the dealer then go back to your bank and ask for a personal loan and use the car as collateral.
The rates may be slightly higher than a car loan but you'll get a loan.
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Are there any good banks or insurance companies that will refinance your auto loan with good rates?
I am tring to refinance my auto loan , but the only place that I came across is StateFarm. Are there any other places that I can look into?
Are there any good banks or insurance companies that will refinance your auto loan with good rates?
Local banks, credit unions.
Are there any good banks or insurance companies that will refinance your auto loan with good rates?
Local banks, credit unions.
How do you become an auto loan broker or agent?
I am trying to find out information on how to become an auto loan broker. I would like to find out what are the pro's and con's of the business, and how do you go about getting, licensed or certified in New York. The New York info is not critical but if anyone has any insights that would be great. Any help would be greatly appreciated!!
How do you become an auto loan broker or agent?
Start with applying at a few banks or dealerships with financing services.
Reply:I think these are some useful sites: http://autoloanguide.automobil... Report Abuse
How do you become an auto loan broker or agent?
Start with applying at a few banks or dealerships with financing services.
Reply:I think these are some useful sites: http://autoloanguide.automobil... Report Abuse
Where is the best place to refinance my auto loan?
When I first got my auto in March 2006 my interest rate was 17.9% I refinance in September 2006 with E-loan for a rate of 11.04% we recently bought a home and our finally establishing some credit. So I think its time to refinance again. Does anyone recommend a great place to get a great rate?
Thanks I really appreciate it!
Where is the best place to refinance my auto loan?
Why not use E-loan again?
Realize that interest rates have risen during the past 2 years and with your mortgage, you may not be able to do better than 11%. Plus, your car has continued to depreciate and there may not be any equity remaining for a refinance. Just be happy with what you have and make timely payments until the balance is $0.
Reply:Auto Loan Guide: http://autoloans.autoloanassis... Report Abuse
Reply:Capital One, HSBC and Wells Fargo do car loan refinancing as well.
Thanks I really appreciate it!
Where is the best place to refinance my auto loan?
Why not use E-loan again?
Realize that interest rates have risen during the past 2 years and with your mortgage, you may not be able to do better than 11%. Plus, your car has continued to depreciate and there may not be any equity remaining for a refinance. Just be happy with what you have and make timely payments until the balance is $0.
Reply:Auto Loan Guide: http://autoloans.autoloanassis... Report Abuse
Reply:Capital One, HSBC and Wells Fargo do car loan refinancing as well.
What happens when the bank you have your auto loan through gets bought out?
My auto loan is through Wachovia and i just read they are going to be bought out by Citigroup. What happens now?
What happens when the bank you have your auto loan through gets bought out?
Nothing.
The bank just has a new set of bosses, a lot of layoffs and maybe a name change.
Your loan was legalized before the takeover so you will continue to pay, you MAY get a letter from the new company with instructions to perhaps change your payment date or account number, but in all probability nothing will change at all.
They also can't change the terms of your loan, can't increase the percentage of interest charged or demand increased payment per month, that's what the contract you signed is for, it protects you as well as the bank.
Reply:You keep paying the bill, just like normal.
In a few months, you will be contacted to send your payment to somewhere else.
Citibank will have to continue your loan, as is. Nothing really will change for you. Except maybe the name on the check you send.
Reply:Keep paying your bill - eventually you might be notified of a new address to send the payment to.
ginkgo
What happens when the bank you have your auto loan through gets bought out?
Nothing.
The bank just has a new set of bosses, a lot of layoffs and maybe a name change.
Your loan was legalized before the takeover so you will continue to pay, you MAY get a letter from the new company with instructions to perhaps change your payment date or account number, but in all probability nothing will change at all.
They also can't change the terms of your loan, can't increase the percentage of interest charged or demand increased payment per month, that's what the contract you signed is for, it protects you as well as the bank.
Reply:You keep paying the bill, just like normal.
In a few months, you will be contacted to send your payment to somewhere else.
Citibank will have to continue your loan, as is. Nothing really will change for you. Except maybe the name on the check you send.
Reply:Keep paying your bill - eventually you might be notified of a new address to send the payment to.
ginkgo
Can you get an auto loan without a down payment?
I'm interested in buying a used car but I don't have the money for a down payment. Can someone still get financed at a car dealership for an auto loan with zero down? The car I'm interested in is a 2004, costs about $13,000 with low miles.
I don't have bad credit but it's not perfect either.
Can you get an auto loan without a down payment?
Every Auto loan I've ever taken out has been without a down payment. But I also have excellent Credit.
The best place is a credit union. They have the best rates.
Reply:It is better to avoid the dealership financing unless you have perfect credit. They usually will not have the best deal when your credit is a little bruised. Best to search for national auto loan lenders like Capital One on http://www.ratezip.com/auto.html
Reply:What is not bad. if you have under 6754 beacon you will need a down payment. If dept ratio is bad you need down money. If car's book is way less you need down money. For no down payment you need 675 credit with 5n years of good credit history. Also you must have less then 80k miles and less then 6 years old. All in all you will probably need about 2 grand down with inbetween credit as you have.
Reply:"not bad credit, but not perfect" That means bad credit.
725+ score = excellent 675= fair 600=poor
under 600= shoot yourself
You might be able to get a loan depending on your situation.
The only way to know is to shop around. If your score is on the lower end of the spectrum, count on putting money down...a lot of it. Here's a good guide:
You're looking at a $13,000 car.
Credit Score - Downpayment
800-725 $0
724-675 $0
674-625 $0-$500
624-600 $0-$1000
599-575 $1000-$1500
574-550 $2000-$3000
549-500 $3000-$5000
499 or less ALL OF IT!!!
I don't have bad credit but it's not perfect either.
Can you get an auto loan without a down payment?
Every Auto loan I've ever taken out has been without a down payment. But I also have excellent Credit.
The best place is a credit union. They have the best rates.
Reply:It is better to avoid the dealership financing unless you have perfect credit. They usually will not have the best deal when your credit is a little bruised. Best to search for national auto loan lenders like Capital One on http://www.ratezip.com/auto.html
Reply:What is not bad. if you have under 6754 beacon you will need a down payment. If dept ratio is bad you need down money. If car's book is way less you need down money. For no down payment you need 675 credit with 5n years of good credit history. Also you must have less then 80k miles and less then 6 years old. All in all you will probably need about 2 grand down with inbetween credit as you have.
Reply:"not bad credit, but not perfect" That means bad credit.
725+ score = excellent 675= fair 600=poor
under 600= shoot yourself
You might be able to get a loan depending on your situation.
The only way to know is to shop around. If your score is on the lower end of the spectrum, count on putting money down...a lot of it. Here's a good guide:
You're looking at a $13,000 car.
Credit Score - Downpayment
800-725 $0
724-675 $0
674-625 $0-$500
624-600 $0-$1000
599-575 $1000-$1500
574-550 $2000-$3000
549-500 $3000-$5000
499 or less ALL OF IT!!!
What is the highest interest rate for a subprime auto loan?
I have really horrible credit due to my divorce...like 400! I am working very hard to build it back up. I was "approved" for a subprime auto loan but I want to know what I can expect the interest rate to be on a used auto. What is the highest ( worst ) it can be? Are we talking 30% or more? I live in New York if that matters.
Thanks so much for your help!
What is the highest interest rate for a subprime auto loan?
With your score it will be what ever your States maximum rate is.
Reply:Not sure. You're best bet is to check with GE.
Thanks so much for your help!
What is the highest interest rate for a subprime auto loan?
With your score it will be what ever your States maximum rate is.
Reply:Not sure. You're best bet is to check with GE.
Is it possible to obtain an auto loan and have it taken directly out of paychecks?
I moved two years ago to support my newborn after finding out my girlfriend was pregnant. I left behind my old car and my family put it in my brothers name so I've been stuck without a vehicle. I've been working at my current job for 6 months and management said it is possible to pay any debts or loans by having it taken out of my checks. I don't plan on leaving the company at all and plan on living up here. I've tried for an auto loan but was denied because of my bank balance (after fixing my fiancee's car and her mother's truck because they were out of work and were on HUD). Is it possible to get an auto loan in this manner? At work, management said they'd need the necessary paperwork to have it directly taken out, but I'm not quite sure if dealerships would allow such payments- since its not directly through a bank. Is this method even possible?
The maximum loan i'm thinking of getting is $5000. I've talked with several dealers about downpayments and those I can easily handle.
Is it possible to obtain an auto loan and have it taken directly out of paychecks?
Who did you go for the loan? Did you try your bank?
If you put in automatic deposit, and add an EFT (electronic fund transfer) to dealer set up to take the money out the day after it's deposited, it should work.
Reply:Visit this webguide : Auto Loan Guide: http://autoloans.autoloanassis...
Good Luck Report Abuse
Reply:yes
The maximum loan i'm thinking of getting is $5000. I've talked with several dealers about downpayments and those I can easily handle.
Is it possible to obtain an auto loan and have it taken directly out of paychecks?
Who did you go for the loan? Did you try your bank?
If you put in automatic deposit, and add an EFT (electronic fund transfer) to dealer set up to take the money out the day after it's deposited, it should work.
Reply:Visit this webguide : Auto Loan Guide: http://autoloans.autoloanassis...
Good Luck Report Abuse
Reply:yes
What Is The Lowest Auto Loan Refinance Company Out There?
I am trying to refinance my Mazda car and currently, I am making a payment of $300 a month. What company has the lowest auto loan refinance interest rate? Needs to be available to Florida residents and it does not matter if it is an online company only. Thank you.
What Is The Lowest Auto Loan Refinance Company Out There?
Sorry, you posted this twice, so I'm answering twice. I want to be sure that people down the road get the right information.
There is no one lender with the "lowest rates." We have many lenders that, depending on the situation, have the "lower" rate than the others. It just depends on your car and your finances.
Please note that Florida is enforcing a law that will make you pay sales taxes on your car again if you are refinancing to remove or add someone onto the loan (co-signer). Please just be aware of that as you are moving through the process.
I would start with a local credit union, but really, any one of the major auto refinance brokers are going to be talking to the same financers.
Reply:they are almost all the same. No magical companies with low rates. Credit unions tend to be the lowest in every city. They just like to loan on cars. if your credit is great, you will pay between 7.9% and 9.9%. Probably not much better than you are paying now. Is there any way you can pay the loan off by working double shifts. The choices are pretty lousy otherwise.
azalea tree
What Is The Lowest Auto Loan Refinance Company Out There?
Sorry, you posted this twice, so I'm answering twice. I want to be sure that people down the road get the right information.
There is no one lender with the "lowest rates." We have many lenders that, depending on the situation, have the "lower" rate than the others. It just depends on your car and your finances.
Please note that Florida is enforcing a law that will make you pay sales taxes on your car again if you are refinancing to remove or add someone onto the loan (co-signer). Please just be aware of that as you are moving through the process.
I would start with a local credit union, but really, any one of the major auto refinance brokers are going to be talking to the same financers.
Reply:they are almost all the same. No magical companies with low rates. Credit unions tend to be the lowest in every city. They just like to loan on cars. if your credit is great, you will pay between 7.9% and 9.9%. Probably not much better than you are paying now. Is there any way you can pay the loan off by working double shifts. The choices are pretty lousy otherwise.
azalea tree
What are the requirements for a used auto loan through bank of america?
What are the requirements that would allow someone to be approved for a bank of america used auto loan as far as model year, income, credit score, etc?
What are the requirements for a used auto loan through bank of america?
G, Try getting an online auto loan quote. http://www.goodinternetdeals.com/Auto-Lo... The automated questionaire will give you results based on your credit and financial situation. It's free and you can get an answer in minutes.
Reply:Most places see credit of 650 or higher as a reliable borrower. 700 or higher is perfect or excellent, and will get you the best rate possible. I don't know about BOA, but many banks have a 5-7 year limit on used cars, and this will vary by the bank. I bank with USAA, and they let us borrow on a 10 year old car, as well as gave us many longer term loans than most banks will. I don't know about income requirements, as again, this is going to be based on the bank's factors, what you currently have for loans or revolving credit that show up on your credit report, as well as repayment history. The bank may also require a certain amount of money to be borrowed, some banks won't lend under $5k, while others will if the interest rate is higher and the length of the loan is longer (to earn them more money of course).
Your other option is to get financing through the dealership. This can be good as it will find someone who will lend to you, however it can lead to several inquiries from multiple banks all at once on your credit bureau, which could hurt you if you plan to do any other financial things in the near future...but if your credit is good, then it could also get you the best financing deal possible, which may not be with BOA.
Reply:680 credit score for a crummy rate. 720 for a good rate. 2 years on the job is perfect, 1 year is acceptable but you may pay a higher rate. A track record of saving money- so they will be looking at your B of A accounts.
Then consider buying a new car like a Kia Rio for $8,500 at a dealer and getting 1.9% interest rate..
Reply:Ask them.
What are the requirements for a used auto loan through bank of america?
G, Try getting an online auto loan quote. http://www.goodinternetdeals.com/Auto-Lo... The automated questionaire will give you results based on your credit and financial situation. It's free and you can get an answer in minutes.
Reply:Most places see credit of 650 or higher as a reliable borrower. 700 or higher is perfect or excellent, and will get you the best rate possible. I don't know about BOA, but many banks have a 5-7 year limit on used cars, and this will vary by the bank. I bank with USAA, and they let us borrow on a 10 year old car, as well as gave us many longer term loans than most banks will. I don't know about income requirements, as again, this is going to be based on the bank's factors, what you currently have for loans or revolving credit that show up on your credit report, as well as repayment history. The bank may also require a certain amount of money to be borrowed, some banks won't lend under $5k, while others will if the interest rate is higher and the length of the loan is longer (to earn them more money of course).
Your other option is to get financing through the dealership. This can be good as it will find someone who will lend to you, however it can lead to several inquiries from multiple banks all at once on your credit bureau, which could hurt you if you plan to do any other financial things in the near future...but if your credit is good, then it could also get you the best financing deal possible, which may not be with BOA.
Reply:680 credit score for a crummy rate. 720 for a good rate. 2 years on the job is perfect, 1 year is acceptable but you may pay a higher rate. A track record of saving money- so they will be looking at your B of A accounts.
Then consider buying a new car like a Kia Rio for $8,500 at a dealer and getting 1.9% interest rate..
Reply:Ask them.
Can someone please tell me the positives & negatives of aquiring an auto equity loan?
Can I refinance a current auto loan into an auto equity loan? My primary motivation for wanting an auto equity loan is so I can deduct the interests from the auto loan against my income. Serious answers only, please.
Can someone please tell me the positives %26amp; negatives of aquiring an auto equity loan?
No... You have to hold the title free and clear to get an auto equity loan. Sorry... :(... An auto equity loan is simply a loan made using a car you own free and clear as collateral. A car with a lien on the title really isn't yours and you can't use it for collateral.
You can refinance your auto loan if you find a better rate somewhere else and they're willing to do it... or if you find a finance company willing to lower your payments...
If you're a homeowner, there is a way to finance a car using the home as collateral. This type of loan can have tax advantages and a better interest rate. I believe you have to own the home free and clear for that though... If that's what you're talking about and you do own a home, I'm sure someone would refinance your loan in this manner.
Can someone please tell me the positives %26amp; negatives of aquiring an auto equity loan?
No... You have to hold the title free and clear to get an auto equity loan. Sorry... :(... An auto equity loan is simply a loan made using a car you own free and clear as collateral. A car with a lien on the title really isn't yours and you can't use it for collateral.
You can refinance your auto loan if you find a better rate somewhere else and they're willing to do it... or if you find a finance company willing to lower your payments...
If you're a homeowner, there is a way to finance a car using the home as collateral. This type of loan can have tax advantages and a better interest rate. I believe you have to own the home free and clear for that though... If that's what you're talking about and you do own a home, I'm sure someone would refinance your loan in this manner.
Can I transfer my auto loan from one bank to my personal bank that I bank at?
I went through a dearlership to purchase a new vehicle a year ago. They go thru a certain bank to finace the loan. What I would like to do is take the auto loan from bank "A" and transfer the auto loan to my own personal bank "B" where I bank at. Can I do that without any problems?
Can I transfer my auto loan from one bank to my personal bank that I bank at?
Sure -- if your personal bank is willing. Talk to them and see; they may -- or may not -- offer you a better deal than you have now. On my last car purchase, the dealer found a lender that offered a considerably better deal than my bank.
Reply:I would leave it be because if you refi the car, you're starting all over and you would be paying more interest. If you have a simple interest loan, you pay more on the first half than you do on the 2nd half on the loan. That's how banks make their money. That also goes for a mortgage, on the first half on life of the mortgage, you pay about 70%. There is also no grace period on a mortgage as most consumer think they have. If your payment is due on the 1st and it is paid on the 10th, you are charged 10 days of interest. It's called per-diem.If you have any doubts, just call your mortgage co and ask.
Reply:Yes. of course you can. It is like re-issuing the loan, you will have to undergo the same process as if you were purchasing it for the first time, as far as qualifying for the loan.....but my suggestion stay with whomever gives you the better rate.
Reply:You can, but beware., The bank you are transferring your loan to might not give you the new car rate.It may cost you a lot more money .
Reply:No, you can't "transfer" it. You would have to refinance it with a new loan.
Reply:You can. Call bank "A" to get the payoff on your loan, go to bank "B" to apply for a new loan in this amount. You may find you already have a better interest rate from bank "A". Bank "B", if they approve you, may want to stretch your payments out further and decrease your monthly payment, because that earns them more interest, but it is not a good idea because your car will depreciate faster than the loan is paid down.
Can I transfer my auto loan from one bank to my personal bank that I bank at?
Sure -- if your personal bank is willing. Talk to them and see; they may -- or may not -- offer you a better deal than you have now. On my last car purchase, the dealer found a lender that offered a considerably better deal than my bank.
Reply:I would leave it be because if you refi the car, you're starting all over and you would be paying more interest. If you have a simple interest loan, you pay more on the first half than you do on the 2nd half on the loan. That's how banks make their money. That also goes for a mortgage, on the first half on life of the mortgage, you pay about 70%. There is also no grace period on a mortgage as most consumer think they have. If your payment is due on the 1st and it is paid on the 10th, you are charged 10 days of interest. It's called per-diem.If you have any doubts, just call your mortgage co and ask.
Reply:Yes. of course you can. It is like re-issuing the loan, you will have to undergo the same process as if you were purchasing it for the first time, as far as qualifying for the loan.....but my suggestion stay with whomever gives you the better rate.
Reply:You can, but beware., The bank you are transferring your loan to might not give you the new car rate.It may cost you a lot more money .
Reply:No, you can't "transfer" it. You would have to refinance it with a new loan.
Reply:You can. Call bank "A" to get the payoff on your loan, go to bank "B" to apply for a new loan in this amount. You may find you already have a better interest rate from bank "A". Bank "B", if they approve you, may want to stretch your payments out further and decrease your monthly payment, because that earns them more interest, but it is not a good idea because your car will depreciate faster than the loan is paid down.
What is the chances of getting a 35k auto loan with a 650 score?
I make decent money at 110k a year and have a 650 credit score is there someone that will approve me for a 35k auto loan even if it is a high interest rate. Please don't try selling me a loan I am looking for a legit answer from a legit person. Thanks to everyone in advance.
What is the chances of getting a 35k auto loan with a 650 score?
Auto finance is what I do for a living and auto loans are based on the following factors;
1. Loan to value.
2. Age of vehicle.
3. Miles on vehicle.
4. Term of l;oan.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
As long as you have the profile to support your score you should have no problem getting approved for a loan.
The first poster is wrong about having to take out 2 loans that's just silly.
You can try Capital One, H.S.B.C. %26amp; Wells Fargo on line and be approved before you go shopping or just go to any dealership they should have no problem getting you approved.
Good luck.
Reply:Based on your income, you will not have a problem. A 650 credit score is not bad at all. As long as you have no negative recent activity, you will not have any prob. I bought a tahoe a few years ago for 35,000 and made about 75k per year and had no prob at all w/ GMAC.
Reply:650 is the average, that will be very diff. You will most likely have to take out 2 or 3. I have a credit score of 720, I had to take out 2 loans for my car without the interest being insane.
lily
What is the chances of getting a 35k auto loan with a 650 score?
Auto finance is what I do for a living and auto loans are based on the following factors;
1. Loan to value.
2. Age of vehicle.
3. Miles on vehicle.
4. Term of l;oan.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
As long as you have the profile to support your score you should have no problem getting approved for a loan.
The first poster is wrong about having to take out 2 loans that's just silly.
You can try Capital One, H.S.B.C. %26amp; Wells Fargo on line and be approved before you go shopping or just go to any dealership they should have no problem getting you approved.
Good luck.
Reply:Based on your income, you will not have a problem. A 650 credit score is not bad at all. As long as you have no negative recent activity, you will not have any prob. I bought a tahoe a few years ago for 35,000 and made about 75k per year and had no prob at all w/ GMAC.
Reply:650 is the average, that will be very diff. You will most likely have to take out 2 or 3. I have a credit score of 720, I had to take out 2 loans for my car without the interest being insane.
lily
How long do I have to work for an auto loan?
How long do I have to work for an auto loan?
In other words how long must I work at the new job before I can qualify for an auto loan.
How long do I have to work for an auto loan?
It depends. Some banks will say if you have a job you can get financing (though you will probably pay more for the loan). Others may say 6 months, some may say 2 years. It varies depending on the lender.
I used to work for a bank that was VERY strict with its lending. That bank wanted to see somebody at the same job for 2 years. If they recently switched jobs, then they should have been at their previous job for 2 years. If you didn't fit that either, then you had to show that they have been in the same field for the 2 previous consecutive years. If they couldn't get that, then they needed a co-signor.
The best thing to do is shop around. I have found that many small banks and credit unions will generally (not always) cut you the most slack. But each bank has a different policy regarding length of employment.
I would get a copy of your credit report with your credit score. This should cost you no more than $30, if you get all three. Call up a number of banks (or go to their website, but don't go a site like bankrate.com, as their rates are not always acurate) just to get their current rate (this gives you an idea as to what ideal rate and fees you should be looking at). Then go into as many banks as you can find (don't call them up), show them your credit report and tell them your situation. They would let you know if it is even worth it to apply for a loan. If you do apply, they will still pull your credit, even if you showed them a copy of it.
Hope that answers your question.
Reply:start with a secured credit card (meaning you have funds at you bank to cover your purchases)
then get a mail order (secured for a specific catalouge) card.
then get a gasoline credit card
Make tiny purchases and repay them each month.
Work at your present job while making the above happen.
You will then be on all three credit data bases
Reply:I believe it's a minimum of 6 months, but you can also try to get information from any auto loan company that you may be interested in. BUT PLEASE MAKE SURE YOU READ EVERYTHING BEFORE YOU SIGN. SO GO WHEN YOU HAVE TIME.
In other words how long must I work at the new job before I can qualify for an auto loan.
How long do I have to work for an auto loan?
It depends. Some banks will say if you have a job you can get financing (though you will probably pay more for the loan). Others may say 6 months, some may say 2 years. It varies depending on the lender.
I used to work for a bank that was VERY strict with its lending. That bank wanted to see somebody at the same job for 2 years. If they recently switched jobs, then they should have been at their previous job for 2 years. If you didn't fit that either, then you had to show that they have been in the same field for the 2 previous consecutive years. If they couldn't get that, then they needed a co-signor.
The best thing to do is shop around. I have found that many small banks and credit unions will generally (not always) cut you the most slack. But each bank has a different policy regarding length of employment.
I would get a copy of your credit report with your credit score. This should cost you no more than $30, if you get all three. Call up a number of banks (or go to their website, but don't go a site like bankrate.com, as their rates are not always acurate) just to get their current rate (this gives you an idea as to what ideal rate and fees you should be looking at). Then go into as many banks as you can find (don't call them up), show them your credit report and tell them your situation. They would let you know if it is even worth it to apply for a loan. If you do apply, they will still pull your credit, even if you showed them a copy of it.
Hope that answers your question.
Reply:start with a secured credit card (meaning you have funds at you bank to cover your purchases)
then get a mail order (secured for a specific catalouge) card.
then get a gasoline credit card
Make tiny purchases and repay them each month.
Work at your present job while making the above happen.
You will then be on all three credit data bases
Reply:I believe it's a minimum of 6 months, but you can also try to get information from any auto loan company that you may be interested in. BUT PLEASE MAKE SURE YOU READ EVERYTHING BEFORE YOU SIGN. SO GO WHEN YOU HAVE TIME.
Can I refinance an auto loan and use it to make a purchase?
I have a Capital One auto loan, I've paid on time and more than minimum for 19 months now. I've heard of the concept of re-financing a current loan and adding to it to purchase another vehicle--probably not ideal financially but maybe good for me. Does anyone have experience with this?
Can I refinance an auto loan and use it to make a purchase?
Absolutely you can, you will find that getting deeper into debt is never a problem. Finance companies love your money.
Reply:Properly maintaining your own vehicle is always cheaper and financially smarter than just getting another car .The other car that you want will also break and need repairs if it doesnt already.Learn to be happy with what you have and life will be much more pleasant for you-i promise.
Reply:lease....then your never stuck with the same car forever.
Can I refinance an auto loan and use it to make a purchase?
Absolutely you can, you will find that getting deeper into debt is never a problem. Finance companies love your money.
Reply:Properly maintaining your own vehicle is always cheaper and financially smarter than just getting another car .The other car that you want will also break and need repairs if it doesnt already.Learn to be happy with what you have and life will be much more pleasant for you-i promise.
Reply:lease....then your never stuck with the same car forever.
Is being an F&I guy at an auto dealership similar to what a mortgage loan officer does?
I am interviewing for a F%26amp;I position right now with an auto dealership. I don't have much if any experience with auto sub-prime lenders and lending. However, I have been in the mortgage industry and have worked as both a loan officer, analyzing credit and assets of individuals and shopping sub prime lenders to find the best deal and also worked for a lender and qualified sub prime borrowers to fund their loans.
My question is: are these jobs similar? Is analyzing credit and qualifying borrowers for auto loans the same or similar to qualifying people for mortgage loans? Are a lot of the terminology and concepts the same?
Is being an F%26amp;I guy at an auto dealership similar to what a mortgage loan officer does?
Auto finance is what I do for a living and you will be a natural.
The biggest part of doing sub-prime auto finance is being able to read credit, know your lenders guidelines and be able to read a credit application.
This way you will know by looking at the three which lender buys the deal and how to structure the deal to get the best rate, largest carry and least amount of stipulations.
A huge part of knowing your lender guidelines is knowing when you can get around proof of income. Since every lender has guidelines about debt to income and total amount of income they will allow for a monthly payment, this is critical if you have someone who is trying to buy a car that they really don't budget for.
Another big part is landing the customer on the right car. You want vehicles that you own back of N.A.D.A. wholesale so you can maximize the carry on the front of the loan, some lenders will advance as much as 145%.
A lot of things I really do not want to go into in a public forum, fell free to contact me direct and we can talk further.
My question is: are these jobs similar? Is analyzing credit and qualifying borrowers for auto loans the same or similar to qualifying people for mortgage loans? Are a lot of the terminology and concepts the same?
Is being an F%26amp;I guy at an auto dealership similar to what a mortgage loan officer does?
Auto finance is what I do for a living and you will be a natural.
The biggest part of doing sub-prime auto finance is being able to read credit, know your lenders guidelines and be able to read a credit application.
This way you will know by looking at the three which lender buys the deal and how to structure the deal to get the best rate, largest carry and least amount of stipulations.
A huge part of knowing your lender guidelines is knowing when you can get around proof of income. Since every lender has guidelines about debt to income and total amount of income they will allow for a monthly payment, this is critical if you have someone who is trying to buy a car that they really don't budget for.
Another big part is landing the customer on the right car. You want vehicles that you own back of N.A.D.A. wholesale so you can maximize the carry on the front of the loan, some lenders will advance as much as 145%.
A lot of things I really do not want to go into in a public forum, fell free to contact me direct and we can talk further.
Which is the best company to get an auto loan from?
I've been doing some research on auto loans and was wondering if I could get a second opinion on auto loans. Which is the best company to get an auto loan from? What should one look for when applying for an auto loan? I understand that this question really depends on the individual that is applying for an auto loan and what their story is, although, on average, which is the best?
Which is the best company to get an auto loan from?
Well, the "best" car loan is usually going to be the one that offers you the lowest interest rate! How good is your credit? Try your own bank first...if you have a good relationship with them, they might offer you a good rate. Credit Unions almost always offer the best rates. If you are a member of a credit union, or have one available through your job, check there. If you or your parents are in the military, or are military veterans, see if you are eligable for a loan with Navy Federal Credit Union or USAA. They offer great rates. If you have not-so-great credit, check out RoadLoans online.
I would recommend going to the dealership with outside financing already secured, if possible. If you don't qualify for outside financing, you would have to go with whomever the dealership can get to finance you...and that's not TERRIBLE. However, some not-so-scrupulous dealers have a habit of "adjusting" the price or interest rate of the car you are purchasing based on the monthly payment that you tell them you want. I would settle on a price for the vehicle before you start talking about financing, and make sure that you double check when you sign the paperwork that the price of the vehicle, interest rate, and monthly payments are the same ones you agreed upon before you sign. Dot all your Is, cross your Ts, and watch your own back and you'll be fine. :-)
Reply:Finding a bad credit auto lender take a little bit of work to find the right one. When looking to buy a new or used car, the dealer may offer bad credit financing, or refer you to a lender. Car buyers should consider arranging their own financing. Bad credit auto loans are simple yet complicated and some lenders will try to take advantage of you. It helps to know your available options.Before applying for a car loan, try to get a copy of your personal credit report. Lenders base approval on your credit score and credit history. Some lenders classify sub prime borrowers as persons with scores below say 700. On the other hand, another lender may qualify a borrower with the same score for prime rates.
http://www.worldbestloans.com/autoloans....
Unless you have a 700 or higher credit score, it might be a good idea to look at your credit report and see what you can do to improve your credit score. A 700 score will get you the best rates at the best loan terms. Any credit score higher will not change what a lender can offer you, since you will already qualify for the best loan deal. Where you will start having trouble is if you fall below a credit score of 700. When you fall below lenders see you as a risk and will start charging higher interest rates in order to offset the risk.At this point your only options are to seek a bad credit lender or get to work on fixing your credit score. There are a number of quick things to do to improve your credit rating and get the loan you need at the rate you want.
Reply:While looking for auto loan you should look for the rates of interest offered on car loans depend on the market rates and the individuals own personal credit scores. Check company that offer Car Loans with low interest rates even with bad or no credit records and help to establish your credit while driving your dream car.
Reply:The one with the best interest rate, usually. Maybe someone out there has had a negative experience with a specific company, but I never have.
I would, however, avoid anyone with a name like Honest Joe's Auto Loans.
myspaces.com
Which is the best company to get an auto loan from?
Well, the "best" car loan is usually going to be the one that offers you the lowest interest rate! How good is your credit? Try your own bank first...if you have a good relationship with them, they might offer you a good rate. Credit Unions almost always offer the best rates. If you are a member of a credit union, or have one available through your job, check there. If you or your parents are in the military, or are military veterans, see if you are eligable for a loan with Navy Federal Credit Union or USAA. They offer great rates. If you have not-so-great credit, check out RoadLoans online.
I would recommend going to the dealership with outside financing already secured, if possible. If you don't qualify for outside financing, you would have to go with whomever the dealership can get to finance you...and that's not TERRIBLE. However, some not-so-scrupulous dealers have a habit of "adjusting" the price or interest rate of the car you are purchasing based on the monthly payment that you tell them you want. I would settle on a price for the vehicle before you start talking about financing, and make sure that you double check when you sign the paperwork that the price of the vehicle, interest rate, and monthly payments are the same ones you agreed upon before you sign. Dot all your Is, cross your Ts, and watch your own back and you'll be fine. :-)
Reply:Finding a bad credit auto lender take a little bit of work to find the right one. When looking to buy a new or used car, the dealer may offer bad credit financing, or refer you to a lender. Car buyers should consider arranging their own financing. Bad credit auto loans are simple yet complicated and some lenders will try to take advantage of you. It helps to know your available options.Before applying for a car loan, try to get a copy of your personal credit report. Lenders base approval on your credit score and credit history. Some lenders classify sub prime borrowers as persons with scores below say 700. On the other hand, another lender may qualify a borrower with the same score for prime rates.
http://www.worldbestloans.com/autoloans....
Unless you have a 700 or higher credit score, it might be a good idea to look at your credit report and see what you can do to improve your credit score. A 700 score will get you the best rates at the best loan terms. Any credit score higher will not change what a lender can offer you, since you will already qualify for the best loan deal. Where you will start having trouble is if you fall below a credit score of 700. When you fall below lenders see you as a risk and will start charging higher interest rates in order to offset the risk.At this point your only options are to seek a bad credit lender or get to work on fixing your credit score. There are a number of quick things to do to improve your credit rating and get the loan you need at the rate you want.
Reply:While looking for auto loan you should look for the rates of interest offered on car loans depend on the market rates and the individuals own personal credit scores. Check company that offer Car Loans with low interest rates even with bad or no credit records and help to establish your credit while driving your dream car.
Reply:The one with the best interest rate, usually. Maybe someone out there has had a negative experience with a specific company, but I never have.
I would, however, avoid anyone with a name like Honest Joe's Auto Loans.
myspaces.com
What is a good pay day auto loan place that does auto loans where you don't need a title?
I am looking for a payday auto loan. I have a car but I am still paying car notes on it. I heard there are auto loan places out that that does loans and you don't need the title.
What is a good pay day auto loan place that does auto loans where you don't need a title?
D.J., I've searched all around for a quick payday loan online, and the best one I found, and that I've used a several times was http://www.goodinternetdeals.com/Payday-... - the interest rate is acceptable and they put the funds in by the next day. I hope this helps you, best of luck!
Reply:All title loan places require a clean title on the car.
You should stay away from those and payday loans.
The interest rates are extremely high (up to 500% annual).
If you do not make the payments,you lose your car and still owe the balance.
A lot of people were complaining about these companies because the monthly payments were so high they could not make the payments and that went on their credit reports plus it sent them farther into debt.
My son took out a loan on his truck for $1,000.00 to pay off a credit card.
He could have worked out a payment plan with the card company.
His loan interest was 250% for a 3 month loan and the payments were $333.00 per month,but the loan balance went up instead of down with each payment.
I had to skip bills and cut back on other things to come up with the money to make a lump sum payment to end the loan.
I don't know about all these places,but the 1 he went to wanted cash only payments-no checks,credit cards,debit cards or money orders.
If you don't keep your receipts,you will have no way to prove you made a payment.
You would be better off to keep making your regular payments.
Try to make an extra principal payment when you have the money.
That will cut the loan down by a month and save you 1 months interest to.
If you get a tax refund for this year,use some of that to pay down the principal or pay off the loan balance.
Been there and did it!
Don't do business with anyone you don't initiate contact with.
You don't know who is legit and who is not.
Reply:If you are still paying on it, it probably has no equity to borrow against, unless you only have a dozen payments or so left, plus the 2nd lien thing the guy above mentioned
Reply:You cannot get another loan against your car without the title and the permission of the first lienholder. You can only get an auto loan if you own it free %26amp; clear and have good title.
What is a good pay day auto loan place that does auto loans where you don't need a title?
D.J., I've searched all around for a quick payday loan online, and the best one I found, and that I've used a several times was http://www.goodinternetdeals.com/Payday-... - the interest rate is acceptable and they put the funds in by the next day. I hope this helps you, best of luck!
Reply:All title loan places require a clean title on the car.
You should stay away from those and payday loans.
The interest rates are extremely high (up to 500% annual).
If you do not make the payments,you lose your car and still owe the balance.
A lot of people were complaining about these companies because the monthly payments were so high they could not make the payments and that went on their credit reports plus it sent them farther into debt.
My son took out a loan on his truck for $1,000.00 to pay off a credit card.
He could have worked out a payment plan with the card company.
His loan interest was 250% for a 3 month loan and the payments were $333.00 per month,but the loan balance went up instead of down with each payment.
I had to skip bills and cut back on other things to come up with the money to make a lump sum payment to end the loan.
I don't know about all these places,but the 1 he went to wanted cash only payments-no checks,credit cards,debit cards or money orders.
If you don't keep your receipts,you will have no way to prove you made a payment.
You would be better off to keep making your regular payments.
Try to make an extra principal payment when you have the money.
That will cut the loan down by a month and save you 1 months interest to.
If you get a tax refund for this year,use some of that to pay down the principal or pay off the loan balance.
Been there and did it!
Don't do business with anyone you don't initiate contact with.
You don't know who is legit and who is not.
Reply:If you are still paying on it, it probably has no equity to borrow against, unless you only have a dozen payments or so left, plus the 2nd lien thing the guy above mentioned
Reply:You cannot get another loan against your car without the title and the permission of the first lienholder. You can only get an auto loan if you own it free %26amp; clear and have good title.
Can you deduct interest froman auto loan on your taxes?
I have 20 % intrest rate on my auto loan. (Yes i had Credit troubles in the past) Anyway i paid nearly 2000.00 in interest last year is that deductable? I know i can use my mortgage interest. But i was curious about the auto loan.
Can you deduct interest froman auto loan on your taxes?
not any more. They cut that out a few years ago.
Reply:Not since Ronald Reagan was in office... He well reformed the income tax laws... Thanks Reagon!
Reply:No, not since 1986.
Reply:No, not for your personal car.
You can only deduct your mortgage interest if you itemize.
Reply:NO...and in case you think you can...NO !
Reply:no... shame huh?
would be nice to be able to do that... I too have interest on my car.
Can you deduct interest froman auto loan on your taxes?
not any more. They cut that out a few years ago.
Reply:Not since Ronald Reagan was in office... He well reformed the income tax laws... Thanks Reagon!
Reply:No, not since 1986.
Reply:No, not for your personal car.
You can only deduct your mortgage interest if you itemize.
Reply:NO...and in case you think you can...NO !
Reply:no... shame huh?
would be nice to be able to do that... I too have interest on my car.
What are minimum requirements for private party auto loan?
The answer is hard to find online. Some suggest at least $10000 loaned, or subject car must be only 4 or 5 years old, or max 48 months repayment term, etc. I realize there will be some variables, but there must be some standards here. While we're at it, are there standards for how high your credit must be to get a private party auto loan?
What are minimum requirements for private party auto loan?
I don't think that there are any regulations that govern private party loans. As long as the buyer and the seller are in agreement with the terms and both parties sign the paperwork agreeing to same, the terms can be whatever the two of you agree upon.
What are minimum requirements for private party auto loan?
I don't think that there are any regulations that govern private party loans. As long as the buyer and the seller are in agreement with the terms and both parties sign the paperwork agreeing to same, the terms can be whatever the two of you agree upon.
How much does a small used auto loan impact my credit?
I am about to buy a 2003 Honda Civic from my uncle for approximately $10,000. I had intentions of putting down 5,000 or 6,500 dollars (depending on what I sell my current car for) and take out a small auto loan for the remaing 3,500 or 5,000 for about 36 months.
The rates I am finding are not as good as I would have hoped, through no fault of my own. I am 24 and haven't done anything that would have given me bad credit. I pay back all my bills and whatnot.
Am I better off just buying the car outright (I can afford it) or taking out a loan for the sake of taking out a loan. I've heard a few times that a small loan really helps your credit.
How much does a small used auto loan impact my credit?
Auto finance is what I do for a living and auto loans take 6-months of payments made as agreed to be rated.
Your credit will be helped the best after 12-payments made as agreed. This is the first thing lenders look for when they are looking at a application for credit.
I would agree with PJ except for the amount of payments you should make. I would make at least 12, and make sure whatever lender you use that they report to all three credit bureaus or you are wasting your time.
Reply:I think these are some useful sites: http://autoloanguide.automobil... Report Abuse
Reply:Put the money to pay off the loan in a savings account, get the loan let it cycle about 6 months then pay the balance off. This gives you a payment history although you will pay a bit of interest it will be a good trade line.
Also initially your score will take a 5-7 point hit for the credit report when getting the loan, rebounds rapidly!
Reply:There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.
http://badcredits.awardspace.com/autoloa...
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Genealogy
The rates I am finding are not as good as I would have hoped, through no fault of my own. I am 24 and haven't done anything that would have given me bad credit. I pay back all my bills and whatnot.
Am I better off just buying the car outright (I can afford it) or taking out a loan for the sake of taking out a loan. I've heard a few times that a small loan really helps your credit.
How much does a small used auto loan impact my credit?
Auto finance is what I do for a living and auto loans take 6-months of payments made as agreed to be rated.
Your credit will be helped the best after 12-payments made as agreed. This is the first thing lenders look for when they are looking at a application for credit.
I would agree with PJ except for the amount of payments you should make. I would make at least 12, and make sure whatever lender you use that they report to all three credit bureaus or you are wasting your time.
Reply:I think these are some useful sites: http://autoloanguide.automobil... Report Abuse
Reply:Put the money to pay off the loan in a savings account, get the loan let it cycle about 6 months then pay the balance off. This gives you a payment history although you will pay a bit of interest it will be a good trade line.
Also initially your score will take a 5-7 point hit for the credit report when getting the loan, rebounds rapidly!
Reply:There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.
http://badcredits.awardspace.com/autoloa...
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Genealogy
How will applying for an auto loan on-line at several places affect my credit rating?
I heard that comparing auto loans before shopping for a car is a prudent thing to do. But I've also heard that every time you apply for a loan your credit rating is negatively affected. What's the truth?
How will applying for an auto loan on-line at several places affect my credit rating?
This is a common misconception about FICO scores. While having too many inquiries on your report can lower your score the timing and frequency make a difference. Because it's common for most people to shop their loan to multiple lenders the scores block out a period, usually 30 days, to count as a single inquiry. So if you're shopping for a loan it's best to do it all at once. They'll all show up on your report but the scores will only count them once.
Where you hurt yourself is if your shopping for a new credit card, loan, line of credit etc every couple of months. Usually the number of inquiries are counted over a 12 month period. And it's worse if you were shopping recently vs. 6 months ago. The recency makes a difference as well. Which is why it's best not to do anything 6-12 months prior to a mortgage application.
Reply:In general every time a lender checks your credit your score drops x number of points. The lower your score is the less likely you are to get decent financing. It seems to be a catch 22.
Reply:Each time you apply, the loan company runs your credit report. Excessive inquiries can lower your rating.
Reply:There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.
http://best-loans.awardspace.com/autoloa...
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Reply:Applying at a lot of places is bad. This is why, when you buy a home, they tell you to not do ANYTHING credit wise till your house is signed on and all.
Reply:need an auto loan from online...don't worry you surely get it.i think that th e below website will help you to find the right solution.
How will applying for an auto loan on-line at several places affect my credit rating?
This is a common misconception about FICO scores. While having too many inquiries on your report can lower your score the timing and frequency make a difference. Because it's common for most people to shop their loan to multiple lenders the scores block out a period, usually 30 days, to count as a single inquiry. So if you're shopping for a loan it's best to do it all at once. They'll all show up on your report but the scores will only count them once.
Where you hurt yourself is if your shopping for a new credit card, loan, line of credit etc every couple of months. Usually the number of inquiries are counted over a 12 month period. And it's worse if you were shopping recently vs. 6 months ago. The recency makes a difference as well. Which is why it's best not to do anything 6-12 months prior to a mortgage application.
Reply:In general every time a lender checks your credit your score drops x number of points. The lower your score is the less likely you are to get decent financing. It seems to be a catch 22.
Reply:Each time you apply, the loan company runs your credit report. Excessive inquiries can lower your rating.
Reply:There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.
http://best-loans.awardspace.com/autoloa...
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Reply:Applying at a lot of places is bad. This is why, when you buy a home, they tell you to not do ANYTHING credit wise till your house is signed on and all.
Reply:need an auto loan from online...don't worry you surely get it.i think that th e below website will help you to find the right solution.
Applying for Auto Loan when Buying a Car from a Owner?
I am planning to buy a Used car and i wanted to get a loan for the car, but i am not interested in getting a used car from a dealer. So i wanted to buy it from a owner. In this case how should i approach a bank or lender on getting the Auto Loan. Please advice.
Applying for Auto Loan when Buying a Car from a Owner?
The bank will want a VIN and will want to inspect the car and check it's mileage. They'll look up it's value in their "black book" and pull your credit report. Based on that information, they'll decide how much to loan you. Then you'll have to get the car's title and show a Bill of Sale to get a check to give to the seller. The bank will want to hold the title.
If it's an older car for not much money, you might be able to get a personal loan as another answerer has suggested.
Reply:Go to the bank and get a personal loan or a line of credit. It is basically what you get when you get a car loan anyways.
If you are buying the car off the owner for $5,000, then you'd need a car loan for that. Basically they'd give you a check for that amount and the payment terms would be similar to a car loan: Fixed percent, # of months, etc.
Be sure to get a loan that will be enough to cover taxes, title and tags. When you transfer the title you will also have to pay sales taxes on it in most states.
Reply:Basically, all you'll need to do is go to your bank or local credit union and take out a presonal loan for amount needed. They will be able to help you with all the details. Cgeck out this site for more information:
http://www.find-cheap-used-cars.com/used...
Reply:Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources. This is very important, you should shop around to find the best deal. However, keep in mind that there are different%26lt;!--factors at play with each lender, as to whether or not you get a loan and if so at what interest rate. You can get approved for a auto loan.
http://badcreditloans.awardspace.com/How...
But lets be clear, obviously you are not going to get the preferred interest rate on a car loan that a person with A+ credit will receive. However with a little research, especially online, you can find the best auto rate quote that meets your circumstances. Most people just dive head first into the auto financing process when--%26gt;buying a car, giving no thought to how the auto loan interest rate affects the overall cost of the vehicle or monthly payment. With no plan of action or alternative financing source, this results in them receiving high interest rates and high processing fees which lead to high monthly payments.
Applying for Auto Loan when Buying a Car from a Owner?
The bank will want a VIN and will want to inspect the car and check it's mileage. They'll look up it's value in their "black book" and pull your credit report. Based on that information, they'll decide how much to loan you. Then you'll have to get the car's title and show a Bill of Sale to get a check to give to the seller. The bank will want to hold the title.
If it's an older car for not much money, you might be able to get a personal loan as another answerer has suggested.
Reply:Go to the bank and get a personal loan or a line of credit. It is basically what you get when you get a car loan anyways.
If you are buying the car off the owner for $5,000, then you'd need a car loan for that. Basically they'd give you a check for that amount and the payment terms would be similar to a car loan: Fixed percent, # of months, etc.
Be sure to get a loan that will be enough to cover taxes, title and tags. When you transfer the title you will also have to pay sales taxes on it in most states.
Reply:Basically, all you'll need to do is go to your bank or local credit union and take out a presonal loan for amount needed. They will be able to help you with all the details. Cgeck out this site for more information:
http://www.find-cheap-used-cars.com/used...
Reply:Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources. This is very important, you should shop around to find the best deal. However, keep in mind that there are different%26lt;!--factors at play with each lender, as to whether or not you get a loan and if so at what interest rate. You can get approved for a auto loan.
http://badcreditloans.awardspace.com/How...
But lets be clear, obviously you are not going to get the preferred interest rate on a car loan that a person with A+ credit will receive. However with a little research, especially online, you can find the best auto rate quote that meets your circumstances. Most people just dive head first into the auto financing process when--%26gt;buying a car, giving no thought to how the auto loan interest rate affects the overall cost of the vehicle or monthly payment. With no plan of action or alternative financing source, this results in them receiving high interest rates and high processing fees which lead to high monthly payments.
Auto Loan?
I live in Houston, Texas and I wanted to find out houw to get an auto loan. I would like to purchase a vechicle that the owner wants $3500 for. Due to my poor credit, I can't get a loan from my own bank. Does somebody out there know of a campny, organization, loan company, etc for people for poor credit?
Auto Loan?
There are some programs that help low-income people afford cars.
Reply:The big banks and companies are great but a lot of the online companies like http://www.1carcash.com also offer auto loans for people with poor credit. They would also connect a person to help finance a vehicle. Report Abuse
Reply:Capitol One, GMAC, Fireside Bank all have programs for people with poor credit. Good luck.
Auto Loan?
There are some programs that help low-income people afford cars.
Reply:The big banks and companies are great but a lot of the online companies like http://www.1carcash.com also offer auto loans for people with poor credit. They would also connect a person to help finance a vehicle. Report Abuse
Reply:Capitol One, GMAC, Fireside Bank all have programs for people with poor credit. Good luck.
How do you get financed for a auto loan with bad credit?
Hi am looking to get financed but i have really bad credit in the lower lower end of the 500 range. i will be paying cash for half the car and hopefully getting financed for the other half. does anyone know if it is possible, i understand my interest will be high if i can but i am willing to take that on i just wanna repair my credit. what are some good places to go through to get financed with the bad credit. i am looking into purchasing a new 2009 altima ....any suggestions?
How do you get financed for a auto loan with bad credit?
buy a used car for cash would be the best idea. however if you really want a car loan buy a used car that you could pay off in cash from a new car dealer with a loan then make six monthly payments a nd pay off the balance. this will raise your score. and not leave you in debt for years. in the mean time begin settling with your old creditors for a reduced payoff if they will remove the item from your credit report.this will quickly repair your credit.
Reply:Bad credit means you are not a good risk for a loan. It today's credit market it is almost impossible to get financing if you have bad credit.
Take your 50% down and buy a late model used car instead for cash.
Repair your credit by getting a secured credit card from your bank.
Reply:There should be some lenders out there that will give you a loan if you going to put 50% down. The last thing you want to do is pay cash for a car right now. You need to rebuild your credit and paying cash wont help at all. You will pay higher rates for now but in the end it will be worth it to have your credit re-established.
Best Regards,
Mike, CEO
http://www.TheCreditRehab.com
Reply:you might need a cosigner.
How do you get financed for a auto loan with bad credit?
buy a used car for cash would be the best idea. however if you really want a car loan buy a used car that you could pay off in cash from a new car dealer with a loan then make six monthly payments a nd pay off the balance. this will raise your score. and not leave you in debt for years. in the mean time begin settling with your old creditors for a reduced payoff if they will remove the item from your credit report.this will quickly repair your credit.
Reply:Bad credit means you are not a good risk for a loan. It today's credit market it is almost impossible to get financing if you have bad credit.
Take your 50% down and buy a late model used car instead for cash.
Repair your credit by getting a secured credit card from your bank.
Reply:There should be some lenders out there that will give you a loan if you going to put 50% down. The last thing you want to do is pay cash for a car right now. You need to rebuild your credit and paying cash wont help at all. You will pay higher rates for now but in the end it will be worth it to have your credit re-established.
Best Regards,
Mike, CEO
http://www.TheCreditRehab.com
Reply:you might need a cosigner.
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