Get a New Car Loan
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A car loan is simply a way for you to go about paying for the car that you are looking to purchase. You are going to take out a car loan from a financial lending company and bring it to the car dealership with you. The reason for going about doing this is because the moment that you bring your own New Car Finance to a car dealership you are then considered what is known as any cash buyer in that you can buy the car pretty much out right from them just as if you are paying for it in cash in the first place. You can then you should car finance in order to either buy the car that you want from them or you can also use it to lease a car through them.
When you go about getting yourself a great deal on the type of used cars that is going to last you for a long period of time you might end up thinking that it’s something that is based upon a roll of the dice or something to that extent. The reality is however that it really depends on each exact amount of time and research that you are willing to put in to in order to empower yourself with the knowledge that is required in order to get the best possible deal on a New Car Loan that you can get for yourself. The bad credit used car loan that you will end up getting for yourself really is going to end up helping you get a very easy to manage and budget priced because the monthly payments are going to be fairly lower than at what you would normally expect from a car dealership as well as the interest rates on it should also be considerably lower than what you would get from used car dealerships. The reason you and make sure that you do this actually correctly is because you not want to end up having to get locked in to why it is known as an upside down car loan. This is aware you end up having your New Car Loan being worth more than what the price on a used car but you are trying to purchase or are purchasing it is. You should not be afraid about this though because there are a few different things you can do that can guide you in finding yourself the best financial deal on a bad credit used car loan.
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Help answer the question
How will paying for a car loan on a repo car affect my credit score?
My husband and I signed a $20,000 loan on a truck. The payments were behind and the car was in a wreck. The truck was repossessed and the loan company says we still owe $8000. The loan company offered a settlement of $2800 if we pay by the end of the month. Does this sound right to anyone?
How would it really affect my credit if I pay off the loan now?
car loan
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9 Comments
September 20th, 2009 at 5:28 am
September 20th, 2009 at 6:41 am
Actually it most likely would not even show on your credit.
Auto finance is what I do for a living and to get any good out of a car loan people need to make at least 6-months worth of payments and really need to make 18-24 to have the maximum affect.
September 20th, 2009 at 11:04 am
In the true sense of an auto loan, this cannot be done. A refinance would need to be considered under a personal loan and it's doubtful a lender would finance a damaged car. I'm wondering how your car came to be damaged without adequate insurance coverage as there is usually an insurance requirement on all auto loans. ?? If you own property with equity, you could apply for an equity line/loan and use these funds to payoff your existing and purchase your next vehicle. What do you plan to do with your damaged car? Part it out, sell it? In doing so would it be sufficient to pay off the remaining balance? The best thing would be to sit down with a loan officer at your bank and explore financing options.
September 20th, 2009 at 12:19 pm
I'll answer your questions in the order posed:
1. If you can get a better return on an investment than the interest rate on the loan, take out the loan and invest the money you would have spent on the car.
2. Nope! You got money, you drive away.
3. That's a possible option, especially if the investment option in #1 is not as predictable as you'd like. And you may be able to get a lower rate with a larger down payment, further leveraging your investment opportunity.
You make an extremely valid point about keeping enough on the side for emergencies. Just having enough in the bank or other liquid accounts to be able to say, "Take this job and shove it!" without worrying about the repercussions is TRUE FREEDOM! Factor that into your decision as well.
Buying Tip — from an old car salesman: Grind on price but let them THINK you're going to finance it. They'll take back whatever they give on price on the finance contract — it's all money to them and they really don't care where it is in the deal as long as they THINK it's there. Sign the contract at the inflated loan rate. When you come in to take delivery, hand them a cashiers check for payment in full, or just wait until the first payment is due and pay it off all at once if you want to avoid the fireworks. They'll be furious, but there's NOTHING that they can do about it. This trick is especially profitable if they offer a cash incentive for financing through the manufacturer's captive finance arm. I saved an extra $1,000 on the car I bought last year this way.
September 20th, 2009 at 4:13 pm
a lock smith can make keys for you, dont know what proof you need for them. I have had keys made to open my car ,all i did was call them and they came out and did it.
Or you can call a wrecker and have them pick it up and bring it to you.$100 ,,That is how the repo man does it. Again dont know what proof you will need for them.
If you dont repo it the loan co will.
You should go get it somehow.
She prob is not paying the insurance ether, so you could be sued if she hits someone.
September 21st, 2009 at 5:56 pm
Dear Vida,
It would depend on what you agree to do with the Escape. If you're trading it in to the dealership on the Edge, then paying off the old loan would be part of the agreement you have with them if that's what you need done. The loan on the Escape needs to be paid if you do trade it in, either by you or by the dealership though. So, for example, using round numbers, if you purchase the new vehicle for $20000 and the dealership gives you $10,000 for the trade-in, you would have a $10,000 difference between the two. After paying off the loan on the old vehicle you would need to get a loan on the new vehicle for $16,500 plus taxes and fees, less any downpayment you would put toward the purchase. Go to http://quick-and-easy-auto-loan-usa.blogspot.com/ they have better interest rates than banks do.
Hope this helps.
Shonda
September 22nd, 2009 at 12:55 am
September 22nd, 2009 at 12:55 pm
No state in the USA offers a 3 day right to rescind of vehicle purchases. Once you drive it off the lot, the sale is complete unless the dealership has a problem with the lender. There is nothing the buyer can do except go back to the dealership and ask them if you can possibly turn the car in or purchase a cheaper unit.
Again, there is no 3 rule to take a car back, so I wouldn't even bring it up when you're at the dealership. Good luck and I hope they take the car back for you.
September 23rd, 2009 at 4:39 pm
simple answer is no. expanded answer is…people wonder why this country is up to its ears in debt. pay it off. if you cant afford to pay it off, you cant afford a new car