auto loan questions

Tuesday, October 13, 2009

Will the monthly payment on an auto loan be higher if the first payment is in 45 days rather than 30

No. You are financing the same amount either way. What it does is stick you with 15 days interest on the total principal. It adds a couple of hundred more dollars to the back end of the loan. It's like the way that car companies used to slide in a bunch of charges that you weren't expecting, like undercoating, dealer prep, etc.

However, you should never borrow money to buy a car, anyway. Drive a piece of crap and make payments to yourself for a year. Move up to a better piece of crap and keep paying yourself for another year. Do this for the length of the average car loan, and you can have a brand new car, interest free, with no payments.

What's in my wallet - CASH!

Will the monthly payment on an auto loan be higher if the first payment is in 45 days rather than 30 days?

Probably because that if 15 more days on interest. You do not have to wait 45 days.

In fact, you can pay more at every payment and pay sooner, so that you can pay your car off sooner and it will cost you less.

Will the monthly payment on an auto loan be higher if the first payment is in 45 days rather than 30 days?

Of course, in the real world we don't send the mother and her children to work, to school, to grandmothers house, etc. in a car that could potentially break down, do we. I am the mechanic, and I drive the junky car.

Typical auto loan first payments are due in forty five days. Interest isn't an issue if you always pay more than the minimum due each month. Round up to the nearest $25 or $50 increment each month. All that is applied to the principle and shortens the term of the loan

Will the monthly payment on an auto loan be higher if the first payment is in 45 days rather than 30 days?

Probably because that if 15 more days on interest. You do not have to wait 45 days.

In fact, you can pay more at every payment and pay sooner, so that you can pay your car off sooner and it will cost you less.

What's in my wallet - CASH!

Does anybody have problems getting an auto loan because of credit issues in the NJ, NY, PA, CT area?

Doesn't everyone have a problem getting an auto loan because of poor credit issues. I say poor because if the credit wasn't it wouldn't be an issue for those who give credit.

Does anybody have problems getting an auto loan because of credit issues in the NJ, NY, PA, CT area?

It really depends on your credit score. We place customers with lendors in those areas all the time. Every lendor rates loans by what is called the repo index. The higher the repo rate in an area the tighter the lending.

I need help with getting an auto loan with no money down?

There are a lot of sales going on right now all over the US, The President's Day Sale. You just need to shop around and see the deals they are offering. Im not shore where you are from, but here in Arkansas they advertise that they will work with anybody no matter what there credit score is. One company that comes to mind is Car-Mart. Check out their site and see if it suits you.

http://www.car-mart.com/

I need help with getting an auto loan with no money down?

If you have excellent credit then the auto manufacturer's advertise 0% financing, other than that no chance at all.

I need help with getting an auto loan with no money down?

Why don%26quot;t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don%26quot;t you try there?

You can contact them with their email,richards_loan_agency@yahoo.com.

Ramifications for a cosigner on an auto loan?

My ex-wife really damaged my credit a couple of years ago. I need a vehicle now as I'm switching employer's and have to give up my company car. I make good money, so the payment is not an issue, it's just really unfortunate that my credit still suffers as a result of my divorce two years ago. My question is that if my girlfriend co-signs for me to get a favorable rate, will it affect her ability to purchase a vehicle, say a year or so down the line?

Ramifications for a cosigner on an auto loan?

only if you default on the loan

Ramifications for a cosigner on an auto loan?

Yes it can affect her, depending on what the credit looks like. Some people can finance 5 cars with only 100k income, and some can only finance one with the same income, it's how everything else is paid.

I'm a little perplexed though, you had two years since your wife damaged your credit. Under normal circumstances, while making good income, it should be fairly easy to repair after so long. Did you miss some payments since then, just finish catching up, or are we talking bankruptcies or judgments?

Ramifications for a cosigner on an auto loan?

Well obviously if you do not make the payments perfectly it will affect her credit negatively as well as yours. But there is another consideration. Her (or your) credit score is not the only evaluation criteria used in approving her future vehicle loan.

There is something called Debt to Income ratio. This is a comparison of what her income is (adjusted to net income) compared to what her payments are. When she co-signs a loan for you it is looked at like she has to make the payment, which would be the case if you don't make it. In other words co-signing your loan will count against her debt to income ratio. It depends on how much she makes and what her payments actually are, but yes, even if you make the payments perfectly, her co-signing for you can possibly prevent her from purchasing the vehicle she wants somewhere down the road.

Ramifications for a cosigner on an auto loan?

You should only have her sign if you are serious and plan to be with her long-term. If all you are looking for is a better rate you might consider just biting the bullet and pay the higher rate.

When your girlfriend applies for a loan they will consider her payment your car when doing her debt-to-income. If she has really good credit and low debt it probably will not make a difference.

There might be a situation where you will have to co-sign for her car loan to make the debt-to-income work (see first paragraph).

Ramifications for a cosigner on an auto loan?

As long as you keep up payments on the car... and this loan does not negitively impact her debt to income ratio... it will NOT affect her ability to purchase a vehicle in a year or two.

If your credit was injured a few years ago and you have since paid off all of your bad debt, you may want to consider going to www.roadloans.com

It would help your credit more to try to get financed on your own.

Just paid off a inhouse finance auto loan need advice.?

I financed a car in sep 06 i wanted to build my credit so got a loan and been making good payment on time i just payed off the loan last week and the bank told me that my loan is a inhouse finance and they dont report to the credit bureau but they can write me a letter. So i just need some advice how do i report my car loan to the credit bureau.

Just paid off a inhouse finance auto loan need advice.?

You can send copies to all three credit bureaus and ask them to add the account to your credit report.

The bad thing is that they will show the opening and closing dates of the loan but not the payment history so it really will not help your credit that much.

This is why you should never buy from buy here pay here dealers.

At what website I can get auto loan without binding me to get car at certain dealership?

Go to the web address below, scroll down to the Road loans banner.

At what website I can get auto loan without binding me to get car at certain dealership?

Capital One Auto Finance.

How long can i get a auto loan on a 2001 truck? 60 months ? 72 ? thanks?

only $11,000 on a $21,000 truck

How long can i get a auto loan on a 2001 truck? 60 months ? 72 ? thanks?

Look and shop around in www.cars.com or www.autotrader.com and get a loan from a Credit Union, never from a dealer. It is too old for a long loan.

How long can i get a auto loan on a 2001 truck? 60 months ? 72 ? thanks?

IF YOU FIND THE RIGHT LOAN SHARKS YOU CAN GET A LOAN FOR 144 MONTHS IF YOU WANT TO, JUST KEEP LOOKING.

How long can i get a auto loan on a 2001 truck? 60 months ? 72 ? thanks?

well, i am gonna go out on a limb here... why would you want a long loan on a 7 year old truck? I mean, my opinion is to get it for as short as you can.. and what 2001 truck is worth 21,000 dollars? someone better check up on a bunch of things.. even 11k might be pushing it... and mileage also has a lot to do with loans.. but most banks will not lend on anything older than 4 or 5 years old, and on those cars they lend for 24 months generally. Do your homework on a lot of things before agreeing to buy

Is it possible to pay your auto loan half every two weeks instead of once a month?

it would be easier for me to pay 200.00 every two weeks instead of 400.00 once a month,

Is it possible to pay your auto loan half every two weeks instead of once a month?

Some creditors can do this. It's popular with home loans because it results in less interest over the life of the loan. You would have to make arrangements with the loan company, because they probably have an automated system and are expecting payments of 400 bucks, and anything less can cause problems that will cause your account to become delinquent if they don't know what you're doing, even though you are current on your payments. Doing this puts an extra burden on them if they don't have your account set up this way. You absolutely must call them, see if they can do this, and make this arrangement. Don't just send in 200 bucks every two weeks.

Is it possible to pay your auto loan half every two weeks instead of once a month?

if you get paid bi-weekly do it

Is it possible to pay your auto loan half every two weeks instead of once a month?

Sure, just send them a check with your account number on it. Of course they will accpet it!!

Is it possible to pay your auto loan half every two weeks instead of once a month?

It depends if the lender will accept a partial payment. Most likely, they won't. Hey, here's a thought! Put the $200 in the bank, then when you get paid again, put in $200 more and then make one $400 payment. Simple.

Can I still approve for an auto loan with no credit?

No unless you have a large down payment or a co-signer.

Can I still approve for an auto loan with no credit?

Depends on what lender you go through. Usually, they want you to have a co-signer, or a large downpayment, or you basically have to find a car that's worth more on Kelly Blue Book/NADA (car appraisal) than what the dealer/seller is selling the vehicle for. Some lenders will give you the loan, but with really really HIGH interest rate.

Can I get approved for an auto loan?

Well I'm 19 years old and my oldest credit card is a year old now. I've had a second credit card for about 4 months.

To make a long story short, I tried desperately over the course of several months to get approved under my own name because I do not have a co-signer. 20 inquiries later and 50 points lower on my credit score, here I am still looking.

It's been about 2 months now since I stopped trying, but the two complaints for my credit denials was the limited credit history and not enough income. Keep in mind, I've been responsible with my credit and don't have a single late payment. I know that the minimum requirement is about $1500/mo. Right now I'm making 950/mo and I'm hoping to get an offer for this position that would put me at a gross of about $3200/mo. Now my question is, how long do I need to have this job before banks would approve me and would the income be enough for my limited credit history?

Can I get approved for an auto loan?

Hi,

There are lenders who will extend you a loan immediately after you have landed on the new job. You can visit http://www.autoloanguide.info for some useful tips on getting an auto loan. Good luck!

Can I get approved for an auto loan?

Why not pay cash for a good used car? Why are you in a hurry to add more payments on?

Be responsible and stay away from credit as much as possible.

How do you structure a auto loan+finance?

Hi friend getting auto loan is very easy now a days.. Approach any bank or private money lenders.In mean while just take a look at the link below to get free loan quote,

Is it better to get a auto loan or to just go to the dealers and get the car through their loan part

my credit history is in the middle

Is it better to get a auto loan or to just go to the dealers and get the car through their loan part?

Dealers make a profit from the bank if they give you the loan. That said -- my recamendation would be to go to a bank and see what kind of loan you could get. See what % they can give you etc. With that number in mind you can then make a better decision at the dealer.

I agree with the other poster - negotiate the pricing first before talking about HOW your going to finance it.

It is very possible that you could use the money you know the dealer is going to make from the bank in your favor. It might sound cheezy but you have to figure that the dealer is going to throw as many cheezy excuses at you to get more money out of you anyway, reverse that and use it to your advantage.

I used to work car sales and a lot of people would come in with a bank check or cash and think that if they can plop down the entire $20,000 right then and there in front of the salesman that they will get the best deal in the world.... dealers LOVE to finance... they make more money off of it.

Also keep in mind that a lower percentage rate doesn't always mean you got the best price. 4% on $10,000 vs 10% on $9,000.... you might have spent more on the 5% but you saved money in the long run because you only financed $9k instead of $10 (in this example only $100 but still cheaper).

Get all of the facts and figures straight before you go in and you can whittle them down and work out a number that works FOR YOU.

Never go in and ask for thier best price right away - they will never give it to you. When all is said and done if you walk out of there feeling like you got a good deal, go with that -- you got a good deal. Once the paperwork is signed try to avoid asking yourself %26quot;gee, maybe I could have ......%26quot; you will only drive yourself crazy with the %26quot;what if's%26quot;.

Buying a car from a dealer is always a game. The dealer wants to make money and you want to save money. Try to not let them flash so many numbers around that you get confused and end up agreeing to something your not sure of. And if the salesman says %26quot;yes, that is included in the price%26quot;... GET THAT IN WRITING before he takes the proposal to his manager.

Sorry if this answer is a little all over the place, there is a lot of information and a lot of things to consider when buying a car. Hope some of this information helps.

Is it better to get a auto loan or to just go to the dealers and get the car through their loan part?

Research a loan yourself, you'll probably get a lower interest rate. Try your bank (or credit union) first.

Is it better to get a auto loan or to just go to the dealers and get the car through their loan part?

I've always gotten a better loan from the dealer. I'm also middle type credit. As long as it is a reputable dealer. Also a lot less hassle than getting a loan prior to purchasing. Sorry but I'm the lazy type. I currently have a 4% loan which shocked me as I don't have pristine credit.

Is it better to get a auto loan or to just go to the dealers and get the car through their loan part?

definitely go through a bank or credit union. dealers always have higher APRs and finance charges. you'll want something around 7 or 8% APR if possible, lower is better!

Is it better to get a auto loan or to just go to the dealers and get the car through their loan part?

If you can get a loan through a credit union, try that. If not, go to the dealer and let them know what percentage rate the credit union is offering, so they can ask their banks to match (or even beat) that rate.

For example, I was rejected by my bank for a loan at 5%, but the car dealership is MUCH more motivated to finance me, so they can make the sale, so they are trying to get as close to that 5% as possible. If I can't get a rate under 7%, I'm walking.

Is it better to get a auto loan or to just go to the dealers and get the car through their loan part?

Personally I've always found it better to go to the dealer. But you need to know what you are doing and understand the games they play. My credit is excellent, and I've had several banks tell me that they could not match what the dealers can do, even if I trade and want to use the same bank, they still told me to go back through the dealer for the better rate.

Just remember, negotiate the price first, then talk about the payment later. Try to take someone with you who understand financing. Look for hidden fees, the term, and the rate. Check the amount to finance. Remember that the rate is often negotiable too, some places will try to bump the rate if they can.

If you are just not sure what you are doing, it may be safer to get an auto loan at a bank.

Is it better to get a auto loan or to just go to the dealers and get the car through their loan part?

If you want to increase the profit the dealer makes on the sale, and pay a high interest rate on your loan, go ahead and do it through the dealer. If you have credit that is middle to high, get your own loan and save a little money.

Could You trade in car if your still making auto loan payments on that car?

Yes if the place you are trying to get a car at is willing to take it in for a trade and pay it off.

Could You trade in car if your still making auto loan payments on that car?

yes you sure can. the only drawback is most likely you will not get what you owe on your car. you will then tack on the amount of the vehicle you are wishing to purchase less the amount they give you for the trade

Could You trade in car if your still making auto loan payments on that car?

Yes you can, they will just put how ever much you have left to pay onto the total of the car and you would have to pay the difference.

Could You trade in car if your still making auto loan payments on that car?

Yes... BUT!

Many car lots will fold your current balance into the new loan. It is a great way to get into a newer vehicle. It is also a great way to be UPSIDE-DOWN on your loan right from the start, meaning you will likely always owe more than the vehicle is worth. Heaven help you if you trade into a lease and exceed the mileage. People often approach me looking for a cheap transportation car so they can garage their lease vehicle for a year while making payments, because of excess mileage... don't get into that situation!

Often you can do better selling it to a private party, than accepting what the dealer offers. Spend money making the vehicle LOOK clean, and it'll sell quicker and for more.

Look carefully at your numbers before trading a vehicle with a balance. Sometimes it makes sense, but a new vehicle depreciates like an ice sculpture as it is, without front-loading the financing with your last car on top of it all.

Could You trade in car if your still making auto loan payments on that car?

Yes, but in order to complete the new car transaction you must pay off the old loan in full. Either by the dealer offering you a trade in allowance or by you paying it off or a combination of both.

Could You trade in car if your still making auto loan payments on that car?

only if there going to pay it off and if the trade does paid it they will add the rest on to your new loan

Baey Area Credit Union with auto loan rates below 6%? Website please!?

Your best rates on the Internet is Capital One at this link https://www.capitaloneautofinance.com/Pu...

If you have any type of blemished credit rating dont bother, while their rates are the best they are also very picky.

Baey Area Credit Union with auto loan rates below 6%? Website please!?

http://www.creditunion.coop/cu_locator/i...

use this site, you'll enter your zip and give you all of your local credit unions. I'm sure you'll find a couple, rates in my area are around 5%. in the U.S. credit unions have the best rates, capital one can't compete.

I co- signed on an auto loan with someone and they don't want to refinance so I can get my name

John is so right. NEVER NEVER Co-Sign. I wouldn't co-sign for my mother. They have the co-signer idea for only one reason. it's called %26quot;Another way to get someone into a Vehicle other than the right way%26quot;. If you co-sign, and they get into an accident the people can sue you too even if you were'nt in the car. There is nothing good about co-signing. The only way is to refinance. A lawyer is probably not going to help.

I co- signed on an auto loan with someone and they don't want to refinance so I can get my name off. HELP ME!

You are sooo screwed. I hope this is a lesson you will never forget. By chance can you sucker anyone else into co-signing??? If they had a strong co-signer maybe someone would refinance them. Other than that...I feel for ya.

I co- signed on an auto loan with someone and they don't want to refinance so I can get my name off. HELP ME!

%26quot;They%26quot; being a bank or a loan company?

Try another one. Lots of banks and credit unions out there.

Don't co-sign anybody in the future. If you co-sign, you agree to be responsible if the other person can't pay up. Looks like you KNEW that going in but didn't think it's going to happen. Well... now you know.

I co- signed on an auto loan with someone and they don't want to refinance so I can get my name off. HELP ME!

If there was much money envolved, get a lawyer. If not you're stuck. Rule #1, Never co-sign for a loan for anyone, including relatives. That is if you don't mind being stuck for the whole loan. Rule #2, Don't forget rule #1.

Can I get an auto loan with bad credit-past due child support?

Let me tell you my problem:

I want to purchase a vehicle but I'm worry about my credit. I have past-due child support that I just start paying after I got my new job. I was wondering if that will hurt me or count against me from not getting a loan. I recently apply with a bank to get a loan and they approved me for $13000 APR is around 15%. They just need to verify some more info about me. I'm worried that if after I talk with them they might not approve the loan. Has anybody been in a similiar situation like me? Please respond with feedbacks so I have an understanding on what to do before I waste my time at the bank.