Questions tagged [auto-loan]

to be used for questions on loans taken to buy a vehicle / automobile [generally cars]. Country specific is recommended to be used as appropriate.

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1answer
50 views

1) Paying auto insurance premium yearly vs monthly 2) Paying auto finance loan

I've recently purchased a vehicle and was planning on prepaying my auto insurance for the year up front rather than divided into monthly payments. Should I rather put some of that money to paying ...
3
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3answers
131 views

Should I sell back a lease early in order to improve Debt-to-Income?

My wife and I just started the process of buying our first home. I've noticed DTI is very important as far as how much home you can get pre-approved for. Knowing this, I have started thinking of ways ...
1
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1answer
131 views

Co-buyer on car loan

I thought I was a co-signer on a car loan and found out after I was actually a co-buyer. The other co-buyer made 2 payments and is having trouble making the third. I have serious issues with paying on ...
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1answer
186 views

I took over the payments on my sister's car. But it is left in her name

About 11 months ago. I took over the payments on my sister's car because she wanted to get a new one and they wouldn't let her have two car loans. So instead of trading this in she let me take over ...
69
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1answer
8k views

My friend cosigned for a defaulted loan. Should he declare Chapter 7 bankruptcy?

Background: My friend Abe co-signed an auto loan for about $25k with his "friend" Bella, in the USA state of Maryland, about 4-5 months ago. The car was for Bella's use. The deal was that Bella would ...
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2answers
201 views

Is a down payment better than a lump sum payment?

I forgot to tell my banker that I wanted to make a down payment on my auto loan. According to my banker, the interest rate wouldn't have changed from the lower principal, only my monthly minimum ...
8
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2answers
623 views

I wrecked my car and it might be totaled after 2 months of ownership which includes a loan, what happens now?

I started financing a 2011 Toyota Camry LE for $11.6K October 2019. I’m 20 years old and I just got my license in September 2019. I’ve been paying $323 a month for full coverage through the General, ...
2
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4answers
916 views

Car Possession being threatened by Signer

I wanted a car and the sales representative advised me that it was best to put the car in my significant other's name. So I did. I put $10k down and put the car in his name which he didn't mind as ...
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6answers
253 views

Applied for car loan and got denied: No credit history or no credit file

I am currently looking for a loan to purchase a new vehicle. I just called my bank, and after briefly discussing with them, they said that I can apply to a 2.74% loan. This is the best I have found so ...
3
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5answers
472 views

18 years old and looking for advice on loans, buying a car, financing, etc

I'm 18 years old, I've been growing up in a place where there is animosity towards success, trust nobody and help from nobody is the point. Finally I'm on the right path but I'm having troubles. I ...
0
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1answer
122 views

Used car loan and number of credit cards

My credit history is almost 6 months old and I have a score of around 700 now. I got my first credit card 6 months ago and two weeks ago I got another credit card. Last day I got prequalified for a ...
3
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2answers
294 views

What is the purpose of the first payment in car loans?

I'm in the process of buying a used car again. This involves taking a loan from the bank because I don't have enough cash on hand. The precise term for the kind of loan I'm taking might be "leasing", ...
0
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1answer
145 views

I co-signed but found out i'm actually the primary account holder [duplicate]

I co-signed my boyfriends auto loan so he could trade in his car and opt for lower car payments. I received a red light traffic ticket in the mail with my name on it, which i thought was odd. So I ...
1
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1answer
357 views

My mother's car was totaled

My mother was in a car accident and died. Her boyfriend's name is on the title and financing of the vehicle. She made all of her payments on the car. Is he entitled to all of the money since the ...
3
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4answers
333 views

cosign a car loan, what is true $ risk

I asked a question and I am asking same question from a different angle. For example purpose, If I have friend( know for 6-7 years), who came to USA recently ( and I happen to come 2-3 years ago), ...
3
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5answers
277 views

Can I cosign a car loan up to a limited amount?

Can a person co-sign a car loan up to a specific amount, less than the full value of the loan? Article says that "You’re actually committing to be 100% responsible for that debt". For example, ...
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2answers
286 views

Auto loan technicalities in the US

I know what loans are (you borrow money and pay it back plus interest over a period of time), but I have a few questions about the specifics: When you are approved for an auto loan and you proceed to ...
6
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2answers
7k views

How to determine lease vs buy for specific scenario of a Tesla Model 3 I plan to keep 3 years

I want a Tesla Model 3. Like this guy How to determine car loan length as a function of how long I plan to keep a car I (using his words): ...plan to keep for 3 years (see below for why) I am ...
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5answers
3k views

How to determine car loan length as a function of how long I plan to keep a car

I will be financing* the purchase of a brand new car that I plan to keep for 3 years. Based on this I am trying to understand how to structure the loan variables (term, rate) appropriately. Should I ...
5
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3answers
595 views

How can I purchase a car when no one will loan to me?

My wife's car recently broke down, and is in need of replacing. My own car is also on its last legs so we intended to purchase something new-ish (2015-2017 model) to get something a little more ...
15
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6answers
6k views

Advice for paying off student loans and auto loans now that I have my first 'real' job

I'm hoping for some advice on which loans I should focus on paying off first. I'm 28 and just got my first 'real' job about 2 years ago after 8 years of schooling. I've paid off all my credit card ...
3
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3answers
318 views

Dollar Down Car Payment

I'm in a really tough situation with continually using Uber as transportation for work. I am basically working to pay for uber. Someone had mentioned to me the other day about a car dealership that ...
20
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4answers
5k views

Should I tell my insurance company I have an unsecured loan for my new car?

Generally, I do all of my quotes online instead of dealing with an agent. They've always asked if the car is leased, financed, or owned. In my current situation I am technically financing the car, but ...
1
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0answers
71 views

Why would my pre-approval auto loan be denied, but chance of actual loan approved?

I have an income of roughly ~70k, a little over $50k after taxes. My only debts are housing expenses (rent and utilities) which total around $800 out of >$4000 a month net income. Recently, I was ...
61
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5answers
17k views

Should I worry about having my credit pulled multiple times while car shopping?

I went to a dealership today and they pulled my credit after a test drive. I've heard that as long as you get your credit pulled for an auto loan within a few days, multiple pulls will only count as ...
0
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2answers
1k views

Will banks allow one spouse to get an auto loan to buy a car from the other spouse

My husband was in an accident with our family’s van so we have to buy a new one. The insurance is paying off our existing note in full. We have found a pre-owned van that we want to purchase as a ...
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5answers
229 views

Getting an auto credit history without buying a car

I’ve graduated college and got myself a pretty solid engineering job. And think it’s time for a new car. I’m looking at some of the nicer cars in the $100k range. The problem is I’ve never had a ...
0
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4answers
381 views

Buy my leased car?

My 2016 Lincoln lease is up. I'm considering buying it for $25000 and putting $7000 down to meet my finance 60 month payment budget. My Salesman said today that much down is not a good idea as I will ...
0
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1answer
74 views

Does installment loan amount affect credit score?

I am looking to finance a new car purchase. The total cost of the car comes out to $18k, and I am able to put up to $10k down. Assuming that my goal is to maximize my credit score in the long run, ...
1
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1answer
234 views

options when car is worth more than lease buyout costs

My wife has a leased vehicle that is reaching the end of lease in a couple of months. She is planning on getting a lease on a new vehicle, but is over a substantial amount on the mileage (I think ...
3
votes
2answers
326 views

How to calculate the optimal downpayment + loan term when considering investing cash on hand

We're buying a brand new car at $60K. We technically have the cash on hand, but have opted to get a loan instead and keep the cash in investments. For the purposes of this question & simplicity, ...
2
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6answers
1k views

How is leasing a car beneficial to the one who leases? [duplicate]

They say that a car is a depreciating asset and so leasing a car works better than buying one. I heard this from folks and car salespersons. Although I understand the aspect of leasing cars meaning ...
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3answers
249 views

Financial advice needed, my new used car needs a new engine

I bought my car in January 2018, financed $10,300. Today I took it in for an oil change and mysterious ticking; the dealership called and said the ticking was an engine problem. The car is not safe to ...
1
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1answer
188 views

Recent grad with bad credit in need of auto loan

I'm a recent college grad. Due to some stupid things I did during my masters, I have a bad credit with 3 missed payments on my account and 2 collections. I got a job recently with a six figure salary ...
2
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3answers
641 views

My ex husband put me as a co signer on his car loan and I didn't know anything about it. What can I do? [closed]

My ex husband put my name on his car loan as the co signer without me knowing. What can I do?
4
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4answers
3k views

Car dealership put my name as the buyer without consent, when I was just the co-signer on the loan

I went with my father to look at cars for him. we decided on a car and when they were filling out the papers they ran into a problem, his credit score was not high enough so I had to co-sign for the ...
1
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1answer
76 views

Pay off loan or roll over

I owe $10,000 on my existing car loan. I currently have enough to pay off my loan and still have enough to put down $5000 on a new car. My question is this, is it better to pay off the loan first and ...
3
votes
3answers
505 views

How to know how much money was paid, and how much was spent paying off interest

I would like to buy a car, and found out about the 20/4/10 rule today. I definitely have more than 20% downpayment saved up, due to that I am not concerned with the 20 part. I am more concerned about ...
21
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4answers
11k views

How can I remove my name from a car loan?

I financed a car, then my friend took over the payment. We went to the bank to transfer the car over to her, but I still had to be on the loan as a co-signer. Last year she was still paying on the car,...
2
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1answer
260 views

Liability for our son's car loan [duplicate]

My husband and I have co-signed for our son's car loan, and also he is listed on our car insurance coverage. If he gets in an accident, can we be sued?
2
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1answer
188 views

cosigner for a car

I cosigned for my brother-in-law's car. I have been making the payments because he has been sick. He just passed away. I do not want the car. His daughter still needs the vehicle. I can continue ...
3
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0answers
393 views

What to do when my co-signer files Chapter 7?

I have an open auto loan and have finally caught my payments back up. My mother is overwhelmed by her debt and is the co-signer on the loan. She has officially filed for chapter 7 bankruptcy and told ...
3
votes
4answers
421 views

What is the best payment plan for buying a vehicle?

I recently started my first job after college/ (Polytechnic? translated from the Swedish word "Yrkeshögskola"). I have worked as a system developer since August where I had my praxis twice before ...
1
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7answers
790 views

Buying a brand new luxury car

I read this and this questions - although not all of the answers. My question is fairly similar to the first linked question although I have different circumstances. Context I am a 29-year old ...
48
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6answers
14k views

Dealership wants more money years after vehicle is paid off?

I bought a used car in August 2014 when I lived in Texas. A few months later I paid off the vehicle. I have the title and I never heard from the dealership after the final payment. Today I got a ...
0
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1answer
2k views

What is the different between Auto Loan and Car Mortgage?

I'm trying to get loan from the bank and I'm going for a special interest rate category called Professional loan scheme. Since my qualification time period is low and got the degree recently they're ...
2
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1answer
80 views

Car-transfer question

I'm kind of young (don't have a reliable source of income), but my dad bought me a car and its registered and financed in South Carolina and I live in Louisiana (college and residence.) If I have my ...
3
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2answers
185 views

Car loan finance question

My mother asked for me to sign for her a car as a co-signer. I spoke to the dealership finance rep to confirm price and payment information. My mother was at the dealership I was not I was at home in ...
6
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1answer
211 views

Selling a car with outstanding finance in the UK

I have a car which has outstanding finance. BMW have given me a settlement figure of £15,000. A buyer is interested in buying the car for £13,000. The buyer would like to pay BMW directly using my ...
0
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4answers
346 views

Is buying a powerful motorcycle on loan is a good idea?

I am thinking of purchasing a Ducati motorcycle. Its price, including taxes, is about $22K. I don’t own a car so I have no car payments. I had a $50k education loan which I paid off. I have about $...