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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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17 votes
3 answers
7k views

Why Does My Car Loan Interest Fluctuate Despite Having a Fixed Interest Rate?

I'm finding the interest amount I'm paying a bit confusing as it doesn't seem to follow a consistent pattern. For instance, I expected the interest I pay to decrease gradually after purchasing my car ...
Parvez's user avatar
  • 347
17 votes
1 answer
30k views

I co-signed for my son's car and he died. I told the bank to come get it and they told me they won't take it

The loan keeps showing up on my credit report. They offered me a pay off but I can't afford to pay it off. I asked the loan company what to do? And they can't give me a answer...
Don Rodenbough's user avatar
0 votes
2 answers
180 views

What options do I have as the primary owner of a vehicle someone else drove daily?

Back story and its a long one! I live in NH and my sister lives in MA. My sister bought a car with my dad as cosigner but he passed away not long after. Because of this my sister needed a new cosigner ...
Amanda's user avatar
  • 1
1 vote
1 answer
121 views

Building credit history later in life

I am trying to build credit so in the future I could get a loan if needed probably a car loan. I’m 39 years old.I have never had a mortgage,credit card, or any type of loan in my name just household ...
Danyelle P.'s user avatar
3 votes
2 answers
355 views

Should I pay off first auto loan or home loan?

In 2019 I moved to a new apartment I bought, which I had to get a loan for, since I could not pay the sum required. At the time interest was very low, so I decided to go for it, and took a 564k Euro ...
Noldor130884's user avatar
0 votes
2 answers
218 views

Why is nobody offering me the sample APRs when I have excellent credit?

I have been tried to get pre-approval for an auto loan from different companies like Carmax and Carvana. Before I applied, they had a calculator to estimate payments, and the asterix, it says "...
Village's user avatar
  • 2,813
2 votes
0 answers
439 views

Can we hand over blank cheques to a bank when applying for any kinda loans?

I applied for a 4 lakh car loan with HDFC Bank, but before they will approve it, they require four blank cheques with my signature. Is it safe to give the bank those cheques?
Ankur Dhariwal's user avatar
1 vote
1 answer
142 views

Is car loan the better option when one has already saved enough to cover the purchase

Let's say someone has saved $100 000. There is no specific purpose for this saving Now there is a car that cost $62 000 Financing the car entirely via a bank loan would cost around 50% of the salary ...
stevy21's user avatar
  • 11
1 vote
1 answer
127 views

Invest in treasury bonds or pay off loan?

I have about $5000 coming in from a stock sale (ESPP). My plan with it was to invest in treasury bonds (I), since the rate is really good right now (~6.69%). It changes every 6 months (https://www....
Is It Me's user avatar
  • 189
0 votes
2 answers
184 views

Why offer at a lower interest rate on a loan then the expected ROI of investing in the stock market?

A quick google search told me that the expected ROI of investing in the stock market is roughly just under 10% That's admittedly a bit higher then I had anticipated, but quick scanning of their ...
dsollen's user avatar
  • 1,196
6 votes
3 answers
2k views

Financial efficiency - purchasing a car with cash from retirement withdrawal vs. by financing

When someone in their retirement is purchasing a car, is it financially more efficient for them to take a lump sum of cash out of a deferred-tax retirement account (and pay income tax on it), or is it ...
Keith's user avatar
  • 195
1 vote
2 answers
141 views

Is there a way to not receive a credit score drop when paying off an auto loan by keeping the account active in another way?

I know the credit score drop is minimal if you have good credit and will recover eventually, but it just occurred to me that perhaps there is a work around like updating the account or restructuring ...
Loie Benedicte's user avatar
1 vote
0 answers
257 views

Can I sue the car dealership for fraud if they let my ex finance a car under my name?

About 4 years ago (2018), i was living with my ex and I leased a car for 3 years but under my name only. 2 years later (2020), we broke up but i let her use the car for the last year of the lease. ...
Sam's user avatar
  • 21
0 votes
2 answers
337 views

Should I buy a 23k hyundai elantra at 18?

With the car market being so insane right now it’s hard to find a car worth spending my money on. I live in LA so that’s probably making it worse, but I chose to go to a community college for 2 years ...
Hannah De La Cruz's user avatar
1 vote
2 answers
350 views

Why lease option is so high when purchasing Tesla in Poland?

I am trying to understand what am I paying for when I purchase Tesla based on monthly instalments in Poland. When I try to pre-order Tesla Model 3 in the US site everything seems simple and self ...
trejder's user avatar
  • 113
27 votes
7 answers
21k views

Girlfriend took off with the car I got a loan for

I got a loan on a car from CarMax for my girlfriend. She was to make the payments but instead took off with it & I can't find her. Should I report it stolen? The insurance, loan and registration ...
Shay Tangretti's user avatar
13 votes
4 answers
4k views

Co-signer taking over as primary when borrower can no longer drive

My sister co-signed a car loan for me. Payments are current. I have had an injury and cannot drive. She wants to take over my car, which I’m fine with. How will this affect my credit? What needs to be ...
Julie' ellis's user avatar
0 votes
2 answers
340 views

Lease with intent to purchase a vehicle

I am in the market for my first new vehicle ever. It will be a minivan for our growing family and we ideally plan to keep it forever. That being said, none of my vehicles have ever cost more than $15k ...
quirky purple's user avatar
2 votes
2 answers
191 views

What is the procedure of getting an auto loan?

I am a new international student in the US. My credit score is 702 in the Capitalone credit wise and 710 in the CreditKarma website. I am a fully funded PhD student and have an annual income around $...
user avatar
13 votes
8 answers
3k views

What's the best way to quickly get a car on low budget with a poor credit score?

I am starting a new position somewhere that I'll absolutely need a car, so I have to buy one. But I have a poor credit score, so the best APR rate I can receive is about 18%. That means financing a ...
nara's user avatar
  • 302
2 votes
2 answers
417 views

I purchased a motorcycle that has not been delivered, how can I resolve this with the company?

I purchased a motorcycle from Blue Ridge HD in Hickory, NC, almost 2 months ago on 3/30/21. I still don't have the bike. Conditions of the sale was that the dealership get the gas tank vinyl wrapped, ...
Jacob Franckowiak's user avatar
0 votes
0 answers
105 views

Vehicle Trade-In

An ex-girlfriend and I took out a car together. After breaking up, she decided to trade in the car and get a new one. The dealership sent me a Power of Attorney form to fill out to have our car used ...
Jose Mendoza's user avatar
28 votes
5 answers
9k views

Can a used car dealership switch the price I saw online vs going in and getting a different price?

I’m looking to purchase a used vehicle today and when I finally found one I called the used car dealership to see if it was available. I showed up to the test drive, without even asking for the price (...
Christopher Gonzalez's user avatar
2 votes
2 answers
806 views

Is it ever worth it to refinance an auto loan for a higher APR?

I recently moved into a new place/city and am looking to free up some room in my monthly budget. For the first time in about 3-5 years, I shopped for new car insurance and then looked into an auto ...
Timothy Fisher's user avatar
1 vote
1 answer
135 views

Should I sell my car, refinance or trade in?

I am in a weird financial situation and wanted some advice. First of all my wife and I bought a car two years ago for 2,000 over the MSRP and have a higher interest rate about 10%. So in the two years ...
Sam_in_real_life's user avatar
1 vote
1 answer
81 views

Can a bank continue to allocate payments to interest even after they have taken what the contract states?

I purchased a car, borrowing money from a bank for the auto loan. Long story short, I asked the bank for a detailed history of my payments, and they sent me a document that shows every payment I've ...
user1789437's user avatar
10 votes
1 answer
5k views

Will a divorce affect my co-signed vehicle?

Not sure if this question should be here or in the law exchange, but basically my dad cosigned my car loan for the purposes of rate reduction (as I had virtually no credit history at the time). My dad ...
Runeaway3's user avatar
  • 2,898
2 votes
1 answer
286 views

In the United States, what is the cheapest legal way to get rid of a wrecked car?

My wreck of a car might get towed away, and is posing other financial risks to me. What is the cheapest legal way to get rid of the car? Further details: I took out a loan in order to buy a car, and ...
Michael Butler's user avatar
1 vote
1 answer
220 views

How to get out from an unpaid car loan? [duplicate]

I met with a gentleman from church today with a rather unique situation that I wasn't sure how to deal with. Two years ago he impulse bought a new car in IL @ 19% interest (poor credit) so he'd have ...
topshot's user avatar
  • 198
2 votes
2 answers
153 views

When buying a used car, and getting an auto-loan, need the down-payment be in paper bills?

Consider the following Scenario: you are buying a used car in the United States you get an auto-loan through a used car-dealer. Do large national car dealerships in the United States require the ...
Michael Butler's user avatar
1 vote
2 answers
150 views

What advice do you have for a first-time used car buyer in terms of paperwork and/or legal documents?

My question is about the basic legalities of buying a car in the United States, not anywhere else in the world. I have never bought a car before in my life. I was looking at some used cars for sale on ...
Michael Butler's user avatar
1 vote
3 answers
157 views

Splitting a Car Payment / Ownership

I've simplified values for discussion purposes. I moved from overseas back to the United States where I needed a car. Before buying one, a dear friend had bought a car for his daughter in 2017 that ...
Mikey's user avatar
  • 409
26 votes
5 answers
10k views

I just paid off my car - should I release my Credit Union's lien on the car?

We just came upon a windfall significant enough to pay off our car loan - so I did. My Credit Union just sent me a letter describing the way in which I can remove them from the lien. From the letter:...
Zibbobz's user avatar
  • 4,374
1 vote
2 answers
3k views

I needed a co signer but my cosigner is the primary on my auto loan

so just a couple days ago I was able to get a car for. $100 down right i thought to good to be true so i went to the dealer ship anyway, they ran my credit and gave me 2 options they told me i can get ...
Jasmine Auces's user avatar
1 vote
2 answers
346 views

18 years old with a 10k down payment towards a Challenger

I’m 18 working a under the table job, making $2,400 a month, and have been saving up for a brand new or fairly used challenger, I want to put down 10k and finance the rest but have had a few issues as ...
yea Vibes's user avatar
1 vote
2 answers
422 views

Dealership ran my credit and then texted me and told me the truck was priced wrong. What can I do?

Called a dealership to buy a truck over the phone. I told him I wanted it and that I was going to have them finance it. First time over the phone purchase because of COVID-19 San Antonio, Texas Price ...
Cory Day's user avatar
2 votes
1 answer
195 views

How to finance a car when I have credit history but no active credit cards or loans

I paid off 30k of student loans and a 26k car (which I no longer own) years ago, and I had two credit cards at one point, but I foolishly decided I didn't need them and closed both credit cards ...
Andy's user avatar
  • 123
1 vote
0 answers
110 views

I bought a car from a small dealership without knowing the dealer didnt have the title

Ok i bought a car from a small dealership (mom and pop style) first time ever doing this. i was told that i would be receiving my tags via mail, ok no problem there. Several weeks passed still no ...
MANUEL CANTU's user avatar
1 vote
1 answer
71 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 ...
OntarioCanadaF30's user avatar
3 votes
3 answers
517 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 ...
ZRedford's user avatar
1 vote
1 answer
415 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 ...
Pumba76's user avatar
  • 11
1 vote
1 answer
944 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 ...
Larry's user avatar
  • 21
72 votes
1 answer
10k 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 ...
President James K. Polk's user avatar
1 vote
2 answers
545 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 ...
Klaycon's user avatar
  • 423
8 votes
2 answers
1k 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, ...
Nicholas Joseph's user avatar
2 votes
4 answers
986 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 ...
Del1013's user avatar
  • 37
1 vote
6 answers
621 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 ...
user92136's user avatar
3 votes
5 answers
541 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 ...
Stressed4Success's user avatar
0 votes
1 answer
148 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 ...
Jikku Joyce's user avatar
3 votes
2 answers
325 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", ...
Vilx-'s user avatar
  • 1,127

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