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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2answers
1k views

Strategy to pay off car loan before selling the car

I have ~$10k remaining auto loan at 2.7% interest rate, and I'm about to sell my car (for personal reasons, not related to finance). What's the best way for me financially to deal with that loan: I ...
13
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8answers
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 ...
2
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2answers
181 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, ...
3
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7answers
2k views

Should I buy a new car if I have only worked at my job for 8 months?

I am in my mid-late 20's and I just got a job in my chosen career field about 8 months ago. It pays well for my location (64k per year) and I'm trying to avoid raising my expenses with my income. My ...
1
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1answer
276 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 ...
0
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0answers
99 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 ...
28
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5answers
8k 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 (...
2
votes
2answers
611 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 ...
9
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3answers
3k views

I can't produce a title for a vehicle I just traded

I went to a Ford dealership and traded in a slightly older truck for a slightly newer one, and financed the rest. The next day, my fiancée informed me that the title of the old truck is still on a ...
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1answer
111 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 ...
1
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1answer
66 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 ...
4
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6answers
2k views

Is it advisable to go for an auto loan if I can make the full payment for a new car?

Planning to buy a new car in India. Options I have are as follows: Company leased car Direct Auto Loan from finance company Full one-shot payment from savings From all the articles I've read today, ...
10
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1answer
3k 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 ...
2
votes
1answer
231 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 ...
1
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1answer
197 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 ...
62
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10answers
34k views

Pay off car loan entirely or leave $1 until the end of the loan period?

Background information: I have a car loan that doesn't require payments if I'm ahead on the loan (but accrues the interest, of course, on the balance remaining). I still have a year and a half on my ...
2
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2answers
136 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 ...
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2answers
75 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 ...
1
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3answers
101 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 ...
4
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6answers
490 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), ...
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7answers
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 ...
26
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5answers
9k 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:...
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2answers
325 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 ...
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2answers
576 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 ...
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2answers
386 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 ...
2
votes
1answer
144 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 ...
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0answers
102 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 ...
0
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2answers
3k views

Can I change my loan term from 60 to 36 months?

I am on a 60 months plan with USCCU and now they are offering APR rate of 1.36% for 36 months on used and new vehicles as shown here. Is it a good idea to change my loan term from 60 to 36 months ...
5
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4answers
777 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 ...
16
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3answers
2k views

Why do new car loans, used car loans, and refinanced loans have different rates and terms?

If I want to refinance a car that is two years old, and getting a new car loan is better APR then a used car loan and even a refinanced loan, why does it matter which way you go? Isn't a loan just a ...
1
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1answer
58 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
votes
3answers
191 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 ...
4
votes
4answers
7k 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
284 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 ...
1
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1answer
304 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 ...
70
votes
1answer
9k 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 ...
1
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2answers
225 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
votes
2answers
868 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
942 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 ...
1
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6answers
330 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 ...
0
votes
1answer
136 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
votes
1answer
269 views

How can I refinance this loan?

To make a long story short I made a huge mistake, I financed a used 2006 vehicle in October of 2017 at 26.13% interest the price was $20,000 as the vehicle stands it currently values at $15,000 ...
3
votes
5answers
518 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 ...
3
votes
2answers
306 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
177 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
vote
1answer
390 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
votes
5answers
313 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, ...
1
vote
2answers
311 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 ...
3
votes
2answers
340 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, ...
6
votes
2answers
15k 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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