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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290
votes
18answers
118k views

Who can truly afford luxury cars?

I never really thought about money until one day I checked how much I made compared to the rest of America. The calculator said my household income is in the top 20%. Kind of funny to me, because I ...
3
votes
3answers
2k views

I co-signed a car but I am listed as the primary account holder for the loan

I co-signed a car and want to be removed. My first thing is that I am listed as the primary account holder for the loan, but I signed the papers as the co-signer/co-buyer. If to fix the situation as ...
1
vote
3answers
227 views

Borrower vs coborrower

My daughter asked me to cosign on a car loan. Somehow I ended up as the borrower and she a the cosigner. Is that legal?
20
votes
8answers
11k views

Should I pay off a 0% interest car loan or put money towards high principal student loans?

Within the past year my wife and I have paid off approximately $40,000 in debt - from her car loan, my two student loans, and other misc debt (new refrigerator, hardwood floor install). I had a car ...
7
votes
1answer
356 views

Will “rate shopping” affect my credit score?

I'm thinking of buying a car but I have a low credit score (649). I have a bank account that I've been using for the past five years so I thought I would apply at that bank first, get a quote and then ...
61
votes
10answers
33k 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 ...
57
votes
12answers
27k views

Should I pay off a 0% car loan?

I'm ahead on 0% interest car loan. I don't have to make a payment until October. I currently owe $3,000 and I could pay it all off. Should I do that or leave that money in my savings account that ...
71
votes
9answers
37k views

If the co-signer on my car loan dies, can the family take the car from me like they're threatening to?

I have a car, both me and by grandpa are on the title. As I cannot get loan on my own, my grandpa is my cosigner. My grandpa is almost 90, and chances are he may not be around till the loan is paid ...
8
votes
2answers
7k views

Get car loan w/ part time job as student with no credit, no-cosigner but no expenses

This is the only place where I knew to turn for a question like this. I am a student (if that will make me look better to the loan officers), but I'm fairly certain I have no credit. I took out a ...
8
votes
1answer
247 views

Selling a car with a lien

I own a car personally, but it is mortgaged to a bank. I want to sell it to an individual. I haven't the funds to repay the loan until I'm paid for the car. The buyer doesn't want to pay me without a ...
5
votes
2answers
2k views

How do we remove an ex-girlfriend from a car loan?

My son is currently in boot camp, and his ex-girlfriend is threatening to go to court because she wants her name off a car loan they got when together. She is the primary borrower, but my son is the ...
5
votes
1answer
1k views

What can I do as a co-signer?

As a co-signer on an auto loan, how can I go about obtaining the vehicle if the other person defaults? Both of our names are on the title as well.
5
votes
3answers
777 views

Is it worth it to take a car loan to improve credit ratings?

I've been considering buying a car recently, but I know that, as I am young, I don't currently have a credit score, as I really haven't needed credit up until now. So, would it be better to take a ...
2
votes
2answers
2k views

How can I refinance or get out of a car loan I am upside down on?

I purchased a car a little over 1 year ago a 2012 Dodge Avenger and recently went to get it refinanced and found out that because I'm so upside down that I can't get it refinanced I still owe over 15,...
60
votes
5answers
19k 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 ...
9
votes
6answers
23k views

mortgage vs car loan vs invest extra cash?

I received a good bonus this year and am trying to figure out the best way to use it. I have no credit card or student debt, maintain an emergency fund, and am maxing out tax advantaged retirement ...
35
votes
6answers
8k views

Electric car lease or buy?

I know the conventional wisdom for leasing vs. buying, but are the economics of an electric car significantly different than other vehicles?
5
votes
5answers
4k views

Why not pay in full upfront for a car?

I assume the following 3 hypotheses, which doesn't duplicate and instead only narrows https://money.stackexchange.com/a/38838/10763, https://money.stackexchange.com/a/15812, https://money....
1
vote
1answer
253 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 ...
1
vote
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 ...
8
votes
2answers
802 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, ...
8
votes
3answers
2k views

Should I lease, buy new, or buy used?

I'm looking for an answer based on quality (they don't make 'em like they used to), price (are new cars even worth the $), and/or reliability/low maintenance (where leasing is attractive) which option ...
6
votes
3answers
8k views

Dealership made me the secondary owner to my own car

January of 2016 I bought a car from wilett honda south which is located in Georgia, with the help of my ex boyfriend. It was my very first car and I didn't really have much help besides a co signer ...
5
votes
2answers
650 views

Family who did not make the car payments as a cosigner

Sorry for the long story...but need advice. My husband was suppose to cosign for a car that his brother wanted. When he went to the dealership, they told him he would have to be the primary signer ...
4
votes
6answers
477 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), ...
4
votes
2answers
1k views

Debt Consolidation, trade down car, or both?

I'm a recent graduate, working full time (started in January). I have an average of 21.318% APR across 5 credit cards with a debt totaling $11,137, at $302 monthly min. CC #1: $2493 at 13.4%, $62 ...
3
votes
5answers
308 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, ...
3
votes
3answers
2k views

Should I just pay off my car and student loans?

Here are the loan details : Car Loan : 2.8% APR with a balance of $11,300 Student Loan : 3.0% APR with a balance of $7,300 I have enough cash to pay off both loans today. Should I pull the trigger ...
2
votes
2answers
2k views

Co- Signed car loan and need to have the other signer relinquish claim to ownership

I recently went and purchased a new vehicle and had my girlfriend co sign and I traded in my old car as a down payment. The finance department ended up writing up the paperwork listing her as the ...
1
vote
1answer
192 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 ...
1
vote
1answer
127 views

Auto/car loan or mortgage applications and consolidated hard pulls

I heard on the radio recently that if one applies for an automobile loan or a home mortgage, multiple loan applications show up as one hard pull on your credit report. Is there a time period where all ...