Sep
28
Ash asked:
Hey Guys,
Hey Guys,
So two and a half years ago I had purchased a used 04 cavalier at what seemed to be an okay price.
Prices of cars have gone down dramatically to the point where I owe just as much for my car as a new one would be… Is it worth thinking of trading in? I don’t want to increase my monthly payments, but it would be nice to have a newer car. The car has 100000 km on it but is kept in good condition besides that… but I know its not worth much now…
What would you do in my situation, tough it out with my old car?
Alfred
Sep
27
Money for a Car: a Guide to Auto Financing
Filed Under Loans | Leave a Comment
Pnreddy asked:
Nobody wants to be the dumb buyer in a car buying deal. You have to be smart or you end up losing more money than you ought to. It is a very common scheme among car buyers to first get money in order to buy a new car.
The term is called “auto financing” and it simply means how you pay for a vehicle. You can finance a car by taking out an auto loan to own a car, in which case, you have two options: You either use the money from the loan to buy the car, or use it for lease.
If this isn’t your first time buying a car, you might already know that the salesman or your car dealer will be checking your credit report before starting with the negotiations. But this is not the only way you can go to get that new car of yours. The seller will try to sweeten the deal and offer you special car finance situations in exchange for throwing yourself totally at his mercy. That is not a path you have to choose.
The key is preparation. Knowing what auto financing options you have before you get to the dealership will mean that you can take charge of your credit and take charge of your car loan.
Just remember, when you negotiate with the salesman for the most favorable auto loan, nothing is permanent until you have it in writing. So haggle and then haggle some more. Once negotiations seem to be over, that’s when the sales contract is prepared.
Inflated Interest Rates
To have the deal agreed upon by you and the salesman be put in writing in a binding contract is top on the list of the things you must do involving auto financing. Often involved at this part of the procedure is to determine monthly auto loan payments based on an interest rate. Now, as you well know, the interest rate varies from car buyer to car buyer. Your credit is only one of the factors and if the interest rate a car buyer qualifies for is inflated, then the dealership can make extra profit off your loan. That’s just one of the pitfalls in auto financing.
Independent Auto Financing
When you have the approved auto financing option on hand, you can then proceed with the deal as a “cash buyer” so to speak as you already have the cash in hand from the loan and you are just buying the car from the dealer with that money. Car salesmen prefer customers to be “monthly payment” buyers as this makes it easier for them to obscure the total cost of the vehicle, to the detriment of your savings. So wizen up and take that independent auto financing option available.
Set a Price Range
Having a budget is the sensible thing to do. If you set a sensible price range for yourself, then you have less reason to go beyond that range and succumb to the temptation of overspending. If you’re really firm on that budget, no amount of sales talk can sway you. One good tip is to ensure that your monthly car payments and related expenses do not exceed about 20% of your monthly net income.
Discounted Financing vs. Rebate
Here’s the dilemma to car buying: Many dealers offer an option between discounted financing or a rebate, but not both. Discounted financing means that you get zero-percent financing while rebate means that you get a certain amount of cash some time after purchase. The common error many car buyers make is that the zero-percent loan will deliver the most savings. But will it really?
Get the Cash Rebate
In most cases, it’s better to get the cash rebate and apply it against the purchase price of the vehicle. If you already have a pre-approved car loan, then that’s even better because you have positively no need of extra financing from your dealer. Just use your car loan to finance the car and let the rebate handle some of the charges.
You will have to choose how long you want your lease to be and how much you’re willing to pay upfront. The obvious choice, of course, would be to pay as little as possible, but be sure to weigh other options as well. After that, the car is yours for the period stipulated in the lease contract.
There are several other different plans those car buyers like you can adopt in order to make the most out of your money and reduce costs at the dealership. Understanding the credit process is just one way of being a smart buyer.
For more information on auto financing and car loans, visit:
http://www.financeguide101.com/finance-reports/money-for-a-car-a-guide-to-auto-financing.html
Melvin
Nobody wants to be the dumb buyer in a car buying deal. You have to be smart or you end up losing more money than you ought to. It is a very common scheme among car buyers to first get money in order to buy a new car.
The term is called “auto financing” and it simply means how you pay for a vehicle. You can finance a car by taking out an auto loan to own a car, in which case, you have two options: You either use the money from the loan to buy the car, or use it for lease.
If this isn’t your first time buying a car, you might already know that the salesman or your car dealer will be checking your credit report before starting with the negotiations. But this is not the only way you can go to get that new car of yours. The seller will try to sweeten the deal and offer you special car finance situations in exchange for throwing yourself totally at his mercy. That is not a path you have to choose.
The key is preparation. Knowing what auto financing options you have before you get to the dealership will mean that you can take charge of your credit and take charge of your car loan.
Just remember, when you negotiate with the salesman for the most favorable auto loan, nothing is permanent until you have it in writing. So haggle and then haggle some more. Once negotiations seem to be over, that’s when the sales contract is prepared.
Inflated Interest Rates
To have the deal agreed upon by you and the salesman be put in writing in a binding contract is top on the list of the things you must do involving auto financing. Often involved at this part of the procedure is to determine monthly auto loan payments based on an interest rate. Now, as you well know, the interest rate varies from car buyer to car buyer. Your credit is only one of the factors and if the interest rate a car buyer qualifies for is inflated, then the dealership can make extra profit off your loan. That’s just one of the pitfalls in auto financing.
Independent Auto Financing
When you have the approved auto financing option on hand, you can then proceed with the deal as a “cash buyer” so to speak as you already have the cash in hand from the loan and you are just buying the car from the dealer with that money. Car salesmen prefer customers to be “monthly payment” buyers as this makes it easier for them to obscure the total cost of the vehicle, to the detriment of your savings. So wizen up and take that independent auto financing option available.
Set a Price Range
Having a budget is the sensible thing to do. If you set a sensible price range for yourself, then you have less reason to go beyond that range and succumb to the temptation of overspending. If you’re really firm on that budget, no amount of sales talk can sway you. One good tip is to ensure that your monthly car payments and related expenses do not exceed about 20% of your monthly net income.
Discounted Financing vs. Rebate
Here’s the dilemma to car buying: Many dealers offer an option between discounted financing or a rebate, but not both. Discounted financing means that you get zero-percent financing while rebate means that you get a certain amount of cash some time after purchase. The common error many car buyers make is that the zero-percent loan will deliver the most savings. But will it really?
Get the Cash Rebate
In most cases, it’s better to get the cash rebate and apply it against the purchase price of the vehicle. If you already have a pre-approved car loan, then that’s even better because you have positively no need of extra financing from your dealer. Just use your car loan to finance the car and let the rebate handle some of the charges.
You will have to choose how long you want your lease to be and how much you’re willing to pay upfront. The obvious choice, of course, would be to pay as little as possible, but be sure to weigh other options as well. After that, the car is yours for the period stipulated in the lease contract.
There are several other different plans those car buyers like you can adopt in order to make the most out of your money and reduce costs at the dealership. Understanding the credit process is just one way of being a smart buyer.
For more information on auto financing and car loans, visit:
http://www.financeguide101.com/finance-reports/money-for-a-car-a-guide-to-auto-financing.html
Melvin
Sep
24
Why would the American public be against government loans to the auto industry?
Filed Under Other - Politics & Government | 4 Comments
Tom asked:
This wouldn’t be a “bailout”, like what’s happening in the finance and mortgage industry. These would be “loans” that are to be repaid.
This wouldn’t be a “bailout”, like what’s happening in the finance and mortgage industry. These would be “loans” that are to be repaid.
If the american auto industry goes under. This country will truly be in a depression. There are literally tens of thousands of jobs tied to the american auto industry.
http://www.ft.com/cms/s/0/83bfe68c-8a8f-11dd-a76a-0000779fd18c.html
Rhonda
Sep
19
can I get off an auto loan?
Filed Under Personal Finance | 4 Comments
Shelly T asked:
Me and my ex have financed an auto loan together. He took the truck and promised to make the payments. It has been 5 months and he has not made one payment. I dont want to file bankruptcy nor pay for that truck but I think Im running out of options. Does anyone know what I can do to get off the loan or any way ot help me?
Monica
Me and my ex have financed an auto loan together. He took the truck and promised to make the payments. It has been 5 months and he has not made one payment. I dont want to file bankruptcy nor pay for that truck but I think Im running out of options. Does anyone know what I can do to get off the loan or any way ot help me?
Monica
Sep
19
How do you stop a Auto Repo if You have proof of Payments?
Filed Under Personal Finance | 2 Comments
Hard Core Dance Poles asked:
If you have the Pay History form the Finance Company and you have submitted your Banking Financial Statements along with a copy of the cleared check, and on the Pay History that you optained from them, it does not show that payment credited to you account. Because that payment was not credited it has accumulated additional unnecessary Fee’s etc.. and the You have Emailed the infor 6 times, tried by telephone to resolve, finally get the Manager over Collections, send him all of the Info By Courier, and come to find out he doesnt even look at it , doesnt call you back, lies to you when you ask if he is coming to get your car, and then orders a outside agency to go to the sheriffs dept to optain some kind of warrant so that you have to hand over your car to them when they come, and the Collections manager does all of this AFTER telling you to submit AGAIN your proof and will discuss your file with you to get it resolved. What can a consumer do to prevent this?
And you have been trying to get this resolved now for over a year. But yet No one at Finance Company look at the paper work, they just assume you are wrong and they are right. Is there something that you can file with the court to stop the repo to make a Judge look at the situation or a Mediator ? Because if they take it then , Out a Vehicle, and I know that you can file suit for Unlawfull Repo, but what can be done before that happens?
Roland
If you have the Pay History form the Finance Company and you have submitted your Banking Financial Statements along with a copy of the cleared check, and on the Pay History that you optained from them, it does not show that payment credited to you account. Because that payment was not credited it has accumulated additional unnecessary Fee’s etc.. and the You have Emailed the infor 6 times, tried by telephone to resolve, finally get the Manager over Collections, send him all of the Info By Courier, and come to find out he doesnt even look at it , doesnt call you back, lies to you when you ask if he is coming to get your car, and then orders a outside agency to go to the sheriffs dept to optain some kind of warrant so that you have to hand over your car to them when they come, and the Collections manager does all of this AFTER telling you to submit AGAIN your proof and will discuss your file with you to get it resolved. What can a consumer do to prevent this?
And you have been trying to get this resolved now for over a year. But yet No one at Finance Company look at the paper work, they just assume you are wrong and they are right. Is there something that you can file with the court to stop the repo to make a Judge look at the situation or a Mediator ? Because if they take it then , Out a Vehicle, and I know that you can file suit for Unlawfull Repo, but what can be done before that happens?
Roland
Sep
17
soul cyster ttc#1 asked:
I have my vehicle financed through the dealership I bought it from (big mistake, never do this!) and they are not reporting it on my credit. I have never missed a payment and I pay $436.25 a month for my vehicle. Have paid it for fifteen months, never late. I really really want to get my vehicle refinanced now but cannot because I am not getting any credit for my loan with the dealership. Is there anything I can do to fix this?
Charles
I have my vehicle financed through the dealership I bought it from (big mistake, never do this!) and they are not reporting it on my credit. I have never missed a payment and I pay $436.25 a month for my vehicle. Have paid it for fifteen months, never late. I really really want to get my vehicle refinanced now but cannot because I am not getting any credit for my loan with the dealership. Is there anything I can do to fix this?
Charles
Sep
14
Harm Bell asked:
Are you planning for an auto finance application? Do you want to know about the finance option and the application process? This article has tried to open up the basic nitty gritty of auto finance and its application process.
• Auto finance can be done in two forms; secured and unsecured. Quite naturally, in the first option, the lending amount is secured on the borrowers’ property, while the later option comes without any such requirement. Before making application for auto finance, first decide which option you want to go for.
• All kinds of vehicles including car, van, truck, and others can be financed with auto finance option. Even more, if you want, you can also get a used vehicle financed. But do remember that in case of an old vehicle, the vehicle should not be more than 5 years old.
• Different lenders offer various deals on auto finance options. So, before going for the application part, first check the interest rate, term period, repayment amount and the lending amount, offered by the deal. You can also collect three or four loan -quotes and compare them. It will ultimately help you to choose a better option.
• Finally, it comes to the application process. If you opt for an online deal, then you do not need to face any hassle and waste time for application. Online auto finance application process is very easy and simply a form is required to be filled up. Furthermore, since all the online sites remain up for 24 hours; hence, one can apply anytime. All you need to do is to give the details in the required places and click on the submit button. Your form will be processed automatically and you will avail a deal within a very least period of time.
So, what else! Read the article to clear all confusions and avail an auto finance option to get your dream vehicle.
Chris
Are you planning for an auto finance application? Do you want to know about the finance option and the application process? This article has tried to open up the basic nitty gritty of auto finance and its application process.
• Auto finance can be done in two forms; secured and unsecured. Quite naturally, in the first option, the lending amount is secured on the borrowers’ property, while the later option comes without any such requirement. Before making application for auto finance, first decide which option you want to go for.
• All kinds of vehicles including car, van, truck, and others can be financed with auto finance option. Even more, if you want, you can also get a used vehicle financed. But do remember that in case of an old vehicle, the vehicle should not be more than 5 years old.
• Different lenders offer various deals on auto finance options. So, before going for the application part, first check the interest rate, term period, repayment amount and the lending amount, offered by the deal. You can also collect three or four loan -quotes and compare them. It will ultimately help you to choose a better option.
• Finally, it comes to the application process. If you opt for an online deal, then you do not need to face any hassle and waste time for application. Online auto finance application process is very easy and simply a form is required to be filled up. Furthermore, since all the online sites remain up for 24 hours; hence, one can apply anytime. All you need to do is to give the details in the required places and click on the submit button. Your form will be processed automatically and you will avail a deal within a very least period of time.
So, what else! Read the article to clear all confusions and avail an auto finance option to get your dream vehicle.
Chris
Sep
13
sweetheart asked:
I recently financed a voltswagon jetta 2007 in November 2006 when the dealership was starting to sell the 2007 vehicals, and at that time I was able to make the monthly payments with no problem, but now that my job is cutting back on hours it is becoming a bit difficult to pay the monthly notes, and also I am vaery unhappy about the performance of the car. I was wondering would it be to early on to try to refinance or trade it in for another vehical that would be a little cheaper or would I have to wait a little longer to trade in or refinance?
Teresa
I recently financed a voltswagon jetta 2007 in November 2006 when the dealership was starting to sell the 2007 vehicals, and at that time I was able to make the monthly payments with no problem, but now that my job is cutting back on hours it is becoming a bit difficult to pay the monthly notes, and also I am vaery unhappy about the performance of the car. I was wondering would it be to early on to try to refinance or trade it in for another vehical that would be a little cheaper or would I have to wait a little longer to trade in or refinance?
Teresa
Sep
9
Chase Auto Finance – Specially Designed to Meet All the Needs of a User
Filed Under Auto Quotes | Leave a Comment
Jake Jenkins asked:
Chase auto finance comprises of several options that a user can use for new and old vehicles. Whether you are searching for car loan with less interest or trying to grab the financing options, chase auto finance has got some useful online tools that can assist you with your motto. Also this agency is offering finance related services that can make your auto finance experience pleasant and easy. These days, finance is required in all aspect of our life. With the availability of finance, now people prefer to go for auto finance whenever required. In this regard chase auto finance is offering good deal. More number of people prefers to go for it due to the pleasant way it can offer while opting for auto finance. If you are not sure about such aspect then you can search online for chase auto finance. There you can obtain more amount of information about chase auto finance.
These days, many people prefer to go for home loan. If you don’t have enough money in the bank or can’t simply afford to build your home in a quick time them home loan is the best way to opt for. If you have got a bad credit those going for a home loan from your local insurance agency may create problems. In this regard home loan lending can work for you like anything. It’s the best way that you can try to purchase a home or to refinance your existing home. Home loan lending can be categorized into different segment. Here are the categorizations for home loan lending:
Fixed Rate Mortgages Adjustable Rate Mortgages Interest Only Loans No Documentation Loans No Income or No Asset Loans No Ratio Loans State Income Loans FHA Loans
Poor credit signature loan is the most versatile type of loan that you can avail. This is also known as character loan. People are usually looking for such loans when there is a need for repairing of home or requirement for student loans. This kind of loan is exactly beneficial because here you don’t need any collateral and paperwork is also not there. Poor credit signature loan can bring you the most comfortable way to grab a loan for several purposes. The payment mode is really convenient and meant for any reason. Certainly, the versatility of this loan type has given it abundant popularity among people that seeks for a fast loan with the most convenient way.
Neil
Chase auto finance comprises of several options that a user can use for new and old vehicles. Whether you are searching for car loan with less interest or trying to grab the financing options, chase auto finance has got some useful online tools that can assist you with your motto. Also this agency is offering finance related services that can make your auto finance experience pleasant and easy. These days, finance is required in all aspect of our life. With the availability of finance, now people prefer to go for auto finance whenever required. In this regard chase auto finance is offering good deal. More number of people prefers to go for it due to the pleasant way it can offer while opting for auto finance. If you are not sure about such aspect then you can search online for chase auto finance. There you can obtain more amount of information about chase auto finance.
These days, many people prefer to go for home loan. If you don’t have enough money in the bank or can’t simply afford to build your home in a quick time them home loan is the best way to opt for. If you have got a bad credit those going for a home loan from your local insurance agency may create problems. In this regard home loan lending can work for you like anything. It’s the best way that you can try to purchase a home or to refinance your existing home. Home loan lending can be categorized into different segment. Here are the categorizations for home loan lending:
Fixed Rate Mortgages Adjustable Rate Mortgages Interest Only Loans No Documentation Loans No Income or No Asset Loans No Ratio Loans State Income Loans FHA Loans
Poor credit signature loan is the most versatile type of loan that you can avail. This is also known as character loan. People are usually looking for such loans when there is a need for repairing of home or requirement for student loans. This kind of loan is exactly beneficial because here you don’t need any collateral and paperwork is also not there. Poor credit signature loan can bring you the most comfortable way to grab a loan for several purposes. The payment mode is really convenient and meant for any reason. Certainly, the versatility of this loan type has given it abundant popularity among people that seeks for a fast loan with the most convenient way.
Neil
Sep
7
Where can I get an auto loan to include what I owe on a reposession?
Filed Under Credit | 3 Comments
richard b asked:
I am currently paying back a defaulted loan to GMAC, My car was reposessed and I am having a hard time trying to get a loan on newer car or truck that will pay off my old car loan as well as finance a new or used car, can anyone tell me what to do?
Deborah
I am currently paying back a defaulted loan to GMAC, My car was reposessed and I am having a hard time trying to get a loan on newer car or truck that will pay off my old car loan as well as finance a new or used car, can anyone tell me what to do?
Deborah