5 Tips for Getting Auto Financing with No Credit and a Low Income

You can get auto financing even if you do not have a long credit history or a high income. However, the amount of financing and the terms you receive are determined by your credit history. If your goal is to own a vehicle, then focus on this goal instead of the type of car you receive or your interest rate. #1 Shop for a Loan FirstMany people make the mistake of shopping for a car first, and then seeking a loan based on the type of car...

Read More

First Car Loan? How to Avoid Being Scammed

Getting your first car loan can be an exciting time in your life. The thrill of owning your first car is often an exhilarating experience. Knowing that something is all yours has a certain appeal. It is this excitement that often leads us into poor decisions when it comes to auto loans. In fact, you might be getting scammed and not even realize it. Here are a few ways to avoid being scammed on your first auto loan. Extra RequirementsIf...

Read More

5 Tips for Financing a New Car with Bad Credit

You can finance a new car with bad credit as long as you have no major installment debt defaults in your recent history. If you very recently experienced bankruptcy or a home foreclosure, you may need to lease a car for a few years as your credit recovers. If your credit is low due to previous missed payments, a short credit history or other flaws, a car loan may be just what you need to start getting your finances back on track.  #1...

Read More

3 Reasons to Avoid Dealership Financing

Dealership financing is generally an option when you purchase a new vehicle. The financing may be provided through an auto manufacturer's financing arm, such as the Nissan Motor Acceptance Corporation or General Motors Acceptance Corporation, or through a private dealer's financial company. In either case, you will be purchasing your vehicle from the same person lending you the money for the purchase. This streamlined option is often the fastest...

Read More

3 Tips for Getting a Great Deal on a Car

If you are looking for a good deal on a car you are definitely not alone. Shopping for a car is usually one of the biggest purchases that most people ever make. When you are potentially going to be spending several thousand dollars on something, you want to make sure that you get the best value that you can. Your car is something that you will use on a daily basis. You want it to work flawlessly during the time that you own it and you want...

Read More

How to Renegotiate a Car Lease

Whether you renegotiate a car loan or renegotiate a car lease, the process is essentially the same. You are asking your finance company for changes to a contract. In most cases, you are asking for changes that will benefit you and not the finance company. As a result, you will need to provide accurate and reasonable information to substantiate your request.  Hardship RenegotiationPerhaps the easiest form of renegotiation is a hardship request....

Read More

How to Take Over a Car Lease

If you are planning to lease a car, you consider whether its wise to take over a car lease first. Taking over a car lease is a relatively easy thing to do with little paper work and can lead to savings. For one, you do not have to make a down payment to the car leasing company. Next, you are not stuck with a long lease period. By taking over a car lease, you get to test drive a car for a couple of years before turning it in. This...

Read More

What Is the Best Way to Terminate a Car Lease Early?

Many people want to terminate a car lease earlier than they are allowed to by the contract. As long as there have been lease contracts, there have been people that want to get out of them. Therefore, it is a common problem that many people run across. Although many people come across this problem, there is really no easy solution. It is going to take some work on your part and some persistence in order to make it work. The best way to terminate...

Read More

Errors on Your Car Loan Application?

If you detect errors on your car loan application, you will have to correct those errors before the loan is funded. Some errors are relatively minor, and they can be corrected at any point without penalty. Others may affect the way the loan is sourced, and making this type of error can lead to problems with your application. Information on a Car Loan Application Your car loan application will have to types of information: personal information...

Read More

What are Deferred Car Loans?

Deferred car loans are a type of auto loan that can make your monthly payments more affordable. Here are the basics of deferred car loans and how they work. Deferred PaymentsA deferred car loan is one that is going to allow you to defer a certain amount of money on your loan until the last payment. This is going to result in a larger balloon payment for you. For example, you could decide to defer five car payments until you reach the last payment...

Read More

How to Extend an Auto Lease

Extending an auto lease is an option most leasing agents make available. There are a number of end of lease option, in fact, which include buying the car outright or leasing a newer model. Extending the lease on your existing car makes sense if you can greatly lower the payments, have taken good care of the car and cannot afford to buy it out right. In this case, go through the following process with your leasing agent. Get a QuoteThe first...

Read More

4 Reasons to Get Auto Financing from a Credit Union

Many people get auto financing in all of the traditional ways. They use their auto dealer or a bank to get the financing they need. However, many people overlook a viable option that could actually be better for them. A credit union provides the same services that a bank does with a few advantages. Here are a few reasons that you should get auto financing from a credit union. 1. Cheaper Rates The biggest thing that you are looking for when...

Read More

s It Cheaper to Buy or Lease a New Car?

There are two factors to consider when you lease a new car: the monthly payment and the long term costs. If you consider only the monthly payment, a lease is typically a less expensive option for your new car. If you are concerned with how much the car will cost you over time, like the net financial value, then purchasing a car is the less expensive option. Monthly PaymentsThe monthly payments on a car lease tend to be lower than payments toward...

Read More

How to Negotiate Lower Monthly Car Payments

Paying monthly car payments gives you the ability to get the car you need, without having to pay cash for the entire amount upfront. Having the option to finance a car and make payments opens up many opportunities for you. You can get a plethora of different cars at a budget that you can afford. However, if the payment that you agree to is too large, then you will end up in financial trouble. Most auto loans last for at least five years....

Read More

How to Get a Good Deal on a Used Car Loan with a Small Down Payment

Small down payment loans typically have higher interest rates. This happens because the loan limits must be higher, forcing a longer loan. The longer a car loan lasts, the higher the interest rates climb. Sticking with a short loan of under 5 years is always preferable for any car loan, but it is particularly advantageous in a used car loan. Opting for a Short LoanThere are two main reasons to opt for a shorter loan. The first is to reduce the...

Read More

What Happens to Your Car Loan if the Lending Bank Fails

If you received your car loan from a bank, you have a legitimate reason to wonder what would occur if that bank fails. Many borrowers wonder if they would have to repay the debt immediately, get to walk away without repaying or even lose the car all together. None of these scenarios is the case. In fact, if the bank that lent you the money fails, you will not likely notice the difference on your end. Loans are AssetsThe first point...

Read More

What is the Payoff Amount?

he payoff amount of a loan refers to the amount of money, including any prepayment penalty, that it will take to pay a loan off in full. When you pay off a loan early, you need to request the payoff amount from the lender, because the payoff amount may change on a daily basis, depending on how the interest is compounded. For instance, a student loan may give you a 10-day payoff amount, which gives you 10 days to pay the amount before it...

Read More

5 Tips to Get a New Car Loan after a Reposession

A car loan repossession is one of the most negative reports that can appear on your credit score. The repossession is recorded and a default is also recorded. In order to get to the point of default, several late notices must also have been recorded as well. The result is a very low credit score and a hard time getting a new loan. Try these tips to help secure vehicle financing in the future: #1 Avoid or Volunteer RepossessionThe first step...

Read More

What Happens to Your Car Loan when the Lender Changes Ownership?

Your car loan terms should not change when your car lender changes ownership. In fact, you may not even notice the difference on your end. The debt simply transfers into new ownership, and the new owner then receives your payment. All you need to do is wait for instructions on repaying the loan under its new ownership. This can be a little confusing, but there should not ultimately be any issues. Loans are AssetsIt may be hard to think of things...

Read More

3 Tips to Payoff an Auto Loan Quickly

If you want to payoff auto loan debt quickly, you are not alone. Many people list "paying off their car" as one of their top priorities. The flexibility that comes with not having a car payment is desirable because you can do so many things with the money that you devote to a car every month. However, paying off your car requires dedication and many are not dedicated enough to put a plan into action that will help them pay off their auto...

Read More

How to Avoid Auto Loan Delinquency

Allowing an auto loan to go delinquent places you at risk of compromised credit and repossession of your vehicle. It is much easier to stay current on your debt than to recover once your loan has gone delinquent. Staying current means budgeting well, and it also means knowing when there is a risk you may not be able to pay. Anytime you face this risk, it is important to be proactive to avoid negative consequences. Budgeting EffectivelyThe...

Read More