I am thinking of buying a new car but i still need about 鎷?,000. I was thinking of getting a personal loan, but i was advised not to (i`m not sure about the reason), but i can`t think of anything else. Do you have any other ideas? Thanks!
a personal loan will be higher than if you get a secure loan and let the car be the security!!!
Um. Car loan?
A car I recently bought was stolen before I could buy insurance for it. This combined with a credit score of 550 has apparently made it impossible to find another auto loan.
Over the past two weeks, I%26#039;ve applied with (and been refused by) dozens of banks. Several dealerships advertising bad credit financing help have been unable to find any financing at all, citing my existing car loan as the reason. Although I was originally shooting for an $8000 loan (the value of my stolen car), I%26#039;ve since lowered my expectations to around $4500, with no effect. And all this despite making $2600 per month, and having a cosigner.
Do you think joining a local credit union might improve my chances?
Has anyone out there successfully dealt with a similar problem?
Sorry, I don%26#039;t have an answer to your problem.
In New Zealand all cars are autimatically insured for 24 hours after taking them of the car yard. It is up to you to insure before time runs out.
How long did you have the car before it was stolen?
Good luck
Did you purchase the car that was stolen from a licensed dealer?
Generally speaking the buyer (you) is required to sign an %26quot;agreement to provide insurance%26quot; form AND the dealership is required to verify coverage in order to process the loan (get their money for the car they sold you from the bank) and registration paperwork.
Banks and credit unions require comprehensive (theft) and collision insurance on any auto with a loan against its value. .
As a finance manager I can tell you right off the bat what your credit report says about the loan you had on the car and what you are saying about the car aren%26#039;t the same.
The bank is reporting that you have the car and owe on the car, you%26#039;re saying %26quot;I don%26#039;t have the car and I had no insurance (which you were required to have!)%26quot;.
Was there a police report filed about the theft?
How did you not have insurance if you financed it?
You have to clear that issue up in order to move ahead!
The bank with the loan on it can%26#039;t repo it if they don%26#039;t know where it is so eventually (years) it will just end up being a charged off auto (on your credit report). Once it reaches that point I know banks that will give you another loan but you%26#039;ll need a hefty down payment to get into a decent car (plan on 3k if you want a 10k car!) and the interest rate will be high. Most credit unions have requirements for potential members. If your credit report is horrendous then they will make you clean up some collections before loaning you any money.
Cosigners can only help if their credit is good and/or they are not financially overextended themselves!! Banks are not stupid!
If you can%26#039;t get the issue resolved and reported on your credit report in a way that shows the car is gone and the loan is charged off then you could always try a small buy here pay here place...but that won%26#039;t help you reestablish your credit and you won%26#039;t get as good a car!
Good luck!!
I just bought a 2006 Ford Focus on March 15th of this month. It was a bran new car and even now it%26#039;s still farely new cause i%26#039;ve only had it for about 4 months and it only has 6,000 miles on it. My my question is, can I trade it in for a used older model car and just have the difference added into my new loan that I finance with the old car?
Can you? Yes. The dealership and finance company will be happy to do it, if your credit is good enough and you%26#039;re buying another new car.
Should you? Absolutely not.
When you take delivery of a new car, it depreciates a tremendous amount. The reason is simple: why would anyone buy a car from you with only 100 miles on it, when they can buy a new one for almost the same amount? The assumption is that you wouldn%26#039;t be selling it so quickly unless (a) something was wrong with it, or (b) you were desperate. In the first case, they don%26#039;t want to buy your problems, and in the second case, they know if you%26#039;re desperate you%26#039;ll accept less than the car is worth.
You%26#039;re obviously not doing this to save money -- the 2006 Focus is not an expensive car, and with the money you%26#039;ll still owe on it after trading, a cheaper car would work out to the same financing amount most likely -- so you either hate the car, or are having problems with it.
If you hate the car: well, you%26#039;ve learned a lesson about how to purchase big expensive things, but in the meantime you have a nice car that%26#039;s still under warranty. Enjoy it as much as you can; things you hate now won%26#039;t bother you much once you get used to them.
Assuming you financed for 5 years with no money down, expect to keep the car for 2-3 years before you can sell it privately for what you owe at that point, and a bit longer if you just want to trade it in.
The next time you%26#039;re thinking about buying a new car, rent one for a week or two; in the short term it%26#039;s expensive to do so, but in the long term it saves you a lot of money and aggravation.
If you%26#039;re having problems with the car: take advantage of your warranty, and keep trying to have the problems fixed. Be aware of the lemon laws in your state, and keep full documentation; if it has a chronic problem that can%26#039;t be fixed after the minimum number of visits and within the allowable time period, they may buy the car back from you -- but don%26#039;t count on it, and you may need a lawyer.
Good luck.
Yes but it will cost you big bucks in the long run.
You can, but you%26#039;ll be upside down on the deal (you%26#039;ll have financed more than the car is worth.)
Yes you can trade your car already. but it would be unfair for you to trade it in that quick. you should atleast give 2 to 3 year before you trade it in to have an even value of the car you bought. or you lose a bit of the car value you bought.
youre going to lose alot of money bad idea
You really don%26#039;t want to do this. The dealership will rake you across the coals. You will lose thousands of dollars on the trade in. Please for the sake of your finances try to make it at least two years and then try to sell it yourself for what you owe on it.
depends on what the value is now on the car and how much the dealer is willing to pay for the car the difference will be added to the car you will get
The vehicle was purchased 2 years ago, at the time i was making triple what im making now. I know its poor financial planning/management. The problem now is, I owe 21k to the finance company but the car is only worth 15500(negative equity). If i sell it, i would have to come up with 6k that i don%26#039;t have at this time or in the near future. What are my options? What are the repercussions if the car is Repoed? Any input would be greatly appreciated!!!!!!!!!!
If you allow the car to be repossessed, you ruin your credit and will be responsible for the difference between what you owe and what it sells for through auction or other means. You have stated it is only worth $15,500...is that the actual cash value or the trade in value? You may be able to sell it and have less to pay off than you think. Call the finance company and get the loan payoff amount. Then you will know exactly what you are facing. If there is any way to avoid repo....do it. It will cost you a lot in future dealings with a repo on your credit report.
Take out a loan for 6k so you can pay it off...making a small payment is better then making a large payment.
May want to talk to the finance company. You may get out of it what you can and have them give you an insecure loan on the rest of the loan or if you have anything of value, a secure loan, Don%26#039;t let them re posses it. You still owe the negative equity and they sell it at auction for much less plus lawyer fees.
Tough situation. Do you own a home? You can check your local bank or credit union. There is a possibility you could re-finance. YOu don%26#039;t want to have the car repoed. You can forget about financing a car ever again or getting a finance rate in the single digits.
Another option which is a long shot and could get you in the same position down the road, is buy a new car that has a huge rebate like $5000. This will cover your negative equity and you can roll the extra into the new loan. The risk is most vehicles that have huge rebates depreciate quickly. This means that you will owe more then the car is worth for most of the loan. Not a problem if all is smooth in your life but life happens.
Bought a car in NC for a family member. Bought outright, not financed. To insure the car in NC, it must be registered there, but I live in FL. I own the title. I will not add the car to my policy, so can I put the person I bought the car for on the title with me so they can register it NC?
Yes, the DMV has title change forms and most titles have a change section on the back. Simply add the other person and file the change with the DMV
in nc transf titles are free if you go from mother or parent to child saves tax money but you have to pay fo tags Report It
Go to the DMV and for a fee, you can have them added to the title.
They will have to have both signatures on the registration/title paperwork. If you go to the NC DMV website you should be able to print off the paperwork, fill out your parts, sign it and mail it to your family member. Make yourself the primary and the other person the co-owner. There should be a spot on the paperwork where you can put where the vehicle is housed, make that the NC address. Then they can go and have it registered in NC. To be safe, you might want to mail a copy of your driver%26#039;s license also.
The easiest way is to sell them the car for $1.00 and fill out the required forms in florida to transfer the vehicle. when they get to NC it will be mush easier.
Both you and the person being added will have to sign the title, and this typically has to be done before a notary. Then for a fee, you can go to NCDMV and have the title changed, then you can register the vehicle.
The person had life insurance on the loan and a beneficiary in event of that persons death, the loan would be paid off. Any excess monies left after the loan has been paid should go to the beneficiary. Should the car be released to the beneficiary as well.
The car would pass to the estate of the deceased. The executive/administrator of the deceased estate would be responsible for distribution of assets after debts have been satisfied. If no court recorded executive/adminisrator is acknowledge, then you may petition the deceased county court for the property as the valid beneficiary. Any excess cash proceeds from the loan is yours, however typically credit life insurance policies generally cover the loan balance only and do not provide for excess cash.
If the loan has been paid off completely, the car should be released to the estate. If the beneficiary isn%26#039;t a spouse, the car doesn%26#039;t automatically go to them without some form of will.
Chick the web
http://www.orbitbusinessloans.com/
http://www.orbitmerchantsolutions.com/
I live in Danville, Illinois.......I don%26#039;t have very good credit, unfortunately. I am disabled, I really need transportation, I have a mentally challenged brother, I am his guardian and I really need to get up to Northern Indiana to visit him. Does anyone know of any places to get financed for a used car, I tried a lot of places already, but need someone who will work with me on payments...Please don%26#039;t be mean on your answers, I am depressed enough.........Thank-you.....Dianne
Try this: www.buyherepayhere.com Or www.autofinancing.net
Good Luck, %26amp; God Bless
you serious?????
