Comments for Auto Purchase and Financing Specials

Comment on Can A Credit Card Company Repo A Car Thats Still Being Financed? by Judy

Judy — Tue, 15 Sep 2009 14:34:24 +0000

How will you pay even if the car is transferred to your name?
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Comment on Can A Credit Card Company Repo A Car Thats Still Being Financed? by Candice

Candice — Tue, 15 Sep 2009 14:34:24 +0000

I dont believe the credit card companies who have nothing to do with her car can legally take it.

Comment on Can A Credit Card Company Repo A Car Thats Still Being Financed? by vickie_1

vickie_1 — Tue, 15 Sep 2009 14:34:24 +0000

If the credit cards dont get paid they will go to collection agency. They cant take a car. The only ones that can take back the car is the place you have it financed and it is not being paid.

Comment on Can A Credit Card Company Repo A Car Thats Still Being Financed? by StephenW

StephenW — Tue, 15 Sep 2009 14:34:24 +0000

Even if they could take the car, it would not happen immediately. The best option is probably to wait until you start the job, and then obtain the loan in your name.

Comment on Can A Credit Card Company Repo A Car Thats Still Being Financed? by countryl

countryl — Tue, 15 Sep 2009 14:34:24 +0000

No, they can’t take the car. No, you won’t get a loan without an income.
If she makes the car payments each month, your cool. Get a job doing anything. Part time is okay. Help mom out a little.

Comment on Can A Credit Card Company Repo A Car Thats Still Being Financed? by Classy Granny

Classy Granny — Tue, 15 Sep 2009 14:34:24 +0000

No they can’t take what she doesn’t own and she doesn’t own the car. Chase already has a lien on the car until the final payment is made. You need to work quickly to get that car into your own name. Once it’s paid for they could try and take it.

Comment on Can A Credit Card Company Repo A Car Thats Still Being Financed? by Ted

Ted — Tue, 15 Sep 2009 14:34:24 +0000

If the amount is big enough and you have enough equity in the car to make it worthwhile, then yes. They can’t “repo” it but they can get a judgment against you. Then they can put a lien on the car. Then they can pay off the car loan lien and seize the car for the difference. Alternatively, they can put a lien on the car and then just sit and wait until it’s paid off, then seize the car.

Comment on Can You Get An Auto Loan Without A Down Payment? by thorno74

thorno74 — Mon, 14 Sep 2009 13:56:21 +0000

“not bad credit, but not perfect” That means bad credit.
725+ score = excellent 675= fair 600=poor
under 600= shoot yourself
You might be able to get a loan depending on your situation.
The only way to know is to shop around. If your score is on the lower end of the spectrum, count on putting money down…a lot of it. Here’s a good guide:
You’re looking at a $13,000 car.
Credit Score - Downpayment
800-725 $0
724-675 $0
674-625 $0-$500
624-600 $0-$1000
599-575 $1000-$1500
574-550 $2000-$3000
549-500 $3000-$5000
499 or less ALL OF IT!!!

Comment on Can You Get An Auto Loan Without A Down Payment? by 12pleze

12pleze — Mon, 14 Sep 2009 13:56:21 +0000

What is not bad. if you have under 6754 beacon you will need a down payment. If dept ratio is bad you need down money. If car’s book is way less you need down money. For no down payment you need 675 credit with 5n years of good credit history. Also you must have less then 80k miles and less then 6 years old. All in all you will probably need about 2 grand down with inbetween credit as you have.

Comment on Can You Get An Auto Loan Without A Down Payment? by RateZip.

RateZip. — Mon, 14 Sep 2009 13:56:21 +0000

It is better to avoid the dealership financing unless you have perfect credit. They usually will not have the best deal when your credit is a little bruised. Best to search for national auto loan lenders like Capital One on http://www.ratezip.com/auto.html

Comment on Can You Get An Auto Loan Without A Down Payment? by crookmat

crookmat — Mon, 14 Sep 2009 13:56:21 +0000

Every Auto loan I’ve ever taken out has been without a down payment. But I also have excellent Credit.
The best place is a credit union. They have the best rates.

Comment on Can You Get An Auto Loan Without A Down Payment? by thorno74

thorno74 — Sun, 13 Sep 2009 13:51:28 +0000

Comment on Can You Get An Auto Loan Without A Down Payment? by 12pleze

12pleze — Sun, 13 Sep 2009 13:51:28 +0000

Comment on Can You Get An Auto Loan Without A Down Payment? by RateZip.

RateZip. — Sun, 13 Sep 2009 13:51:28 +0000

Comment on Can You Get An Auto Loan Without A Down Payment? by crookmat

crookmat — Sun, 13 Sep 2009 13:51:28 +0000

Every Auto loan I’ve ever taken out has been without a down payment. But I also have excellent Credit.
The best place is a credit union. They have the best rates.

Comment on How Good Is The Bar None For An Auto Loan? by Auto Credit Express

Auto Credit Express — Sat, 12 Sep 2009 14:03:31 +0000

Alien Hunter,
I think Bar None is a licensed lender so they can purchase credit score lists from the credit reporting agencies and send out their pre-approved direct mail piece. In my opinion, Bar None is more of a marketing company than they are a lender. A local dealer pays Bar None to send out the mail, if they say you are pre-approved then they have to give a bona-fide offer of credit. This offer is sometimes unrealistic, but it is a bona fide offer of credit.
For example, 50% down, 36 month financing, at a 25% rate is a bona fide offer. I’m not saying that this is what Bar None would offer you; I’m just using this as an example of how some lenders may get around the legalities of sending out a pre-approval offer.
After you respond to the offer, you will most likely be sent to the dealer that paid them to send out the mail. The dealer will then attempt to get you financed through different lenders. If they are unable to obtain financing for you they have the Barn None offer to fall back on.
From my experience, there are two ways to trade in a car with little or no money down, not so good credit, and negative equity. In either case you should expect a higher payment than you are paying now. As a general rule of thumb you should expect to pay $20 to $30 per month additional payment for each $1,000 dollars of negative equity.
Method 1: Find a cheaper new car with a big incentive or rebate. Lenders offer better rates and terms on newer cars. The rebate will also take a chunk out of your negative equity and may meet the minimum down payment requirements of the lender.
Method 2: Find a used car in high supply and low demand. These cars will have a higher book value than market value. Lenders loan money based on the book value, the most common books used are the NADA Used Car Guide (primarily in the Eastern US), and Kelley Blue Book, (primarily in the Western US). Example of this type of used car include convertibles in the winter time, 4WD vehicles in the spring, or off lease vehicles models that are now flooding the market due to a great offer a few years ago.
I hope this information helps. One last bit of advice, if you are able to trade in, make sure you select a vehicle that will fit your lifestyle for the length of the loan, to avoid negative equity in the future you will want to keep your new car for at least 75% of the loan term.

Comment on No Credit Auto Loans? by Buford D

Buford D — Fri, 11 Sep 2009 13:59:59 +0000

With the way that car loans have been hard to get approved in this econonmy. The websites places are easy to check and sometimes more flexible.
My friend recently used http://auto.deal4-you.com

Comment on No Credit Auto Loans? by Focus

Focus — Fri, 11 Sep 2009 13:59:59 +0000

Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources this is very important, you should shop around to find the best deal. However, keep in mind that there are different factors at play with each lender, as to whether or not you get a loan and if so at what interest rate. You can get approved for a auto loan.

Comment on Question For All U Financing Guru’s! If I Put 15000 Cash Down On A Car That Costs 22000….? by hi91977

hi91977 — Thu, 10 Sep 2009 13:49:43 +0000

yes because you’ll have more than 50% equity on the car.

Comment on Question For All U Financing Guru’s! If I Put 15000 Cash Down On A Car That Costs 22000….? by Roger N

Roger N — Thu, 10 Sep 2009 13:49:43 +0000

You should have no problem getting it. I recommend getting “pre” approved with a credit union. They usually have better rates.

Comment on Question For All U Financing Guru’s! If I Put 15000 Cash Down On A Car That Costs 22000….? by 1 Hr Bookkeeper

1 Hr Bookkeeper — Thu, 10 Sep 2009 13:49:43 +0000

Seriously, a car is never a good investment. You always lose value on it quickly and most people often end up owing more than they are worth. This makes it hard if you find you can’t afford the payments, and then you can’t sell it to get out from under it.
My advice would be to buy a less expensive used car and skip the monthly payment. You have more than enough money to find what you want for less. Try http://www.cars.com to see how much that car is selling for in your area, and you may find the same car at another dealership for less and still get a warranty on it. This website will also give you the specs on the car, things like how many miles per gallon. Dealers often lie about this, but on the cars website, it’s all there for you to see ahead of time.
But, to answer your question, the bigger the company, the better the chance of getting financed at a lower rate. With bad credit, you’re going to get a high interest rate no matter how much you put down, but at least with the bigger dealerships, you have a better chance of getting 10-15%. Your best bet would be to try and get funding before you go to the dealership. You could get a lower interest rate from a credit union or your local bank, and then you also get more buying power when you go to purchase.
I know this is probably not what you want to hear, but I am a bookkeeper and I have tons of clients with a wide variety of net worth. The richer people with the better credit always try to pay cash and avoid getting loans on cars if possible. The poorer clients tend to get themselves in trouble by getting more and more monthly payments and then not being able to pay them. Protect yourself and protect your future by really considering if you want to start your new life giving your money to someone else.
Hope this helps.

Comment on Auto Refinance? by pattiebe

pattiebe — Wed, 09 Sep 2009 14:36:01 +0000

It is always better to finance at a lower rate.
Here is an online Amortization Calculator to see how much money you will save. http://ray.met.fsu.edu/cgi-bin/amortize
The smart thing to do would be to finance at the lower rate, but CONTINUE to send the bank the same amount each month. This will just get your debt paid off quickly.
For example. If you currently owe $5000 at 19.95% for 4 years your monthly payment is $152. In the end you pay $2300 in Interest alone.
If you refinance that same $5000 at 12.95% for 4 years your monthly payment is $134. and you pay $1400 in interest back.
BUT if you refinance that $5000 at 12.95% and keep sending your $152 payment amount each month - you will only pay $1200 in interest and have it paid off in 3.5 years.
When it comes to debt, you need to be smart. Do not refinance only to drag it out for another year. Be strong and pay it off quickly.

Comment on Auto Refinance? by H.B.K.

H.B.K. — Wed, 09 Sep 2009 14:36:01 +0000

this is just the way of making t pay for longer get all the detail on how long the payments and other stuff are before making a decsions and i would just Cancel All my credits cards when i am in dept so should you>

Comment on Does Anyone Know Where I Can Find A Dealer That Does In House Financing In The Sf Bay Area? by Ray

Ray — Tue, 08 Sep 2009 13:50:41 +0000

Your question caught my eye with your statement ” .Please no links to loan company’s I tried that already everyone says they work with bad credit but they don’t ” how true that is, tells me you been turned down and each inquiry will show on your credit bureau and the more inquisitions on your report card the less likely the current lender will approve you.
Without going into long detail the odds are against you dealing with in house financing, Interest rates will keep you in a hole, sub- par cars along with it does nothing to improve your credit. you mentioned you have some money to put down, try buying a car with that till such time your credit score improves.
buying a Vehicle $1500. to $2000. Range
While its buyers beware its possible to get valid value, the Internet or Auto trader is not the places to look for vehicles in this price range.
Shop you local community newspaper along with supermarket and church billboards you may just get lucky someone just having posted a vehicle in excellent condition that’s no longer needed.
Buying from a dealer in this price range the odds are against you, you must have patience.
And finally if you want to get back building your credit check out this link http://www.usedcartips.org/CREDI.htmley.… good luck

Comment on Is It Realistic That I Will Get This Auto Loan? by killmyla

killmyla — Mon, 07 Sep 2009 13:51:52 +0000

If you make $9000 a month just pay cash for it.

Comment on Is It Realistic That I Will Get This Auto Loan? by Taffi

Taffi — Mon, 07 Sep 2009 13:51:52 +0000

I dunno….Your income isn’t very high. The dealer should’ve been able to give you an answer right away. I bought my last car on a Saturday afternoon, so why have to wait until Monday?
Best of luck. I hope this works out for you.

Comment on Is It Realistic That I Will Get This Auto Loan? by aadams97

aadams97 — Mon, 07 Sep 2009 13:51:52 +0000

If you make $9000 a month then you dont need a loan.

Comment on Is It Realistic That I Will Get This Auto Loan? by icsowesm

icsowesm — Mon, 07 Sep 2009 13:51:52 +0000

YOU PROBABLY WONT GET THIS LOAN. MOST OF THE COMPANIES THAT WILL FINANCE PEOPLE WITH SHAKY CREDIT WANT THEM TO BUY A CAR NOT MORE THAN 5 YEARS OLD AND WITH LESS THAN 50,000 MILES ON THEM. THE REASON THEY DO THIS IS BECAUSE PEOPLE WITH BAD CREDIT ARE HIGH RISK AND IF THEY BOUGHT AN OLDER CAR WITH HIGH MILES AND IT WENT BELLY UP BEFORE THE LOAN WAS PAID OFF THEN THEY WOULD PROBABLY JUST STOP PAYING THE LOAN.
THERE ARE CAR LOTS OUT THERE THAT WILL TAKE ON ANYONE WITH A HEART BEAT AND A HEFTY DOWN PAYMENT, USUALLY AT AROUND 30% INTEREST.
SO, GOOD LUCK, GET YOUR CREDIT CLEANED UP AND WHEN YOU GRADUATE YOU CAN BUY A NEW BMW AND SHOW IT OFF TO ALL THESE PEOPLE WHO THINK THAT THEY ARE PERFECT.

Comment on Is It Realistic That I Will Get This Auto Loan? by Va_Beach

Va_Beach — Mon, 07 Sep 2009 13:51:52 +0000

They may give you an outrageous rate. You would get a better rate at your own bank, but if you have no other alternative… and want to pay double for the car… you will have a higher pymt than you realize, if you are real good with this loan though you can rebuild your credit… pay extra pymts through the year to get it paid off early and that will help your credit too.

Comment on Is It Realistic That I Will Get This Auto Loan? by tmladenk

tmladenk — Mon, 07 Sep 2009 13:51:52 +0000

You sound like a roach, but they may lend you the money. Ah, America…the place where people living the poverty line need cars…nice society.

Comment on Is It Realistic That I Will Get This Auto Loan? by luvlyita

luvlyita — Mon, 07 Sep 2009 13:51:52 +0000

Hi, Yes you can get an auto loan with bad credit, it just depends who you go through. You interest rates will be higher. Good Luck!!

Comment on Is It Realistic That I Will Get This Auto Loan? by homescho

homescho — Mon, 07 Sep 2009 13:51:52 +0000

Honestly, car loans are generally not a good idea. Are you living at home? Because if you only make $900/mo., there’s no way you can afford even a 5-year loan.
But for convenience sake, let’s look at the numbers. With your poor credit (the banks know what they’re doing here, they’ve been doing this for a LOOOONG time), you won’t get a very good rate - probably around 8 or 9%. You’ll end up paying about $6100 for a $5000 car and still be making payments when the car is 5 years older than it is now! Imagine the same model car, but 5 years older - would you be willing to pay $6000 cash for it today (if you had the cash?) Probably not.
Your best bet is to save the money you would have put toward the payment (around $100/mo.), then buy a beat-up old clunker (with cash) and keep saving that $100 /mo. until you can buy a better car (with cash).

Comment on Is It Realistic That I Will Get This Auto Loan? by I'll Help You Be Debt Free

I'll Help You Be Debt Free — Mon, 07 Sep 2009 13:51:52 +0000

tmladenka is right, we Americans love our cars. We like them big, fast and shiney. It’s what makes us Americans. Nothing wrong with that.
If I were you, I would save up a few grand and sell the car you have. If you paid cash for a car, you wouldn’t be in debt, you wouldn’t get screwed on the interest and you wouldn’t have to worry about it being repo’d when your late on a payment because you had to pay your tuition.
Imagine if you put away $200 a month for 15 months and sold your car for $1000. You would have $4000!! You could walk on any car lot with $4000 and get a $5-6000 car.
Great aspect of this id, you saved a couple grand on a car, your not in debt and trust me, a paid off car drives different that a financed one.

Comment on How Long Should It Take An Auto Dealership To Approve My Financing? ? by Anonymous