Cheapest Car Loan

Questions and Answers

How do I get out of this bad car deal?

Q) At a Toyota car dealership, I put $1k down and signed for a high interest rate car loan that I immediately regreted, so I would like to get out of the deal. However, after 30 days, I have received 8 rejection notices, so there is no loan, yet. Loan is rejected because car value is lower than financed price, and I have no other assets. The dealer won't take the car back, and are either going to offer a cheaper car or keep trying to get it financed. Can I force them to take it back?...with or without getting my $1k back? Do I owe them any additional payments in the meanwhile?

A) First, I would contact a lawyer for legal advice. If you or your family already have a lawyer, then that is a plus. Usually, any lawyer will give you free advice on your options. In my opinion, the dealership will have to get you financed on this car, since it is what was agreed upon. I would not however settle on a car that is of lesser value. I would try to get a car that is worth more at that price. Since, you do not have financing yet, I don't see how this agreement is binding. I would tell them to get financing today or give back the down payment, and I will go elsewhere. I would definitely get some legal advice on what your rights are on this subject.

Cheapest UK loan for £13 000?

Q) My sister needs a loan of £13 000 for a car,to be paid over 5 years.Which reputable UK company is best?Thanks.

A) Try this site for comparison of loan rates - also car insurance: http://www.confused.com/ Cheap UK Car insurance and home insurance quotes comparison from Confused.com. Look for an APR rate of about 6.3%.

Where can I find answers to a car loan that I currently have?

Q) Payoffs on a 23,500.00 loan and getting a cheaper car for a cheaper loan

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cheap car loan?

Q) I wanted to buy a 99' Galant for $3000. but I'm not sure if any bank would finance a car this old and for that low of a price. I would pay cash but I don't have $3000 and the car is a very very nice car that won't last if I try to save up for it. Or should I try a personal loan. Has anyone had any experience with a problem like this or have any tips

A) i did the same...Years ago i took personal loan cause u dont have to get collision insurance like with auto loan......go for it....shop around prices vary...do youself a favor...get carfax and pay mechanic to check car...use findings to get lower price....make them fix everything BEFORE u give them a penny!

How can i get a cheap car loan?

Q) Im 16 just got a part time job and will be able to work full time this summer. I would like a $6000 loan for a 2000 S-10 with 27000 miles.

A) Wait. Your going to work full time for 8 weeks while you are out of school. What about insurance. What happens to your income when you go back to school. The loan stays the same. Your loan depends on your credit, your job history, your co-signer.etc etc.. I think you should speak to your parents or someone who can help you. Your equation does not add up. 16yrs old, part time, (able) to work full time (is it guaranteed) You would like a loan.. you should ask if your eligible for a loan. Why is that S10 only 6000. With only air/pw windows/ pw locks it retails for more.. I want to know more about the truck. Lisa

I want to get a cheaper car, but the loan is more than the value of the vehicle. What can I do?

Q) I bought a 2004 Blazer with bad credit, so I have high interest. It's a six year loan with five to go. I have made payments on time. I've been accepted to grad school and want to get a cheaper car (my son is selling me his 00 Honda for $1500 below blue book price). The value of the Blazer is less than the loan. How do I finagle this so I can end up with an affordable car during grad school?

A) Tell your lender you are going to sell this car. Go to www.edmunds.com to find out what it is worth in your area. Go take out a personal loan for the difference between what you can sell it for, and what you OWE on it. This is the only way to get clear title. How can you afford to go to Grad School when you cant even pay the bills you have now? Let me guess...U are going to just Go even Further in debt with student loans! You REALLY need to get on a budget, start living on less than you earn, and quit borrowing money to buy crap you cant afford! If you have to borrow to get it, you cant afford it! Its really that simple! Go get the book 'The Total Money makeover' by Dave Ramsey. Check out his radio show as well. He has dedicated his life to helping people find thier way out of messes like the ones you have created. I am serious about this though...DO NOT borrow money to pay for Grad School. Most of the time you NEVER earn what the counselors tell you that you will earn after you get a graduate degree. PLUS the last thing you need is another mountain of debt to haunt you for a decade. My sister is Bi-Lingual with a Masters in International Business from THUNDERBIRD University and she could not find a job that paid more than teaching high school with a masters...But it cost 60,000 to get that masters...Debt Free is the way to go... P.S. You are paying cash for the Honda right??? You are not Borrowing MORE money on a car?!?!

I got a new car with a loan from my bank , but I need to trade the car in for a cheaper one. Can I?

Q) I got the car in November and had to use an auto loan from my bank rather than the dealership. I've come into some issues and might need to get a much cheaper car. Can I still do a normal trade in since the loan is through my bank? How does that work? I don't know much about the whole car thing. My current car is a 2007 Altima I bought four months ago. I still owe about $24,500, but I'm pretty sure it's worth that... I would hope.

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upside down car loan..help please!!!?

Q) I have a 2004 Mazda 3 that I owe 14,000 for. The car itself is worth 12000 and the dealership wants to only give me 11,500 for it. I am trying to get a cheaper car and wish I could lower my payments, but it doesn't look possible. They are telling me that the bank will only fiance me for 11,500. Need help!!! what do I do? is it possible?

A) Sell it yourself and pay off the loan. You may have to dip into your pocket for the difference. But - that difference plus cost of another car may be workable. If dealer is prepared to give you 11,500..you can be darn sure they'll be selling it for 14,000-ish or more. Mazda's do not depreciate much. They have a great resale value.....unless they've been abused. Good luck! BTW: when you look for another car...try to buy it privately. But work with your mechanic so you aren't taken advantage of.

I got a cheaper financing rate for my car loan, after I bought the car?

Q) I bought a car on Friday from CarMax. I dont have great credit, so they found a lender willing to finance me for 18.9%. I took it cuz I needed a new car. Anyway, yesterday, I got another approval from a different lender at 13.8%. I'd like to do the 13.8% because it drops my payments about 40.00 per month! What can I do? I'm assuming there is something I can do since I just bought the car 4 days ago.

A) Sounds like CarMax screwed up. They most likely went with the first approval they got rather than waiting to see what other banks approved after they submitted your deal. Contact your present lender and request a 10-day payoff amount, then contact the second lender and tell them what happened. They should be able to help you. You may have to go back to CarMax and re contract since not all lenders work directly with the public. If this happens, take your 13.8% approval with you and do not sign any contract until you have checked the interest rate. Most dealers mark up the buy rates they get from lenders anywhere form 1-3 points.

I want to take out a student loan...Can I Buy A Car With the Money?

Q) the city i live in offers no form of public transportation and a student does need transportation... so could i buy a cheap, used car with my student loan???

A) Neniaf is right. It depends on how much money you have left over after you pay tuition, etc. Schools will give you loans up to your budget, which they set. (This includes school costs, rent, books, misc./entertainment, etc.). If you have money left over first, pat yourself on the back for living frugally, then use it for what you want (you could even save it to help you pay back the loans later on). But, I agree, this probably won't be enough to buy you a car. The cost of buying and/or maintaining car usually isn't figured into the student budget for living expenses. If you must have a car for your commute and your car breaks down, you can talk a financial aid counselor to see if they would increase your budget to help you pay for the repair costs. However, I don't know if they would give you an increase to purchase a car in the first place - seems very unlikely. Alternatively, there are other costs that can be used to increase a student's budget. For example, health care costs above and beyond the usual and childcare if you are a parent. Again, you'd talk to the financial aid office about this. Is there anyway that you can move to a location closer to your school? Universities and colleges often provide free bus passes to students.

where could i get a small loan about 1000 to buy a cheap car? my bank does not offer loans under 3000?

A) It would be good if you could get the $3000 loan and go ahead and pay the $2000 back. However, if the car you are referring to is not worth the $3000, the bank may not loan you the $3000, so they will not loan you anything at all. This goes against my typical advice, but for this amount of money you may want to use a credit card - look for one that has a special introductory offer or a long term low interest rate. Pay it off as quickly as you can. But with a balance of $1000, you shouldn't have that much problem doing so. I hope this helps. Good luck!

Have an car title loan with outrages interest. Is there a company that can buy my loan at cheaper rate?

Q) I hocked the title to my truck for some fast cash. But the balance plus outrages interest is due in 30 days. Is there a finance co. that buys theses types of loans for a lower interest rate and monthly payments.

A) the only other option would be go to your local bank,,and have them buy it out,,they would be cheaper than a title loan is,,any time you need money it would be cheaper to go to a bank,,or find a friend who would pay it off,,and pay them back,,that would beat what your paying now,good luck with it,,i hope this help,s.