Posts Tagged ‘Auto’

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Can auto loans be part of a debt consolidation loan?

Wednesday, June 29th, 2011

Question by steveg4274: Can auto loans be part of a debt consolidation loan?
If so, does anyone know where to get one with the auto loan?

Best answer:

Answer by bowler_j
A lender doesn’t particularily care what the debts are that are paid with a consolidation loan.

They don’t even really watch to see if you pay off debts with the loan which is one reason it can be so dangerous.

Apply at your local bank, list all the loans you plan to pay off and see if your credit is good enough to qualify.

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Posted in Debt Consolidation Loans | 6 Comments »

Is it possible to get 2 auto loans to buy one car?

Wednesday, June 1st, 2011

Question by athena w: Is it possible to get 2 auto loans to buy one car?
Say this bank is approving me only for 10,000 but the car is 15,000 can i take that 10 grand loan and get a separate 5000 loan from a different bank to pay for my car?

Best answer:

Answer by zanilth1984
It is possible if you can get another loan without using the title as collateral. You cannot, however, split the title between two loans.

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Posted in Car And Auto Loans | 7 Comments »

I Can’t trade in my car due to, two auto loans help!!!!!!?

Tuesday, May 31st, 2011

Question by birdie: I Can’t trade in my car due to, two auto loans help!!!!!!?
In 2006 my car was repoed, I still owe 00 on the vehicle to the bank. Just last year I got another loan for a car in which i still have. I am trying to trade my recent car in but auto finance companies are not approving me because of the fact that I have two auto loans in my name. So I guess my question is that if my car i purchused in 2006 with my mom a cosigner was repoed then can the auto loan from the finance company still be open , or is it suppose to show that it was repoed?(Keep in mind that I have not payed a penny to them yet, do to the fact that i am only responable for half the price,)I pulled my credit report and the loan is still showing that it is current after two years, can they do that? Please help.

Best answer:

Answer by Bob
Taking the car in a repo doesn’t mean that you are excused from paying the remaining balance on the loan. If you haven’t paid on it since 2006, then you are showing as both a repo and a deadbeat. Where did you get the idea that you are only responsible for half the loan? A cosigner is a backstop for the creditor to go after. They don’t split the responsibility. All signers are responsible for the whole thing and they all get their credit trashed if the loan goes unpaid.

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Posted in Car And Auto Loans | No Comments »

Buying a New Car and Auto Loan Online?

Saturday, May 28th, 2011

Question by Maria: Buying a New Car and Auto Loan Online?
I just recently graduated from college and I make around 33,000/year (about six months at the job now), but it’s time for a new car and move on from my college commuter (157K miles). Are there any options to apply for a loan online and get some quick estimates?

Best answer:

Answer by STEWIE
To research prices and to buy go here: http://amexnetwork.zag.com/new-used-car.html

To apply for a loan, go here: http://www.capitalone.com/autoloans/

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Posted in Car And Auto Loans | 4 Comments »

Is it possible to refinance a car loan with one’s current auto loan bank or institution?

Tuesday, May 24th, 2011

Question by lightning_strikes: Is it possible to refinance a car loan with one’s current auto loan bank or institution?
I currently have an auto loan with Bank of America. I am paying 9.7% APR. I’m considering refinancing just to get my interest rate lower.

In fall 05, I started it w/ a loan balance of ~K. In 1.5yrs, I’ve paid down the loan to a little under K. Currently the car has a trade-in value of ~,500 and a retail resale value of ~K(I looked this up on Kelly Blue Book’s website). So I know that I’m not upside-down on my loan.

Do I have a good chance of refinancing? My credit is solid, but the only thing that I’m afraid might hinder me is the credit card balances that I currently have(although I’ve been paying them on time).

More importantly–Is there a chance Bank of America might be able to refinance my car loan for a lower rate? If they do this, is it possible for the loan acct.# to stay the same?(since it’s within the same bank) Do banks sometimes refinance car loans that they already manage? And if I tried to refi with Bank of America, would it create a hard inquiry?
I asked about it at my credit union and I’d say it’s a no-no. The credit union said they only determine int. rates based on what tier my credit score falls in, so my good loan-to-value ratio, length of loan, etc won’t help me. They also said that I’d only qualify for a “used car” loan, and the rates are higher for those. But I will definitely try Bank of America…except I called 2X today and got disconnected each time after waiting a while. >:( Anyone have any specific car loan experience dealing with Bank of America?

Best answer:

Answer by threeboysmamma
You really should have no problem refinancing as long as you do not owe more than the vehicle is worth and you have ok credit.

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Posted in Car And Auto Loans | 1 Comment »

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