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How to trade in a car with negative equity

Car traded in and car purchased
  When you owe more than your vehicle is worth but still intend to trade in for your next purchase – and plenty of people do – then planning your steps will help you get the most out of the deal.*   Rolling over your negative equity In this situation, it’s common for negative equity to be rolled into the loan for your new vehicle. That means you’ll effectively be paying off your previous car along with your new ride in a single, larger loan on which you’ll pay interest. Such a loan can increase your financing costs and make… Read More
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Category: Financing

Can a cosigner be removed from a car loan?

Woman signing paper to remove cosigner from car loan
  A cosigner can be invaluable when you need help qualifying for an auto loan but, as circumstances change over time, one or both parties may want to remove the cosigner from the arrangement so they can go their separate financial ways. For their part, the cosigner may no longer wish to bear the risk associated with guaranteeing the loan and the effects on their credit should the borrower default. The borrower, on the other hand, could have become more financially established and doesn’t need the assurance provided by the cosigner. In these situations, it’s often possible to remove a… Read More
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Category: Bad Credit, Financing

How an auto loan cosigner or co-borrower may help you get moving

How an auto loan cosigner or co-borrower may help you get moving
  If you’ve been denied vehicle financing because you have bad or no credit,* then an auto loan cosigner, or a co-borrower, may be what’s needed to get on the road and on with your life. Each may boost your chances of approval and, if approved, better your loan terms. And what a difference having your own transportation can make, whether it’s getting to college classes to further your education, getting to work on time and stress free, picking up the kids from school or taking a relaxing road trip wherever you choose.   Do I need a cosigner or… Read More
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Category: Bad Credit, Financing

Reasons to shop for your next vehicle on Presidents Day

Woman sitting in new car
  If you’re buying a car this month then Presidents Day could be the time to do it. A range of deals including cash back and lower prices make a buyer’s dollars go further, and set them up nicely for the year ahead in their vehicle of choice. Deals are available on both new and used cars and, besides holiday weekend sales events, there are added reasons why you may be able to walk away with a sizeable saving. Auto dealerships could be more prone to sweeten deals if recent snow and cold weather have kept customers at home, while… Read More
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Category: Car and Driver Tips, Financing

How car repossession works

Car on tow truck
    Whether to get to work, school or the grocery store, the automobile is a necessity for most of us, and so too is the financing that helps pay for it. The road to vehicle ownership doesn’t always lie straight, however, and events like missed payments, or even trouble paying for repairs, can lead to repossession. If that happens, knowing about the repossession process will help you negotiate the way forward.*   What is car repossession? When you sign for a loan or lease, you commit to a contract that gives the creditor or lessor rights to the vehicle… Read More
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Category: Financing

What is a car title?

What is a car title?
    Learn about one of the basics of vehicle ownership Car titles are one of the fundamental parts of owning a vehicle, and knowing a little about them, and what details to look out for, will help you when it comes time to buy, sell or transfer ownership.   The certificate of title A car title is a document establishing the legal owner of a vehicle, whether a person or business, that’s issued by a state department of motor vehicles. It’s also referred to as a certificate of title or pink slip (as car titles in California were once… Read More
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Category: Financing

What is a lien on a car?

Car in palm of hand
  How to know lien from loan, and what to keep in mind when buying and selling a vehicle If you’ve been approved for a car loan then you’re likely to encounter the term “lien,” but the chances you’ll know what it means may not be so great. A lien on a car is like a safeguard for the lender or other interested party. When you take out an auto loan, a lien is created, which is a lender’s legal right to possession of the vehicle until the loan is repaid. That means if you default on the loan, like… Read More
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Category: Financing

Simple steps to a preapproved auto loan

Steps on the road to a preapproved car loan
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Category: Financing

How to lower APR on a car loan

Potential dollar savings from lowering APR
6 tips for getting a low rate and boosting your chances to save     Lowering the annual percentage rate of an auto loan is one of the best ways to save on vehicle financing and the total cost of buying a car. Take a look at the following approaches to see what may work best for you.   1. Check your credit reports and build credit Whether you want to save cash on financing for your existing car or get a low interest rate and APR to buy your next one, checking your credit position and building credit may… Read More
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Category: Financing

How to buy a car in another state

Buying a car out of state
    Buying a car out of state can be a good way to get hold of a model that’s thin on the ground in your area, or to pick up a bargain, but be prepared for some extra steps as you go about making a purchase. Principally, you’ll need to title and register the vehicle in your home state, pay your sales tax there, and check with your state’s department of motor vehicles before you buy for other requirements including emission standards and safety inspections. You’ll also want to plan ahead to ensure the vehicle meets your own needs,… Read More
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Category: Financing