Edmunds Answers questions

Who has zero percent financing right now?

garysum — Wed, 02 Jan 2008 14:16:45 GMT

immediate purchase ready

Future Financing & Poor Credit?

andeet — Wed, 30 Jan 2008 07:37:22 GMT

As early 20's woman who went to college and paid every bill that came across me. I was able to finance '06 Scion xA and '07 Scion tC on my own without a co-signer. Back in June, I decided to help out couple people by agreeing to get apartment. And rent being due on 1st of the month while car payments are due on the 13th; it started getting tough on my bills. All of sudden I’m late on everything except car payments since I had fear about repossession. Since I had creditors calling non-stop; my brand new ‘07 Scion tC was my getaway. 69k miles later with 59 payments to go...I’m starting to feel I’m going to need a daily commuter while keeping my tC as second car. Which I don’t mind since my tC is kind of customized and I know it could be my personal joy.

My question is...

If I save up to $8-10k in cash and only have my current car payment, car insurance, one student loan, and cell phone bill as my debts. Will I be able to finance new car economical Toyota like Yaris or Corolla? I figured out if I went with $15k price tag; payments would be under $200. I’m estimating early 2010. I can get everything pay off (evil debts) by the end of this year. Reason why I don’t want to buy something in cash is I feel another car payment would help me with my credit score. I personally believe there are two types of debts. Evil debts- credit cards, personal loans. Healthy debts- car loans, mortgages, student loans (just as long you pay more than your minimal balance.)

Is there a way to sell your car and carry over some of the neg equity to a new one - without trading in

ultimix — Sat, 16 Feb 2008 17:54:19 GMT

In other words - Is there a way to sell the car to an individual to get the best price for your car and then go an buy another car from a dealer and carry over your negative equity into the new one. Thus you are not having the only option of having to trade into a dealer, which stuck with what ever they want to give you.

Do credit union loans have better rates and terms?

potter1387 — Thu, 13 Mar 2008 19:45:49 GMT

Is that a true statement that credit unions have better rates and better finance terms?

Do you know any reputable sub-prime lenders? I MIGHT have to go there.

haselhuhn575 — Mon, 28 Apr 2008 07:13:17 GMT

Thank for your response.

I believe my ONLY option may be sub-prime lenders and then once I repair my credit and make payments on time I can re-finance to get a better rate.

Thanks again for your response and help with this matter!

Michele

Financing car from a "non-franchised" dealer.

jayboston — Sat, 07 Jun 2008 10:28:04 GMT

I'm looking to finance a 5K car with 110k miles on it from a non-franchised dealer. I cannot find a lender. Can you recommend a lender?

Where can I find info on "Online bill payment?"

yeada — Wed, 11 Jun 2008 00:20:42 GMT

I want to make my car payment online.

When financing part of the purchase price, when does the down payment get paid?

marisa828 — Wed, 11 Jun 2008 20:38:37 GMT

Purchasing a used car from a dealer who arranged financing. They want down payment and bank paperwork, which will then go to bank. After bank processes paperwork and issues payment to dealer, title would be transferred.

Which auto company has the BEST choices of banks to choice for someone with 15% down but a credit score of 435?

haselhuhn575 — Sat, 12 Jul 2008 17:51:13 GMT

I have heard that certain auto companies have more choices in financing options/companies then others. If you put 15% percent down, they will finance almost anyone. Thanks

I bought a car on a Saturday two weeks ago, no money down or co-signer. Dealer requesed car back or a co-signer two weeks later?

buddys1 — Thu, 31 Jul 2008 21:57:54 GMT

I got a car, on a saturday 2 weeks ago, recieve a letter that the dealer is rescind the contract due to financial institions using "Rescission Rights" & have to return the car. Unless I can get a Co-signer. At the time I signed the contract they knew I had no $ down or co-sign. People are telling me that this is a form of switch & bait, I like other thoughts
Thank you

We have a GMAC loan for our new car. How soon can we refinance at a different bank for lower rates?

berry5 — Mon, 04 Aug 2008 19:35:31 GMT

We needed to finance with GMAC to get a good rebate offer, but we will want to refinance asap. One dealer said 3 mo. and where we bought the car, they said 6 mo. Which is it? Thanks

I already filed bankruptcy. How much can I expect my finance rate to be for a used car?

olivick — Fri, 15 Aug 2008 12:49:01 GMT

I already went to the dealer and paid $2000 down for a 2005 Dodge Caravan w/ 39,112 miles. It was priced at $9995. I told them that I couldn't afford monthly payments no more that $160. They had me sign papers and the finance guy told me that he will still work out a lower price and a lower payment plan. They had told me to call back and talk to the finance guy. I instead came in to see Jerry the finance guy and i told him to lower the price to $8000. Then he said that he was tired and told me to come back on Friday.

Contract problem with the car I traded-in.

jenniyance — Wed, 20 Aug 2008 18:23:18 GMT

My situation is sir, i traded-in my 2002 white nissan exterra to new 2004 exterra. i choose the yellow exterra which like so i got it. but after a week the nissan company call me up,telling that we have to change to yellow car because there some problem, but they didnt disclouse to me the issues, so they change it with the new one 2004 BLACK EXTERRA. BUT when we received our monthly bill it wasnt the one we agreed upon. SO,we let the black exterra returned to d dealership. it was reposses because my husband let that happened.he got upset that he dont want to get to car anymore. NOW i have three accnt at nissan, d old 2002 white exterra was cleared then the BLACK exterra was noted REPOSSESSED, NOW I HAVE 14,000 BALANCE WITH D YELLOW EXTERRA WHICH THEY JUST TOOK It FROM ME. NOW I'M IN DEEP TROUBLE? WHAT R THE RULES IN NOT FINISHING A FINANCE CONTACT OR WHEN TRADING IN THE CAR THAT U HAVE?

NEED HELP!!!!

Where could i go for financing?

dariust06 — Sun, 24 Aug 2008 20:42:45 GMT

I'm young so i have no installment loan history on my credit report. But the score i do have is 681 and I was already denied by two dealerships for financing for a $20,000 dodge charger. Is there anywhere that would finance me for this car?

What critera do you have to meet in order to qualify for a used auto loan?

jenabee — Sun, 31 Aug 2008 14:21:43 GMT

I don't qualify for the new auto loan and wanted to know what they look for when applying for a used auto loan?

Capital One

jenabee — Sun, 31 Aug 2008 14:54:01 GMT

Does anyone know if Capital One Auto loans are any good? Is there other places I can go to get a pre-approved auto loan?

Anyone ever heard of Equity financing. I know my credit is bad and the only option is this. Thanks

ollie31 — Tue, 02 Sep 2008 12:09:13 GMT

I was offered a equity finance plan due to my bad credit and have never heard of this before. Can anyone explain what type of financing this is? Thanks for any help

Morning America. Can I get financed on a car when I do not have a SSN as I live in the UK right now.

gerryusa — Sun, 14 Sep 2008 04:49:32 GMT

I am relocating to the USA next month and need to buy a car. As I am a UK citizen and not a US one right now I do not have a SSN but I need a car right now. Does anyone know if I can get finance form a car dealer as I assume I will not be able to show any credit history right now?? Thanks
Gerry

How can I get a car loan when my only income is Social Security Disability?

1234gal — Tue, 23 Sep 2008 22:33:55 GMT

I'm on social security disability(SSD) and have been for the last 9 years.
I filed bankruptcy this year. I have a car loan that I have never missed a payment on nor was it late. The bank where the car loan is at is a credit union where I also had a credit card but the card was filed in the bankruptcy.So I don't think they'd be willing to give me another car loan. I now have my SSD direct deposit at a different bank.
My issue now is that I only get $1025 per month and want to get a used suv. I found what I want, but they won't finance me with the income I have.
I've had 2 other car loans with no problems before and my SSD was lower.
How and where can I get a car loan? My only bills are my car payment, car insurance and phone. I don't see any issues but still have been told no.
Co-sign was another option they presented, but I have nobody to co-sign.
Thanks,
1234Gal

How can I get car financing with a credit score of 580 to 600?

rontonya — Sat, 27 Sep 2008 07:48:50 GMT

i have bad credit and i am trying to or need to get financing for an auto loan.can someone help?

How much negative equity can a dealer take?

irishdeath — Mon, 29 Sep 2008 12:37:14 GMT

So me and my Girlfriend have 3 cars between us. We want to get out of 2 cars, and get into 1. We have no reason to have to have 3 cars. So we are looking at trading 2 of them in. Problem is we both have negative equity.

I have an 06 Malibu Maxx LT, she has an 01 Audi A4 Quattro 2.8. The third car is a reliable fun weekend car (85 Toyota Supra).

Right now between to 2 cars and the insurance on them we are paying about $1300 a month.

So my question is this, how much negative equity can a car dealer take? We have been looking at a variety of other cars, mostly 08's. So far our top picks are a Nissan Rogue and the Audi A3(Subaru WRX at a close 3rd for me). I still owe abour 14k on the Malibu, and she owes about 16k on the Audi. We make weekly overpayments on each car so our principal is dropping fast. Unfortunately, her Ex-husband got the house in the divorce, and cannot refi her out of it and its about to foreclose, so needless to say her credit has gone down hill. My credit has constantly been climbing over the past 2 years, and its at about 650. The thing that worries me about the Malibu, is by this time next year it will have 75000+ miles on it for a 3 year old car. It's our Daily Driver and every 2 weeks it makes a 600-1000 mile trip to the other side of Washington.

Should we just hold onto the cars get em paid down more or should we try to get out of them sooner then later as their value just keeps dropping.

I'm just not sure if I go into a dealer if they will be like well your negative equity is whats stopping this deal.

Can you negotiate a car dealer's advertised finance rate if you have outstanding credit?

bexacustides — Sun, 12 Oct 2008 11:59:03 GMT

can u negotiate dealers finance rates?

I traded my car. Signed paperwork. Now I can't get financed. I've had the new car for 1 month. What can I do?

jcarman — Mon, 13 Oct 2008 21:32:15 GMT

I traded my car in signed all the paperwork drove off the lot then next day they called me and signed that they could not fincance me. I told them that was fine to give me my old car back and it would be fine. i was told that to keep the new one they are working on it. It has been a month and yet im still driving the new car without being financed. They sold my other car so thats why they wont give it back. What can I do?

Can I re-negoiate the interest rate on an existing car loan?

gema — Sun, 26 Oct 2008 07:54:13 GMT

can I re-negoiate the interest rate on an existing loan?

Which bank or lender offers the lowest interest rate for car refinancing?

sampaguita — Mon, 03 Nov 2008 20:15:09 GMT

I have the car for a year.

Do I have to pay the deficit amount of the car before I can find a lender to refinance it?

sampaguita — Mon, 03 Nov 2008 20:26:28 GMT

My current balance is 24,533. The Honda Appraised it for 19K.
My APR is 14.44%

How is the monthly payment calculated given the apr?

haradbl — Wed, 05 Nov 2008 15:08:18 GMT

Using your monthly payment calculator, I can get the payment by entering the purchase price, rate, downpayment, taxes and everything else. I see the total purchase price, but I can't figure out how you get the monthly payment. Please let me know.

Thanks,

BH

I'm co-signing for my brother's auto loan. Will the interest rate be based on my credit score or his?

akresser — Wed, 05 Nov 2008 23:27:54 GMT

He has horrible credit, and can't qualify, and I have a score around 710, so I'm co-signing for the loan. I'm wondering if it will solely be based on my score, or if he's still going to end up with a terrible interest rate?

I need a poor credit auto loan. I have a 540 score and about 10,000 cash to put down.

wulfmann — Thu, 13 Nov 2008 20:12:54 GMT

I need to have a certain type of vehile for my line of work (luxury). The only reason my credit score is so low is because I elected to let a house go into forclosure about a year ago. I was upside down almost 100k and didnt look like things were changing anytime soon. I need to borrow anywhere from 10 to 12 thousand and like i said I have 10 thousand to put down. does anyone know where I can find a loan like this? Also I have found a the make/model I need for several thousand less then what dealers are asking. Is this going to make a difference in getting the loan? thanks for the help!

Why would a car salesman want to do my loan for 63 months when most loans are for 60 months?

zearba — Tue, 18 Nov 2008 12:53:37 GMT

when i ask he said that they do all loans for 63 months

What should i do if i am upside on a purchase?

ecc0482 — Mon, 24 Nov 2008 12:57:00 GMT

At the beginning of the year i purchased a 2005 Audi A4 2.0T. I have had alot of problems with the car, luckily it was still under manufactuer warranty, but it runs out in April of 2009. I have tried to trade it in but i made a HORRIBLE purchase and i am now almost $12,000 up-side down. I have very mediocre credit(630) and i am having a hard time getting rid of this car.

What is my best option in order to get rid of this vehicle without making another horrible mistake as i already have?

If it helps i am looking to get into a Full size Truck. Maybe with the economy now i have more room to play with numbers on these types of vehicles?

Is FICO the same as Beacon? How does these compare to my 3 "regular" credit scores?

NCRN — Mon, 24 Nov 2008 15:36:59 GMT

I know my "big 3" credit scores, but they are different from my "beacon" score pulled by a dealer. Is FICO the same as Beacon? What information are FICO and BEACON based on?

I have a 655 credit rating. Want to purchase a used car for 72 months financing. Is this possible?

jholsted — Wed, 03 Dec 2008 09:56:28 GMT

Had a 700 rating mid year but am going through a divorce and need a more reliable car.

Owe money on current car. I want to trade it in but need a new loan on the same amount. How can I shop for loans?

uf300zx — Wed, 03 Dec 2008 22:02:22 GMT

I currently owe money on a car (not upside down at all) and want to trade it in for new car. For the new car, the amount to be financed is nearly the same as my current loan (planned it that way). I want to shop around for loan rates, but I am having difficulty doing so because I already owe money on the old car (although it will be paid off at trade in time) and requesting another loan. Is there anyway to shop for a new car loan as if my current loan didn't exist? This way I have a good idea of the rate to expect.

I don't want to go through all the trouble of negotiating with the dealer down to the final price, sell my car to them, and then have to make a game-day decision on if the rate is acceptable or not.

Can I re-finance from a leased to a purchased car?

mookie14 — Sat, 06 Dec 2008 09:46:29 GMT

I know can buy it out after the lease is up. What I'm trying see since I have never done this before, is when I take it back seeing that it will be a used auto - can I get financed for it. The amount they say it will be when we bring it back is $15K. I know I won't have that in my pocket to buy it straight out. Though Honda is a "blank" when it comes to customer service, but that could be just because I have a lease? Seeing that the economy is bad and I think it will not be better when 8/2010 comes either - I just want keep what I got and buy Honda Care. I do NOT want a new auto. I'm in the midst of getting my credit straight and I know it will enough to get financing for it being used and not for a newbie. So thanks buddie and I will look for your response.

Best way to get an auto loan for a car already bought for cash?

alexismm — Wed, 17 Dec 2008 21:33:05 GMT

Best way to get an Auto loan for a car already bought for cash

I recently moved to the USA from Europe. On obtaining permanent resident status in the USA (AKA Green card) I was able to get a straight transfer within my company where I have worked for three years. Given the location of where I work I was forced to buy a car. I knew from prior research that securing an auto loan in the USA was going to be problematic with no credit history, so I decided to take an auto loan out in Europe where I have an excellent credit history. I have now been here about six months and have been slowly building up my credit. I think its coming in at the low 700's. Given the fluctuations international exchange rates and the fees involved in transferring money to pay the loan I would like to refinance the car here in the US, and was wondering what the best way to go about this was. I am reluctant to apply for any more credit unless I know for sure that I will get the loan.
The car has a listed value of about $20,000.
I need to get appox $15,000 to clear the loan in the EU. I am currently earning about $4000 ($6000 gross) per month after all my deductions, and the amount I would like to repay would be in the region of 300-400 per month. I have the cleared title in my possession and I am paid via direct deposit to my bank account. Also I would like to get the loan here in the US so that I can gain the benefit of regular payments reflected in my credit history as I eventually want to get a mortgage here. I would appreciate any advise on my unusual scenario!

Would refinancing car loans be a good business?

anthony82988 — Thu, 25 Dec 2008 22:32:14 GMT

And if so how can i do it? I would like to start a business that helps people refinance their car loans to get a cheaper payment..kind of like a mortgage loan officer but with auto loans. I could'nt find any info on the web I would really like to start this to help people cus it helped me from getting my car repoed and i would like to do the same for others

Where can I get a auto loan with bad credit?

mikeytenn — Sat, 27 Dec 2008 18:18:03 GMT

I've been at my job 5 yrs. I've been at my home for 4yrs.My income is 3200/m.Could I get an auto loan with bad credit? Where should I apply

I was wondering how do you get a loan for a used car? I'm disabled and I get less than $1000 a month.

Wonderin08 — Sun, 28 Dec 2008 04:59:59 GMT

im disabled and i recieve less than a 1000 i only pay a phone bill but i cant find anyone to finance me without a cosigner, i was wondering if you could help me by telling me how you went about getting a auto loan.

My trade in really isn't much its a beat up 1990 olds, i am willing to put down 500 cash in trade it in also but i would love a 2008 ford focus SE.

if you could please write me back.

I just financed a car from NY and I live in CT. What documents do I receive when I finish signing the papers?

patiencelong — Mon, 29 Dec 2008 18:03:19 GMT

they just put a temp. plate on it and gave me 1 paper, i have receipt paper and that's it! And it's been 3 wks since and i didn't recieve any plates for my car, please help! it's rediculous, hopefully they not scamming me.......

Is there a limit on a used car loan?

celo — Wed, 31 Dec 2008 14:18:57 GMT

on a 2005 ford escape priced at 7500 can part of this vehicle be financed

How long does it take to get aanswer when you apply for a car loan?

Wonderin08 — Sun, 11 Jan 2009 20:29:33 GMT

I applied for a car loan and i was wondering how long is the average wait time to get a answer back. It was through a credit union, i don't know if that makes a difference or not and i also had a co-signer. and everything was submitted through a dealership.

Does Edmunds.com provide auto loans for lease buyouts? If so, to apply online should I pick "Used Car Financing"?

Fred14519 — Wed, 14 Jan 2009 08:13:18 GMT

Does Edmunds.com provide auto loans for lease buyouts? If so, to apply online should I pick "Used Car Financing"?

Getting financing very soon after starting a new job?

bogfrog — Wed, 14 Jan 2009 21:26:12 GMT

Hello,

I just graduated from school and have a job that starts early February in another state. So I am moving there with no car, and I will rent at first. But I don't want to rent too long, since it's too expensive.

I am single and 30 years old. My new job is $75k / year. I only had part time jobs while I was getting my degree, so right now I have a good amount of credit card debt, but nothing that I won't get rid of in a couple of years on my new salary. My credit scores are 668 (Equifax), 674 (Experian), and 656 (TransUnion), which obviously aren't that great.

First, will it be hard for me to get a car loan for something in the $25k price range?

Second, how quickly can I get a car? Do I have to be working for some time, or is showing my offer letter and my signing bonus enough? I want to buy as soon as possible (I already have something in mind), since I don't want to rent a car for too long.

As another option, would it be a good idea to instead wait a few months to get my credit score up as I start really paying off my credit cards on my new salary? I thought about buying a used piece of junk just to get me around for the first few months, and then buying a new car after my credit scores start to go up. But at the same time, I don't want to mess with possible repairs and eventually selling the car.

I don't know what to do!!

Any advice? Thanks!!!!!!!!!!!

How do you get a new auto loan if no there is no one with a better FICO score (mine is 626) to cosign with you?

nickvexel — Fri, 16 Jan 2009 19:00:31 GMT

I'm 25, worked at the same job for a year and a half. My gross monthly income is $1,800. I'm looking at a car for $17500 prior to me putting down $4,000. My FICO score is currently at 626 so if I have no one to co-sign with me what are my options...if any?

My credit score is 550. Can I get financed?

babyboy2 — Sat, 17 Jan 2009 20:29:14 GMT

The asking price on the vehicle is $11,000.00 and i have a trade in value at $1,500.00 and i have $6,000.00 cash for a down payment. Can i get approved for an auto loan....Will i have a high interest rate?....

Have a 627 FICO score and $63K annual income. Financing $18K on used car for 60 months. What's best interest rate and bank?

Type_A_Buyer — Wed, 21 Jan 2009 01:25:12 GMT

I have 627 Fico and earn $63k annually. A year ago, I declared CH 7 BK. Prior to my BK, I paid off three car loans. My BK discharged $50k credit card loans. Since my BK, I established my credit with three credit cards for the last eight months. All three credit cards have $1500 limit and still have half funds available on each. I rent an apartment for $1200. I want to buy a used 2004 Jaguar XJ8 with 40k miles financing $18000. I want to secure financing and am thinking of applying to a credit union. I am not a member of any union but can you recommend a credit union that can give me a pre-approval for this car? What is the best rate I should shoot for? I hear that I can get near 8%. Where can I apply for a better rate?

I'm in the military, E-3 grossing $1650/month, credit score of 660, no previous loans. What can I expect?

DannyFox — Wed, 21 Jan 2009 17:05:23 GMT

I've had the same credit card for a couple years now, but no other loans. I have a monthly cell phone bill and the credit card bill as my only expenses. I gross $1650 a month, with a $100 raise coming in June. I was told by a salesman at a dealer that I'd probably need a co-signer because of my lack of credit history. I looked up my credit report and its at 660. Where is my best chance of getting approved for financing, and is no money down a possibility?

Is it going to be hard to get financing if both my wife and I have FICO scores of 665? Monthly income of $4000.

Merlin77 — Thu, 22 Jan 2009 18:15:28 GMT

We are wanting to get into a new 08 or 09 Chevy Tahoe or GMC Yukon with a sticker price of about $47,000 before all rebates. We want to take advantage of all the incentives that are available. We currently have a 2006 GMC Envoy SLE with 56,000 miles that we want to trade in. We owe about $20,000 dollars on it and its worth about $10,000. As you can see we are in bad shape. That is why we want to take advantage of the rebates available on the above mentioned SUV's, thinking they would absorb some of the negative equity. Would a banking institution look the other way with the negative equity and the not so great fico scores? Please help.

Is it legal for dealerships to charge more than NADA and KBB?

guardianlite70 — Sun, 25 Jan 2009 19:25:05 GMT

found a dealership and a vehicle but noticed that they are 1500 to 2500 more than the nada or kbb. Is this legal?