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Can a dealership require you to use their financing rather then go through your own lender?
Wiki User
∙ 8y ago
No.
Wiki User
∙ 8y ago
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What happens if a Florida car dealership cannot give you financing at the rate you signed for?
The same as if a Georgia dealership, or Michigan dealership, or Massachusetts, New York, New Jersey, Virginia, or a dealership from any other state cannot do so. Actually it is not a question of the dealership, it is a question of what the lender will do. The lender is the party that accepts the risk of loaning you money to purchas a vehicle. If they determine you are not an acceptable risk, then the dealership cannot sell you a car. The dealership has no liability to you.
Where can one do their purchase order finanacing?
"You might go to a bank or similar small business lender to review your options. Many small business require this type of financing, and with your company's financial records, you might secure a loan for financing."
Can a car dealership repo your car if you already have a lender for the vehicle?
The DEALERSHIP won't repossess the car, but the lender might if you don't make the monthly payments as scheduled.
What is conventional financing?
Conventional financing is any loan made by a lender that is not government guaranteed....such as a FHA or VA loan.
What are the difference between direct finance and indirect finace?
Indirect Financing: Like the name implies, indirect financing occurs when you go through another institution to secure your loan. In the auto industry, indirect financing entails working through the dealer to finance the purchase. The process is usually obtaining dealer financing, as the dealer does the loan up front and then sells it to a third party lender.Direct Financing: Instead of going through the middlemen to secure the money you need to make your purchase, direct financing allows you to work directly with lenders to secure the best terms and interest rate possible. Once you are approved for a loan through the lender they will give you parameters to stay within by use of a pre approval or even a voucher to pay for your purchase, allowing you to use the money you need to finance your new car at any dealership of your choice as if you where a cash buyer.
What the terms of a contract note?
The terms of a loan (a contract note) is set by the lender or through a process of negotiation between the lender and the borrower. The latter is most common when the seller is providing seller financing to the buyer of the real estate.
What is title seasoning for mortgages?
Title seasoning is when the lender requires the seller to be on title for a certain amount of time prior to closing. Title seasoning is only an issue when the buyer is in need of financing. So if you are a buyer who needs financing and you are buying from a seller who's been on title for a week, you need to have your mortgage broker find a lender who does not have title seasoning requirements. If you are a seller, you either need to wait 90 days before you sell a property since that's what a lot of lenders require, find a cash buyer who doesn't need financing, or find a lender that does not have seasoning requirements.
Is it possible to refinance a house with a lien attached?
Generally the lender will require that the lien be paid off with the proceeds of the loan.Generally the lender will require that the lien be paid off with the proceeds of the loan.Generally the lender will require that the lien be paid off with the proceeds of the loan.Generally the lender will require that the lien be paid off with the proceeds of the loan.
Auto Dealer Financing?
Before you buy a car, it is a good idea to start looking out how you will be financing your auto loans. Most people are content to settle for the lender offered at the dealership, but this is a bad idea. The dealer is only recommending this lender because they offer a kickback to the dealership. The lender doesn't want to reduce their profits, so you essentially end up paying for this kickback yourself through increased interest rates. It is a much better deal to get approved for an auto loan before you ever set foot in the dealership. Not only will you have a loan with a better interest rate, but you will know exactly how much you can afford to spend. This makes for a great bargaining chip while you are shopping for a car. Let them know that you simply can't afford to buy a car for more than the amount of your loan, because you can't get approved for it. They will typically be very happy to work with you in this regard, because applying for a loan that you can't afford is a waste of everybody's time.
Does a car dealership need to state in their contracts anything about repossesion?
First, the loan contract is not with the dealership. The dealership only represents the lender in the transaction. Second, if the lender hopes to protect their interest, then the contract will state "something" about repossession. In fact one of the papers the borrower signs will be a Right to Cure, meaning essentially the borrower is giving future permission for the lender or the lender's agents to enter private property to secure the unit.
How Do Business Loans Work?
Business loanswork much like other business financing products. You and the lender agree on an interest rate and payment plan, and you sign a promissory note that defines your settlement in writing. The lender may require you to provide security for the business loan, such as your home or other important personal assets that the lender can take in case you fail to pay back the money.
Where do you get car loans from?
There are several options with you to get car loans. 1- Banks 2- Financial Institutions 3-Credit Unions 4- Dealership Financing 5- Online Auto Financing Companies The first four are traditional optional while internet is a very modern approach to car loans. When you apply with an online auto financing company, all you need to do is fill a simple application form and you don't even need to visit the lender's office for that.
