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Does a car loan go away after time?

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Anonymous

15y ago
Updated: 8/19/2019

Yes. When you pay off the loan, then it goes away.

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Wiki User

15y ago

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Your credit does not go up when you are approved for a car loan. Your credit goes up when you make the payments on time. Get a years worth of on-time payments undr your belt, and your credit will go up.


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I would suggest you go to bankrate.com. They have an excellent loan calculator that you can use for all different types of loan, not just a car loan.


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Can you use a car as a trade in for your new car if the trade in is titled to your daughter and has an out standing loan signed by another person and your daughter agrees to the trade in?

your daughter would have to sign the release documents for her car. As for the loan, whoever signed the loan would still have to pay the loan, regardless. The loan doesn't go away. If you do consider this, make sure there aren't any liens or any other claims to that car, through the bank or other institution.


What is definition of secured loan?

A secured loan is when the person making the loan, possibly you, uses collateral, such as a car, a watch, your property, i.e, to make the loan. Example, you go into a bank and ask for $3,000 loan. They say, hmm, you might want to make a secure loan, seeing as you don't have great credit. You can put your car up, so that if you don't pay the loan on time, we get your car. It's simple.


What if you can never pay this car off will it go away?

Well, if you get really behind on the monthly payments, then they will give you a warning, and then they will come and take your car. It's like foreclosure, but with cars. So, to answer your question, yes, it will go away. You will still be responsible for the loan however. It will go to a collection agency which will hound you for years and every time they send you a letter, they get to add on $100 to $150 service fee. This will follow you on your credit report and make it hard for you to get another loan, may keep you from getting a job.


What is the definition of loans?

A secured loan is when the person making the loan, possibly you, uses collateral, such as a car, a watch, your property, i.e, to make the loan. Example, you go into a bank and ask for $3,000 loan. They say, hmm, you might want to make a secure loan, seeing as you don't have great credit. You can put your car up, so that if you don't pay the loan on time, we get your car. It's simple.


What is the definition of Secured Loans?

A secured loan is when the person making the loan, possibly you, uses collateral, such as a car, a watch, your property, i.e, to make the loan. Example, you go into a bank and ask for $3,000 loan. They say, hmm, you might want to make a secure loan, seeing as you don't have great credit. You can put your car up, so that if you don't pay the loan on time, we get your car. It's simple.


Who gets paid if a financed car gets totaled?

If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.


Where would a person with bad credit go to get a car loan?

There are many places one might go get a car loan if one had bad credit. One of the best options for anyone seeking a car loan would be one's financial institution.


Why does the interest on my car loan fluctuate?

The interest on your car loan fluctuates because it is influenced by factors such as changes in the economy, the lender's policies, and your credit score. These factors can cause the interest rate to go up or down over time.