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If a friend says they will let you take over payments on a car how does this work Do you have to get approved on their loan?
Wiki User
∙ 16y ago
Never done this one, but it's common. Make sure yall trade info. Know their finance company and make sure your finance company knows theirs. Call, talk to some at your finance company/bank an they should be able to help you, or if you want to remain anonymous, just ask a different finance company/banker and they should have someone there who might could help you explore your options more thoroughly. Remember... "it don't mean nothin 'till ya sign it on the dotted line"
Wiki User
∙ 16y ago
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If you bought a car and the title and loan are in your name but you allowed a friend to take over and now the friend has stopped making payments can you take the vehicle back?
As long as the title and loan are in your name the car is yours. Any payments missed will effect your credit. Take the vehicle back, now.
What are deferred payments?
Putting off payments until the end of a loan or to be paid over the course of the remainder of the loan. This will not effect the balance of the loan but there may be fees for not paying on time.
Assuming a loan payment from a friend what do you need to tell the lien holder bank do you need to qualify for their loan?
Yes. You need to go in with your friend and assume the loan so that it appears with your name on it rather than your friend. If you just take over payments without making it legal, then she can take the car when you are done paying it off and there would be no legal recourse.
Is amortization of a loan done by all loan places?
Loan amortization is the paying off of a debt over time, through payments. The payments include interest as well as paying of the debt. All loan companies do offer this.
How do you sell your car and have someone take over payments?
For someone to take over the payments they must essentially get a new loan for the payoff amount in their name. This new loan will pay off your loan and will make thir payoff amount higher than yours.
When repaying an amortized loan the interest payments increase over time?
true
What exactly does amortization loan do?
An amortizing loan is a loan where the principal of the loan is paid down over the life of the loan, according to some amortization schedule, typically through equal payments.
If you can't make the payments on your 2004 SUV what can you do?
Renegotiate the loan with the lender. Sell the car to someone else or have them take over the payments. The very last thing you want to do is default on the loan.
You have a car loan can another person take over the payments?
If the loan company approves. If the loan company does not approve and transfer the loan you would still be legally responsible for the debt.
How do you take over payments on a car loan?
Contact the bank or finance company that holds the note on this car. They can transfer the loan to you if you qualify.
What does an installment loan mean?
An installment loan is a loan paid with interest in equal periodic payments, in other words it is a loan that is repaid over time with the set number of schedule numbers.
If you deferred 4 car payments over the past 5 years of your loan and now that your loan is done they want you to refinance for the last 4 payments why are they including several thousand dollars more?
Seems like they are adding accrued interested from not paying the loan off in time for the loan.
