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If you have a car loan can you switch that over to a different car and if so do you have to pay another downpayment and have your credit checked?
Wiki User
∙ 14y ago
What are you planning on doing with the old car? Giving it back? The bank/lender won't take it back. Banks never do, and if it's a car dealership they will buy the car back from you at a very low price (i.e. black/bluebook price). I mean low compared to what you could sell the car for privately, with luck and patience and a good strategy.
Then you take that money and pay off your loan. You need to make sure you notify the company you owe the money to, because they legally own the vehicle (title). Assuming that you're not out a few thousand at this point, or that you still want to go on with this, you go and buy another car, just like you had never had the first one (so DEFINITELY credit check and down payment is an option, but with some loans you don't HAVE to). Wether this is all done at the same car dealership, through the same financing company, etc really has no relevance (it doesn't help at all)
So what I am trying to say is that if what you want is another car, try to sell yours first privately; browse the internet for used ones and check the black/blue book price to see if it makes sense to you.
Good luck!
p.s. in regards to the credit check, they WILL check it for sure, and depending on your situation, having had a car loan and having paid it off typically, and I mean typically, speaks well of you on your report.
Wiki User
∙ 14y ago
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no you should be fine with the 75%
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yes
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The credit history of the applicant cannot be checked by an employer based on the information listed on a resume.
How would someone monitor their own credit?
There are three large credit bureaus that people can use to keep an eye on their credit: Equifax, TransUnion, and Experian. Each bureau has its own credit score. Therefore, people monitoring their credit should check each. Depending on which bureau is checked, the score may be different.
What is the interest rate for a auto loan through HSBC?
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