Well that is going to depend on if you mean upside down like with a mortgage where you owe more than the car is worth, or upside down as in you have been missing payments. If you simply just owe more than the car is worth and have descent credit then yes you can trade the car in. If you have been missing payments then you probably wont be able to trade it in, because the missed payments will have affected your credit and a creditor surely isnt going to give you a line of credit on a trade in, where you are actively taking on more debt than you had previously that you couldn't afford to pay consistently. Hope that makes since.
The best advice would be. If you are upside down on a vehicle. Hold on to it, because in order for you to trade you will have to take on significantly more debt. Basically you are taking on the debt from the difference of what you owed on the car vs what the dealership paid you for the car, plus the debt of the interest and fees of the new car. So Id suggest hanging on to it until you pay it off or try and pay more on it every month until you get to a point where the cars trade in value is more than what you owe. I say trade in value because its very important to look at trade in value, rather than private party value if you plan to trade it in.
Yes, but the money you still owe (negative equity) must still be paid. Example: you owe $10k on a car and the dealer will only offer you $8k in trade - the $2k difference must be paid. In some cases, your lender or dealer financing will allow you to roll the negative equity into the new payment as long as the loan to value (LTV) does not exceed a certain percentage. Therefore, it is difficult to get into a less expensive vehicle because of the LTV threshold. Dealer advertisements claiming to pay off your trade are simply doing as described above, and this can be dangerous for those with eyes bigger than their wallets.
One way or another, the loan has to be paid off. If you trade the car in, you can get the payoff added to the amount financed on the new car.
because they were born that way baby
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
Nope, no way, abolutely not.
If it's just lost, you can ask for a replacment. If a bank is holding the title as security for the loan, you'll have to work that out with the bank.
Yes you can, if you have a current loan about let say 10,000 and your car is only worth 5000, the next bad credit loan provider will have to bury 5000 in negative equity. It is possible with a bad credit loan provider, it maybe at a higher interest but you don't have a choice at that moment. If you are located in Canada you can try this resource at http://www.autocreditfinancial.ca good luck.
Yes, you should get auto insurance coverage when you have a car loan, and even when you don't have a car loan. The law requires it either way anytime a motor vehicle is operated on public roads..
You can trade it in for a cheaper car and put the remaining balance on the new loan. There is really no way to get out of it, I was in that mess for awhile. Most lenders will do an 'over advance (110%- to 140%) . So you do not have to trade down to cheaper and often trading up is easier. If you are buying a new car, sometimes the rebates can 'cover' your loss. 110% of a 30, 000. dollar auto is a lot more room than 110% of 10,000.
You will not arrested car unpaid. It is a civil matter, but It affects your loan for credit cards, loan for buying new home, plus private loan for your education. The best way is pick up your phone discuss with lender. They could find a better way for you and for them. They make living by helping you event they got mad at you by not paying car loan.
The loan has to be "secured" by someone with good credit. Call the lender for their loan qualifications.
Yes. Deposit the amount of money the car costs in a bank, in a CD, and use it as security for the loan that the bank will give you to buy the car.
Refinancing one's car is a risky way to lower the interest on a car loan. The best way to get a lower rate is to see a loan officer at a credit union or small bank which may purchase the car from the lease holder to offer a better rate.
no other way other than loan and loan payback will increase 5% every day.
I am dealing with my own drama in a cosign arrangement. I have found that the only way to get your name off of the loan is to have her get a new loan through refinance.
The only way to get your car title back from the Bank of America is to pay of the loan that the title is collateral for. If the loan is paid off, they will send you the title in the mail.
Car Loans are designed for those who wish to finance a car for personal use. It is the way you can borrow money from future. A car loan can give you immediate use of the car of your choice in exchange for regular payments over an agreed period of time. Car Loan is a facility to buy your dream car same day i.e. you need to just apply for loan with some required documents and then bank will verify that documents if you have good credit score, good employment then you will qualify for that loan.
Yes title loan the fastest way to secure a loan because its basically just collecting some collateral like your car until you can pay them back and can take sometimes only 15 minutes.
Sell the car!! Just because someone is moving out of the country does not remove their responsibility of paying the car loan. You agreed, in writing, to pay back all monies loaned to you to purchase the vehicle. You must pay the loan one way or the other.
See any dealer and they will find a way to get you financed for a car loan. When I bought my car the dealer found me a loan, found me a decent rate, and the bank that I loaned through. I did not have to do any work other than signing the papers and paying the bill.
Yes, of course. But the dealer will only do a trade this way if your car is worth much more than the car he is selling to you.
The best way to get a personal loan is to check with the bank, credit union or other financial institution where one does banking. Car dealers also provide financing for personal car loans.
you paid the dealer to take your car intrade and then the dealer got book for your trade
You can't really trade it without staying in the hole. You can go to a car lot with about 8000.00 dollars and trade it but if your buying a new car that's 12995.00 and you trade a car you owe 9995.00 on they will just add the amount you owe minus what they give you for the car, which is usually nothing and the rest will be put on your new loan. You will owe 3 times as much as you did. The only way to not have the car is to let it go back, but agin that's a repo... I recently had to do that and just bought a car for cash. No car note..that's the best thing. The repo will hurt your credit, but as far as getting another car, you can after about a year and a half.
If you co-signed a car loan you can't take your name off the loan. If you co-sign for someone with no credit or poor credit you are promising to pay off the loan if they don't. The only way to get your name off the loan is to pay it off or have the borrower refinance the loan in their own name.