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Mainly, it's like trading in your old car for a new one. You'll have to be approved for a car and they may give you certain choices to choose from. And another thing is that your car note is most likely to go up, but you know what you're able to afford. And remember if you're thinking about doing this, talk to your salesman to make sure you have all of the details about it before you sign any legal documents. ADD-ON: The Dealership will take a lot of information about the vehicle, such as the Make/Model, Year, VIN, mileage, options on the vehicle, and wear and tear. They are very picky about about the physical aspect of the vehicle. If you are planning on trading in and getting an expensive vehicle, here is a checklist to get the highest price on your trade in. 1. Mileage. This is a 15/k miles per year deal. IE: In '08 a 2006 vehicle should not have more than 30k miles. Less is even better, but there is a large jump in price if over 15k mi/yr. 2. Dents/dings, and non-stock body parts. A replaced fender is always assumed the part was damaged beyond repair. This deteriorates the trade-in value. Even though the dealership can fix it with 2 hours of a mechanics wage, it is going to cost YOU, the buyer.

What you are talking about is called a trade-in. Plain and simple and yes dealers have a way of dealing with it as long as you have the right income to debt ratio. 28/36 ratios are the norm. And that you have a decent credit rateing. Then they can still possibly get you financed but at a high interest rate, which could put you in a worse situation. That would mean that your payments can not exceed 28% of your gross monthly income and as long as all your debts,, ( rent, electric, child support, phone, you get the idea) do not exceed more than 36% of your gross monthly income. Dealers don't just pay off loans with out you purchasing another vehicle.

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โˆ™ 2015-07-11 15:43:56
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Q: What is involved in having a dealer pay off your old car loan?
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Related Questions

Can a dealer collect on repo unpaid balance?

Yes - if the car loan was with the dealer, the dealer can sue the debtor for the balance of the car loan after the car is sold to someone else.

What happens if your car loan is approved but you still owe the dealer money?

You will have to prove to the dealer that you are waiting to get the money. Show the dealer your loan approval documents.

What is a title loan?

'Title Loan' is a loan you will be getting of having a car loan on your on name.

Which is better dealer or private car loan?

Private. I suggest getting pre-approved at your bank / credit union, and see if the dealer can beat that rate, as some dealers will arrange financing with a local bank. Private party car loan you can say it in other words personal car loan or person to person car loan where individual can get car loan without cosigner help.

What is the highest legal interest rate for a car loan?

what is the highest interest rate a car dealer can charge on an auto loan in sc?

If spouse buys you a car can dealer come take car if he is not paying on the loan?

Yes a vehicle can be repossessed if the loan is not being paid on.

Which is an example of a person using credit in order to obtain something?

Adam goes to a car dealer and gets a loan to buy a new car.

What is a pre-approved car loan?

A pre approved car loan is a loan where the car dealer or banks have already run your credit. They have determined how much money they will lend you and what you can afford to buy.

How do I finance a car loan today?

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.

What are the advantages of having a car loan?

One of the advantages of having a car loan is that it allows people to purchase a car if they do not have all of the money right away. Another is that they can take years to pay them off depending on the loan.

How do i break a contract on a car loan on a car you don't have because the car dealer couldn't fix the car?

write the car off

Can a used car dealer repossess a car with a balance of only 124 dollars if there is a loan on the vehicle from a bank?

IF the dealer is acting as the banks agent(hired to repo), YES.IF you bought the car from that dealer, the dealer may have had "recourse" on the loan, so that he/she had to do the dirty work if you didnt pay. $124.00 is not the main question, how LONG has the $124.00 been in default??

Can you buy a car without having to pay a loan?


Where can one find current new car loan rates?

Car loan rates are typically found at car dealers, if the dealer or the car company they sell for is offering financing, or at local banks and credit unions.

What is finance at a car dealer ship?

Finance means you take out a loan to pay for the vehicle, then you make regular payments to repay the loan.

If you have a bad payday loan can you still receive a car title loan?

yes if you are lucky enough. I guess nationwide car loan executives are very smart enough to give you car title loan even if you are having bad payday loan.

Why is car dealer financing more costly than getting a loan from a bank?

There are many reasons why car dealer financing is more costly than getting a loan from the bank. It is more costly because car dealers are usually in the business of making large amounts of money.

Bought a car now told its on finance Am i the legal owner?

you took a loan to finace the car from the dealer- the bank holds the title to your car- you are the owner and respondsilbe to pay the loan or the bank or fiance companmy can reposses your car

Can you trade in your car if you still owe on the auto loan?

yes you can trade it in. But if you owe more than what the dealer is going to give you for the car the remaining balance will be added to your new loan

Where does one find the best car loan rates?

To find the best car loan rates in your local area, you could use your local directory to contact your local bank or loan agency. Any automobile dealer could also provide information on car loan rates.

How good does your credit need to be for a car loan?

Nothing is published on what credit score you must have to obtain a car loan. There is information about having a high score means getting a better rate on your car loan.

Can you buy a car in north carolinda through approved dealer loan without a license?


How do you become a car dealer?

You study it and you have to explore about the things involved with all of that and then you will be ready!

How does the availability of consumer credit benefit the car dealer from whom you are buying the car?

Well, for starters it allows people to buy the car. Secondly, a bank contracted with the dealer - that is to say the dealer handles the financing - will pay the dealer anywhere from a $100 "flat" to up to 2% APR on the loan. They will have to pay back the difference to the bank if you pay off the the loan early. If you source your own loan, then it doesn't benifit the dealer. Since they are major sources of lending, dealers will often have cheaper sources of financing than is available to the average consumer. When this is the case, it is cheaper for you to go through the dealer regardless of what the dealer is getting paid.

What happens when no one will approve a car loan for a used car bought from a dealer?

If no lender will approve a car loan, then continue riding the bus or car pooling while you establish a credit record. Establishing your credit history puts you in control.