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.
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.
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.
You cannot simply return it to the dealer. It does not work that way. Unless the dealer is the lien holder, he has nothing to do with the car, which you will find out very quickly if you try to just take it back. You bought the car and took out a loan which you promised to repay when you signed a legal contract to repay the loan plus interest. If you are having financial problems, contact the lender and see if you can work something out. The last thing you want to do is have your car repossessed. If you do then the lender will sell your car for whatever he can get, which is usually wholesale. You will then be responsible for the difference in what the lender sells the car for and the balance left on the loan. You will also be accessed repossession fees. And to add insult to injury, your credit will be ruined for 7 years. The very last resort is to allow your car to be repossessed.
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