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.
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.
You will have to prove to the dealer that you are waiting to get the money. Show the dealer your loan approval documents.
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.
Yes a vehicle can be repossessed if the loan is not being paid on.
what is the highest interest rate a car dealer can charge on an auto loan in sc?
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.
Adam goes to a car dealer and gets a loan to buy a new car. ( STUDY ISLAND)
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.
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.
write the car off
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??
no