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Loans
Money lent to individuals or businesses in return for interest in addition to repayment of principal. Common types of loans include commercial loans, interbank loans, mortgage loans, and consumer loans.
13,117 Questions
Can a 16-year-old making 8K a month get a car loan?
If you are making that kind of money just hire a car and driver.
You have to be eighteen to legally enter in to a contract.
what is this 16 year old doing to make so much money????? and no you need to be 18
The answer is no? but if he is making that much money then he does not need a loan he can just buy a car.
I think he means "8 $ " not "8K"
Not unless the children co-signed the note.
Well, the estate of the parents will owe the debt. First of all, the use of PARENT-S- plural assumes they both died at the same time? All the debts of the deceased will be paid first, and, assuming there is a will, the wishes of the parents, per their legal will, determines where the rest of the money goes.
No one except the person or persons who signed the legal loan papers, OR their estate, will be held responsible for any loans.
However, if the executor is alert and informed, he or she may try to get the lender to take the car back with monies paid to date coupled with the physical property considered legal elimination of the debt, dependent upon its condition of course.
How do you get a car loan at 17?
You can't but your parents can take one out and then you just pay them.
WHEN your car was stolen or how many other cars you have bought doesnt really matter to the bank. You will pay the balance due on the contract one way or the other. good Luck
Having the car stolen doesn't matter. Loans are issued by banks--not insurance companies.
You are responsible for all loans to the penny. In your case, your only recourse is if you had comprehensive insurance...
Sorry but the loans were upside down the minute you signed the loan papers. Pay off the loans.
AnswerThe dealership should have nothing to do with the trade-in value of the car.
The trade-in value is determined by market prices--not what you paid or what dealership.
Others will take the car as a trade-in for what it is worth, but you will still owe more which you can tack onto a new vehicle sometimes (but not smart) or have to pay off the loan.
Selling it to a private party would be your best solution but it is time-consuming.
Can your wages be garnished if you default on a car loan?
YES, in most cases.
I have never heard of anyone having wages garnished to pay for a car loan (of course, I live in Texas, a debtor state, so it may differ elsewhere). Most places will just repo the vehicle.
The cosigner if there is one is first to be responsible for the balance of the loan. After that the mom's estate meaning who ever is seeing to her affairs. This can be the relatives or the actual State government.
If there was a will, the lender has 6 months to file a judgment in the Surrogate's Office for the estate to pay. If there was no estate to pay off the debt, the lender eats the loss. No one else is responsiable for the loan, unless there was a co-signer.My husband died without a will and no estate. He had no money in the bank, and nothing of any value. We were separated for years. He had bought a car two years before he died. He did not take life insurance on the loan. Since the loan was only in his name, I was not responsible. The car was returned to the dealership where he had purchased it and that was it.The options I had were to return the car, or to take over payments and ownership. Since he owed $20,000.00 on the loan, and the car was worth only $14,000.00, I opted to return the vehicle and call it a day. The lender cannot come to me for the remaining balance.The lender lost.
As far as I know, in Texas, the son is not responsible for the debts of the father. In other words, no one HAS to pay it off. But, the seller has the right to repossess the car. But, they can't make relatives or anyone pay for it. !
How can a 17-year-old get an auto loan?
Wait until your next birthday. A minor can not enter in to a legal contract, so no lender will give you a loan until you are at least 18. Even then, without a co-signer, it will be very difficult to secure a loan. The best thing to do is to wait until you are 18 and then go in with a co-signer with good credit. Even an 18 year old doesnt need an auto loan. Just save $2k and buy a hooptie. You'll have learnd to take care of your car when you do decide to buy a new one.
What does being upside down on your car loan mean?
A car loan (or any loan) is upside down when you owe more on the loan than the car (home, boat, etc) is worth.
More Information:
When you go about securing a car loan the vehicle itself is used as the collateral on the car loan which is what makes the secured car loan itself. The car finance company online that you end up going with will then loan you the finances for the car based upon the cars current value at the time of the loan based upon the loan value of the car. This loan value will usually be about seventy five to eighty percent of the actual retail cost of the car itself. There is an answer to why this is the case and that is simply because one year after you drive a new car off of the car lot the value of it lowers to that amount which is called depreciation. The car finance company online that you go with will want to make sure that the car loan they are giving you will cover this so that the overall end result cost of the car loan is equal to or less than the value of the loan itself. This is to ensure that they will be able to make a profit if they wanted to sell the car if they were to ever go about having to take it away from you for nonpayment at some point.
An upside down car loans online is when a car balance is worth more than the value of the loan that is on it. Another way of putting it is that the car itself is not worth the amount of the loan. In order for you to ever go about selling the car back or if you were to ever go about trying to trade it in you will find that you are going to have to pay the difference of the car value in cash in order for you to be settled up with the car loan company. This is a very bad thing to find yourself into because even with great credit you can have a car loan lender approve you for the full amount of a car loan but as a result of that you could end up owing a lot more then you should for several years because you are always trying to pay down more of the balance then the car itself ends up being worth until you end up paying off a car to the value that it really is. Another problem with having this happen is that if you have car insurance it only will cover the cost of the book value on your car so in the event that you get into a major accident or if perhaps your call was stolen then you very well may end up being forced to pay the difference in cash.
This is something that you are going to want to make sure that you remember when you go to buy a new or used car online. You should make sure that you are going to stick with it for a while and that you do not over finance the worth of the car or you could end up in a really bad process where the end result is you paying a lot more money then you should be paying. You can avoid these things so long as you do the proper research and plan out carefully the car itself as well as the car loans that you go about getting for this car. The other thing that you are going to want to be aware is that a car loan company may entice you with very low car loan rates in order to get you to end up financing more on the car than you should. You should only take these sorts of options if you are lucky enough to have the cash in hand to pay for something should the situation ever occur otherwise do not take the risk unless you understand fully what you may be getting into before this happens.
This is not rocket science in order to make sure that these things do not happen to you and your car loan so long as you are capable of following a few bad credit upside down auto loan guidelines online itself. The first thing that you are going to want to try and do is put down as much money as possible on your initial deposit on the car itself. The more money that you put down the less that you are ultimately going to need to pay and the less that you actually owe. Try to take out a car loan with the short length car loans term as your budget sees fit. The longer the car loan term the less the monthly payment but the more money you will end up spending due to the car loan rates, so as a result of that try to find yourself a good middle ground. Make certain that you do not add in the taxes and the additional fees to the car loan itself. You want to make sure that the car loan is for the total value of the car itself because this is all that matters. If you are able to pay more than the monthly minimum payment each month then do so. The more money you can pay off of the principle on the car loan the quicker you will be paying it off and less money you will be spending on paying off interest. If you have any sort of refinance upside down car loans on another vehicle make sure that you pay it off first before you go about getting another car loan. Simply make sure that you are not paying more than what the vehicle is worth in the first place so do your homework to avoid that one. Make sure that the car that you are getting a vehicle loan for falls into the budget that you have to spend each month. Try to hold onto a car for at least a couple of years because the first couple of years on your car loan the monthly payments that you are making are for the most part going towards the interest on the loan itself.
Whatever choice that you make when it comes to get any upside down auto loan it is really a matter of doing all of the research that needs to be done in order to make sure that you do not make the mistake of falling into an upside down auto loans online. This research while at times may seem tedious or boring could help you avoid a huge mistake down the line that could negatively impact not only your finances, but your credit as well.
Just remember the lender may want a $700.00 down payment and that over here people drive on the RIGHT side of the road versus back home.
What I suggest you do is open a bank account and take out a small loan...$500 or so. Put that money in a savings account and use it to pay the loan off (so you only pay interest out-of-pocket). Do this a few times, then get a credit card- any major credit card. Keep a small running balance on it for a few months but make your monthly payments on time. As long as you don't miss any payments on the card and loans, in a year your credit rating will be sky-high and you will have a much easier time getting a car loan, and may be able to get a better interest rate as well.
The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.
How do you go about taking over another person's car payments?
I believe you need to go with the current owner of the vehicle to the current bank that the vehicle's current owners is an affiliate of. Best bet is to get with the other party and then try to get ahold of the bank and go from there. .
What happens if the car is charged off but you still have the car and no one picks it up?
A charge off already sounds like an error on their side. I would just keep on to it until they contact you. It is their burden to retrieve the car or make arrangments for you to drop it off. Whatever you do, I would not try to sell the car or get rid of it because they will have rights to go after you for the cost of the car if they realize their mistake. Also keep in mind how long it's been. While it may seem odd loan companies often move very slowly with this sort of think. It can be year or more before they get around to repossessing it. Either way I'd keep the car and use it until the do.
Yes. If you have not taken delivery of the vehicle, you can still back out of the deal.
Find out what car dealers don't want you to know at www.dealertricks.com
What can you do if your car was stolen and you still owe on the loan but you need a car right away?
well first call the police hopefully they can find the car with the people who stole it then call your insurance company right away! report it and ask about a rental vehicle they usually give discounts if you did not have insurance you really just have wait and hope you get the car in one peace about getting another vehicle well youll have to pay full price for a rental good luck i
How do you sell a car that still has a large balance on the loan?
You could try ebay,auctions, personal sale or want ads in the newspaper or online.
How do you get a car loan if you have bad credit and do not have a co-signer?
I would try going to a "buy here pay here" dealership. These are small lots and they work by you just making them payments usually every week or monthly. No bank to deal with. If u can't find one these places I suggest saving the money for a car. If u own your house, refinance, for lower payments to let u have more money to save or take a home equity loan out to buy a car.
How can you get a loan on a paid-off vehicle?
To apply for a loan on a paid-off vehicle, first if the "true" value is more than or the same as what you want to borrow, go to your local bank or credit union (The rules at a credit union are not as strict as a bank). They will look up the loan value on it. Based on your credit history and the loan value amount, the loan value is what they will lend you, and the car will be used as collatrel to secure the loan in case you default.
Most credit unions use the NADA book value of a car. Have yourself armed with the book value when you go to the bank, so you can show them what you know also.
Does the co-signer of an auto loan need a driver's license?
Hi
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How do you sell a car if you have a loan on it but it is worth more than you still owe?
First subtract the amount owed on the vehicle from the value of the car. Sell the car for this amount, then have the buyer take over the loan.
This involves paperwork with your current Dealership, DMV, and of course a bank or credit union.
Can a car loan be refinanced even if the car was totaled to get lower interest?
Unlikely. Most lenders will not loan against a "salvage" or "rebuilt" vehicle. The only time I've seen this done is when the loan is less than 50% of the "salvage" value of the car. For example, if the car in normal condition was worth $20,000, the salvage value would be about $10,000. A lender may be willing to loan $5,000 in this situation.
Find out what car dealers don't want you to know at www.dealertricks.com
Yes, that's the simplest way to do it.
Can a person co-sign for more than one car loan?
Yes, but the more loans they are on the more risk they are taking on and there by, lowering their own borrowing ability.
Find out what car dealers don't want you to know at www.dealertricks.com
How does your loan affect your co signers debt to income ratio?
You and your co-signer are both responsible for the entire car payment, so the payment would be applied to their debt to income ratio just as if it would be if they were the only person on the loan.
Find out what car dealers don't want you to know at www.dealertricks.com
it is the same as if she was to be buying the car it looks the same on her cedit
Your cosigner's debt-to-income ratio would increase, since the debt would be reflected on their credit report the same as it shows on yours. Their debt-to-income ratio will not be restored until the loan is repaid in full. This can also reduce their credit score temporarily until the account is seasoned (2 years) and the debt balance is reduced to below roughly 30% of the original balance.
