Car Loans Guide

Good idea to pay additional principal on car loans?

admin — Wed, 27 Aug 2008 08:41:37 +0000

I have two car loans, each at about 6%, each maturing in 2011. For the past several months, I’ve been paying a couple hundred dollars extra of the principal on each loan every month, thinking that I’ll save on interest in the long run. But I’m not sure this is really a good idea. Would I be better off putting that extra money into some sort of investment vehicle? If I trade in one or both of the cars for new vehicle(s) before they’re paid off, will I have derived any benefit whatsoever from paying down the principal as I’ve been doing?

If you had cash would you payoff your car loans or would you use the money for other things?

admin — Wed, 27 Aug 2008 08:41:35 +0000

I currently have two car’s and I have a combined loan for them with with a low interest rate. If you had just enough money to pay the loan off would you or would you use the money for home improvements or furniture or what ever? I just wanted to get some ideas about what some people would do?

Any general rule of thumb how much your credit increases reducing two car loans to one?

admin — Wed, 27 Aug 2008 08:41:34 +0000

Helping a family member I had 2 car loans. One was 28k balance the other 21k balance. Just sold the 28k car and paid that off. Credit is very good no late pays etc. Trying to determine how many points could that potentially increase my credit? Any idea…someone told me 30-40 points of all other credit is good, which in this case it’s excellent…?

Is there a way I can take out student loans and pay my car loan off with it?

admin — Wed, 27 Aug 2008 08:41:32 +0000

I owe about 12,000 on my car loan with an interest rate over the roof….I figured if I borrowed a lot of money i could pay that loan off with the money I borrowed and get a really low interest rate for my car. Am I allowed to do that?

What banks are known for giving car loans with SALVAGED titles?

admin — Wed, 27 Aug 2008 08:41:31 +0000

I know its difficult to get a loan on a salvaged title car…but there are banks out there that will do it?

Which ones are known for doing it?

How long should we wait to get a house with two car loans? Can we even get a Loan for a house?

admin — Wed, 27 Aug 2008 08:41:29 +0000

My fiance has a car loan in her name and we have a truck in both our names. We both have secure jobs that we have been at for a few years. She has good credit… I am working on my credit currently and her father who is going to co-sign on the home loan has okay credit. What would we have to do in order to get a good chance at a loan approval??

Can car loans be part of a debt consolidation loan?

admin — Wed, 27 Aug 2008 08:41:28 +0000

If so, does anyone know where to get one with the car loan?

Why does the blue book and bank loan prices differ on car loans?

admin — Wed, 27 Aug 2008 08:41:23 +0000

I’m researching a used car. Kelly Blue Book and NADA guides state the value of the car at between $5500 and $6300. I’ve haggled the sale price down to $4800. However, the bank Ive spoken with about the loan says they can only loan $3500 on the car. Why is there such a discrepancy between the estimated value and loan value?

Will applying for car loans with multiple lenders hurt my chances of getting a loan?

admin — Wed, 27 Aug 2008 08:41:22 +0000

I’m fresh out of college and in need of a new car. I’m shopping for rates - filled out a credit application with the dealer, and a couple online. One of the lenders I applied with online wrote at the bottom of an email to “be sure not to apply in multiple places as it would hurt my credit score and negatively affect my chances of getting a loan!”

Is this true?! If so, how am I supposed to compare rates?

What are the average interest rates for car loans right now?

admin — Wed, 27 Aug 2008 08:41:21 +0000

Does anyone know what the average interest rates are right now on car loans? I keep seeing that the fed cut interest rates but does anyone know what they are?
we are looking at a used car. Both of our fico scores are right around 700