How does car financing work?
A bank or other lending institution agrees to loan you some money. Loan is simple interest Example: Car price $10,000 Interest: 10% APR Loan years: 5 years So interest is $1000 a year x 5 years or $5,000 Total price is $15,000 divide your payments by 60 months gives you your bill.
How does financing a car with a credit union loan work?
You should get pre-approved for a loan from the credit union. Once you decide on a car, you do the paperwork at the dealership. Typically, the dealership will try to get you to leave with the car on what is called a one-pay. They will have you sign all the loan documents to buy the car through them and give you 3 days or so to get a check from the credit union. If the credit union financing does not go through, then they submit the loan paperwork. What you do it take the contract to your credit union, they then do the loan paperwork, and you get a check to go back to the dealership, and the dealership's loan paperwork is thrown out.
Finance 2 cars at the same time...how does that work?
Unless you have smokin' good credit and lots of income the bank will want to know WHY you're trying to finance two cars. They are not keen on lending money unless they have good reason to do so. Are you married? Single? Divorced? The bank will hesitate to lend money to a single person for a SECOND car without a REALLY good reason to do so. And if you tell the bank that your current loan will be paid by a friend they'll hesitate even more. If she stops paying, the debt falls on you. Can you afford two car payments? She has bad credit, right? So what makes you think that she'll pay the car note on time? Her word? She's obviously made prior financial agreements with lenders that she bailed out on, right? That's why she has bad credit. The bank knows this and they are going to make sure thier investment is protected. What assurance do they have that if your friend stops paying on the1st loan you'll not stop paying the 2nd loan to protect the 1st? Again, can you afford both? Unless credit is super-duper good and income is very high the bank will want an excellent story as to why you need two cars. Oh, and keep in mind that you'll still be legally responsible for insuring the vehicle. Technically she cannot insure a car that she doesn't have ownership (partial or otherwise) of. So, yes, you can finance two cars at the same time but it is not easy to do. Bankers are too careful with their money. You should be too. caveat emptor.....
Can I get a car financed if I don't have a steady work history? If so, how?
While it's possible, this is not something you want to do until you've been working for awhile (at least a year) because you'll pay such a high interest rate that you'll soon be so far "under water" in a loan that you'll wish you had never made the deal. You'll not only end up paying about twice as much for a used car than you should, it will depreciate in value much faster than you can pay it off.
How does an auto loan work?
The major factor in auto loan is credit score. These loans provide borrowers with fast cash when they need. To apply for auto title loan you must hold a lien free car title. You can apply for auto title loan online because online applications makes the process faster and easier. When you will apply for an auto title loan, you will give the lender the title to your vehicle. You will also have to pay the lender a fee to borrow the money. Auto title loans can be very expensive but if you cannot repay the money then the lender can take your vehicle. If you really want to get a auto loan with a car title, then there are many companies which provides car title loan online. I suggest you to choose True Financial because of following reasons:1.) Fast and Easy way to get cash2.) They offer more cash – loans up to $50,0003.) All Credit Types Considered4.) Competitive interest rates5.) Refinances are ok6.) They help you pay off early and save on interest7.) They are flexible and work with youLast year I took title loan from them because of these mentioned reasons only and I am satisfied with their services. If you want to know more about their service of car title loans in San Diego, you can visit their website.