Would it be possible to get a $60k car as my first car with a salary of $40k? What are your thoughts about this?
Is it possible to get a $60k car as a first car with a $40k salary? Sure it is if you have the 20% down, live with your parents, and don’t intend to do anything for the next five years.Possible, but not bright.So at the end of five years, you have paid about $75k for the car, which is now worth about $25k, plus insurance (you do know that insurance companies make rates for younger drivers very expensive? Your insurance will cost about what your car payment is.)So at the end of 5 years, you will have a 5 year old car that has cost you some $120,000, and is worth maybe $25k. In the mean time, you haven’t had two nickles to rub together. But you looked “cool” when driving, at least when you could afford to fill it up with gas.
Is it possible to take a car loan on my name and take car on my mother's name in Registration Certificate RC?
Not at all.Car is security of loanHow bank will be secured if car is not in the name of borrower.Legally not possible
Paying car loan early, interest reduction question?
I'm looking into paying off a new installment loan early and am not sure how doing this affects the interest exactly. Below is the scenario: - Purchased a new vehicle on 10-15-10 - The initial payment due date was 11-15-10 - On 10-28 I made a payment double the amount due on 11-15, effectively taking $700 off the principal - On 11-16 will make another double payment and continue to do this on the 16th of each month until the vehicle is paid off My question is, if I have gotten one month ahead with my payments in October, would I be paying all principal when I make the next payment in November (this will basically be my December payment, made 30 days early) since it would be only the first day in the new billing cycle? Or would interest on the November payment still be calculated and subtracted based to the original loan date on 10-15-10? I was under the impression that the interest was recalculated every 30 days. I'm trying to get ahead of the payments because I was given a pretty high APR from the bank, but there are no prepayment penalties and this looks like a good way to take the interest down a good 60-70 percent. Category
I have a car loan at 14.9% (It was my first car, and I had short credit history). How does this work?
Check http://www.bankrate.com/finance/money-gu... for some general information on financing and rates. You are paying a very high rate though, the average rate is much lower on new cars. The average interest rate on new car loans at auto finance companies hit an all-time low of 3.17 percent, according to the Federal Reserve. This new rate of 3.17 percent beats the old record of 4.85 percent, which was the rate in the first quarter of 2008. But there is no standard answer to your question, it depends entirely on how the bank figured the interest. Most often they go by the rate per month, you'd be paying 1.24% monthly. So, on your first payment, $136.40 would be taken as interest, and the rest would be taken off your balance. As you can surmise, the interest would drop slightly each month and towards the end most of the payment would come off the balance with very little on interest. Some bank do simple interest, and just add that to your loan and divide by the number of payments to get your monthly payment. Read the papers you signed, it will be explained. If I were you, I'd look to refinancing as soon as you can can to get the rate down.
First time buying a car and getting a car loan?
Hi, I walk to work 1hr 15 minutes and it's getting too warm for me to walk anymore. I was thinking of financing a car because I don't have enough to buy a used car in cash. This will be my first car and first auto loan. I have 1 credit card that is 14 months old and another card that is 8 months old. Both maxed out but never missed a payment. My credit score is 600ish. what is the best option for me to get a car loan? I'm expecting a high interest rate but would i be able to refinance later on? Also what are some tricks and tips that dealers try against you? I want the cheapest payment possible. I plan on buying my car the end of february or march and will have 1000ish to put down.
How much was your first car loan?
4,000 Euros for a 97 (or 98) Daewoo Lanos.First and last time though. I was a young working lad with a girlfriend and it seemed a bit silly to me going out on foot with her.Yes, I took a four grand loan out because I had a girlfriend and I felt like I had to have a car. I don’t think she even cared whether I had a car or not. Not only did I take a 4 grand loan out, I bought a flippin’ Lanos. I could have bought a “sportier” car I suppose.Silly young lad.Never again.
Is it possible to gift my car without transferring my car loan to my sister?
Sounds like a really bad idea… you’re on the hook for this vehicle. Consider the following:What if she fails to maintain it and major repair (like a new engine) is required?What if she wrecks it?What if she loans it to a friend and they wreck it?What if she’s involved in an accident and hurts someone?What if she stops paying insurance and the above happens?If you give someone one something they need to be responsible for it. You’d be better off buying a $500 car and giving it to her, with her name on the title.
What questions do car loan places ask your landlord?
1. Address? 2. Amount of rent? 3. How long have you been renting? 4. How many lates? 5. Ever bounced a check? 6. Do they owe you money? 7. Anything else you want to tell us? Note that most property managers will only answer the first six questions, because they are objective. #7 is subjective and should not be answered, although I've seen it asked in hopes of getting a bit more info.
I just bought a Nissan at 9% interest. This is my first car in my name and my credit score is going up steadily. How soon and where should I refinance my car loan?
You really shouldn't be too interested in paying so much interest for a depreciating item, it's a quick way to go broke!Once you’ve reached a point where you have cash reserves (in time) you will be able to pay cash for cars, or if you have a mortgage by that point you can even remove equity at standard interest rates, which are alot lower than 9%. This will be good for your credit rating also, and you won't lose as much in interest.We can’t do much about standard depreciation though, the vast majority of cars lose money over time (unless it's a classic collectors vehicle that slowly appreciates in value if looked after)